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Post-Earnings Slumps: Alibaba, Digital Turbine, and More

Markets will watch ConocoPhillips (COP), Cameco, and Hershey after these firms reported results this morning. After the market closes, Affirm (AFRM), Cloudflare (NET), and Pinterest (PINS) will get the attention of tech investors.

In morning trade, Alibaba (BABA) is increasingly likely to resume its yearlong downtrend. The firm increased its buyback by $25 billion. However, if insiders do not buy shares aggressively, the company will lose its shareholder’s confidence.

Alibaba reported revenue growing by 5% Y/Y to $36.67 billion in its third quarter.

Mobile advertising firm Digital Turbine (APPS) erased 15% in value in after-hours trade. It reported revenue falling by 12.1% Y/Y to $142.63. Non-GAAP adjusted EBITDA fell from $40 million last year to just $25.4 million. Activist investors may shake up the company, demanding a change in management.

Bucking the earnings slump is Uber Technologies (UBER). On Feb. 7, Uber posted a GAAP EPS of $0.66. For Q1/2024, the company issued gross bookings guidance of $37 billion to $38.5 billion. The market should treat Uber as a big tech stock. Strong institutional ownership suggests that the major indices will add UBER stock.

Bears have a 3.49% short interest. Expect UBER stock to continue trending higher, pressuring short-sellers to close their bearish bet against the firm. Conversely, if markets weaken and take UBER stock to below $70, investors should take advantage of the mispricing to consider a position in this company.