As the earnings season unfolds, companies like Uber (UBER) take center stage with their financial reports. What does this mean for markets? Providing insights on the day’s trading takeaways is Interactive Brokers Chief Strategist Steve Sosnick joins Market Domination.
Addressing Uber’s share price decline despite beating earnings, Sosnick suggests that the impact on the markets will be "Uber-specific." However, he notes a broader trend where companies posting earnings beats have not seen their stock prices reflect that performance. Sosnick explains that "people are looking through them [earnings] to see how they’re managing their businesses."
"We’ve gotten sort of spoiled, by let’s say the Nvidia’s (NVDA) of the world, the beat and raise, then beat again and then raise again," Sosnick told Yahoo Finance, adding: "That’s not necessarily normal, and so I think what happens is the markets do tend to punish disappointment, more than they reward success on earnings. You’re supposed to beat on earnings, you’re supposed to do well."
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