Strength Seen in Uber (UBER): Can Its 6.0% Jump Turn into More Strength?

Uber Technologies (UBER) shares rallied 6% in the last trading session to close at $73.85. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 0.6% loss over the past four weeks.The uptick followed Uber Technologies' announcement pertaining to the addition of several new retailers to the Uber Eats marketplace. The move has widened its retail selection available for on-demand delivery.This ride-hailing company is expected to post quarterly earnings of $0.84 per share in its upcoming report, which represents a year-over-year change of +33.3%. Revenues are expected to be $14.16 billion, up 11.9% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Uber, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on UBER going forward to see if this recent jump can turn into more strength down the road. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Uber belongs to the Zacks Internet - Services industry. Another stock from the same industry, Alphabet (GOOGL), closed the last trading session 0.2% lower at $345.29. Over the past month, GOOGL has returned -11%.For Alphabet, the consensus EPS estimate for the upcoming report has changed +0.2% over the past month to $2.86. This represents a change of +23.8% from what the company reported a year ago. Alphabet currently has a Zacks Rank of #3 (Hold).Beyond Nvidia: AI's Second Wave Is HereThe AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.See Stocks Now >>This article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks