American stock futures were mixed on Thursday as investors reacted to Wednesday’s Federal Reserve decision. They also wavered as the earnings season continued. The Dow Jones index rose by 23 basis points while the S&P 500 and Nasdaq 100 indices futures fell by 0.35%.
Hundreds of companies are publishing their earnings on Thursday, including blue-chip names like Apple, Amgen, Booking Holdings, Motorola, and Monster Beverages. The same trend will happen on Friday when firms like Berkshire Hathaway, Hershey, Cboe Global Markets, and Chenie will release their results. This article looks at three stocks to watch on Friday: Skillz (SKLZ), Berkshire Hathaway (BRK), and FuboTV (FUBO).
SkillzSkillz (NASDAQ: SKLZ) stock price has been under pressure for a long time. It has crashed from over $900 in 2021 to just $6 today. As a result, its market cap has plunged from over $25.9 billion to just $107 million today.
This sell-off happened as the company’s revenue growth stalled. Its annual revenue came in at $150 million in 2023, down from a peak of $380 million in 2021. It has also become a cash incinerator whose net losses in the past five years rose to over $900 million.
The most recent results showed that Skillz’s business was melting away. Its revenue came in at $29.1 million in the fourth quarter, down from $46 million in the same period in 2023. Analysts expect the company’s results will show that its revenues will come in at $29.5 million.
To be clear: it is unclear whether Skillz will publish its results on Friday as most platforms like SeekingAlpha indicate.
Turning to the daily chart, we see that the Skillz stock price has risen gradually in the past few months. It has jumped from last year’s low of $3.90 to a high of $6.97. Along the way, it has formed an ascending channel and is consolidating at the 50-day and 25-day moving averages.
Therefore, the outlook for the stock is extremely bearish, with the next point to watch being last year’s low of $3.90, which is about 40% below the current level.
Berkshire HathawayBerkshire Hathaway (NYSE: BRK.A) stock price will be in the spotlight on Friday and during the weekend as the company publishes its financial results. It will be the talk of town on Saturday as it holds its first annual meeting without Charlie Munger.
Before, that, the company will react to Apple earnings set for later today. Berkshire is the third-biggest Apple holder after Vanguard and Blackrock with a stake valued at over $153 billion.
Turning to the daily chart, we see that Berkshire Hathaway’s share price has retreated from the year-to-date high of $646,648 to about $600,000 today. It has crossed the 50-day moving average and the key support at $600,700, the neckline of its double-top pattern.
In most cases, the double-top pattern is usually the most popular bearish signs. Therefore, in the short term, there is a likelihood that the stock will come under pressure as investors target the 200-day MA at $567,800.
FuboTVFuboTV (NYSE: FUBO) stock price has been in a strong freefall for a long time. After peaking at $62.35 in 2021, it has plunged to $1.44, erasing over $4.5 billion in value. The number of outstanding shares has jumped to over 299 million, up from 26 million in 2019.
The stock’s crash happened even as FuboTV published encouraging financial results. Its annual revenue rose from $216 million in 2020 to over $1.36 billion in 2023. Is Q4 revenues revealed that its paid North American subscribers rose by 12% to 1.68 million while revenue rose by 29% to $402 million.
FuboTV will publish its finances on Friday and analysts expect that its revenues rose by 17.50% to $324 million. They also expect its guidance for Q2 revenue to be $374 million while full-year revenue guidance will be $1.56 billion.
The daily chart reveals that the FuboTV share price formed a death cross in February and has been in a strong sell-off since then. Most recently, the stock has formed a small inverse head and shoulders pattern, a popular bullish sign.
Therefore, my crystal ball points to a potential rebound after earnings. If this happens, the key level to watch will be at $1.80.
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