Investors are gearing up for SoundHound’s earnings next week with heavy buying of the shares on Thursday.
Shares of the voice-enabled AI and conversational intelligence technologies company rallied more than 22% on heavy trading volume for the day.
In addition to heavy volume on the stock, SoundHound’s option activity has seen increased trading over the last week.
Options traders have been buying the November $6 call options ahead of the company’s November 12 earnings call.
Recent headlines on the company’s integration with OpenAI's ChatGPT into its products for automotive applications have helped to increase optimism ahead of next week’s earnings report.
Investors took note of SoundHound earlier this year after the company announced that NVIDIA had made an investment in the company. Since then, shares have slumped as much as 65%. Despite the large declines, SoundHound’s technical picture remains bullish.
The stock’s 50-day moving average turned bullish in early October, forecasting higher prices over the next 3-6 months.
From a long-term perspective, the stock also remains in a bull market trend as shares trade above their 20-month moving average.
Lyft shares finished the day 22% higher after an impressive earnings report after Tuesday’s close.
Lyft's earnings report showed strong performance with a 28% increase in revenue, reaching $1.28 billion. That number exceeded analysts’ expectations.
Gross bookings rose 21% to $3.7 billion for the quarter with active riders increasing by 12%.
Despite these gains, Lyft still posted a per-share loss, although it was narrower than in previous quarters, and continued to see unprofitability on a GAAP basis.
The company also reported a notable rise in total rides and sustained demand across various trip types.
Today’s rally shot Lyft shares into a new technical stratosphere.
Lyft’s 50-day moving average shifted into a bullish trend at the beginning of October. That shift was due to the stock drawing a long-term bottom in August after its last earnings report.
The stock finished the day above its longer 200-day moving average, indicating that longer-term momentum has shifted in favor of bullish investors.
Lyft shares maintain a long-term bullish trend with a price target of $25.
Under Armor stock had its best day in years as the company announced better than expected earnings results.
For the quarter, the athletic gear company posted net income that increased to $170.38 million, or $0.39 per share. That earnings per shares number exceeded expectations by $0.20, Under Armor’s best earnings per share beat since November, 2021.
The earnings positive earnings results came despite an 11% drop in net revenues to $1.40 billion.
Under Armor’s management raised the company’s fiscal 2025 earnings forecast and announced increased marketing investments to enhance brand visibility. Those factors helped push the stock’s single-day 27% jump.
Today’s move catapulted the company above the critical $10 level after a shift in technical momentum.
In August, Under Armor’s 50-day moving average shifted into a bullish trend, eventually crossing above the stock’s 200-day moving average. That crossover completed a bullish “Golden Cross Pattern”.
Historically, Golden Cross patterns suggest that a stock is likely to continue its climb over the next 4-6 months.
Shares of Under Armor crossed into a long-term bullish trend in August as they crossed above their 20-month moving average.
The stock’s next target price is $15.
