Markets could lose some momentum in the coming week, after investors sold off Amazon (NASDAQ:) on Friday in response to the e-commerce behemoth releasing on Thursday, after the close, that disappointed expectations. That also weighed on other tech players.
Amazon had its worst day on the market in more than a year on the final day of last week’s trade, falling 7.6% and wiping out about $75 billion in market value after the e-retailer said revenue growth slowed in the second quarter to 27% from 41% a year earlier. The disappointing report also sent shares of smaller internet sales players tumbling. Wayfair (NYSE:) and Etsy (NASDAQ:) both dropped almost 8%, while eBay (NASDAQ:) fell 7%.
With investor focus on e-commerce as well as peer tech sector equities, here are three stocks to keep an eye on during the upcoming week:
1. Uber Technologies
The world’s largest ride-hailing company, Uber Technologies (NYSE:), is scheduled to report Q2 earnings on Wednesday, Aug. 4 after the market close. According to analyst consensus forecasts, Uber will announce a loss of $0.54 a share on sales of $3.74 billion.
Uber shares have been under pressure this year, falling more than 12%, on concerns that a shortage of drivers will hamper growth as the economy reopens and people restart booking rides. Uber shares closed on Friday at $43.46, after falling about 3% for the day.
The San Francisco-based ride services platform told investors in May that spending on recruiting drivers will impact in the second quarter, creating doubts about the company’s goal to reach profitability by the end of the year.
Despite worker shortages, Chief Executive Officer Dara Khosrowshahi is confident that his company will return a quarterly adjusted profit by the end of the year. First-quarter results had showed otherwise strong growth of 24% in gross bookings, driven by Uber’s food