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ZM

Zoom stock price continues gains as pandemic cases hit new highs

The U.S. has reported an average daily high of 69,967 coronavirus cases on Monday, topping the record set the day before and up 20% on the week. Five U.S. states (Montana, North Carolina, South Dakota, Tennessee, and Wyoming) hit record highs in average daily new deaths yesterday. Bad news for public health is a potential tailwind for Zoom Video (NASDAQ:ZM), which has soared since the pandemic started to spread. Yesterday, Zoom shares were up 5.8% in early trading, partly driven by the global rollout of the previously announced end-to-end encryption for free and paid users. Zoom is currently up 0.9% pre-market to $522.25, potentially setting the stage for another day of gains. Here's a look at Zoom's meteoric rise over the past six months compared to the tech sector (NYSEARCA:XLK) and S&P 500.

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Zoom Video creating security program under FTC settlement

Zoom Video Communications (NASDAQ:ZM) will establish a comprehensive security program to settle claims the company engaged in deceptive and unfair practices, according to the Federal Trade Commission. The FTC's complaint traces back to a 2018 Mac desktop app update for Zoom, which secretly installed the ZoomOpener web server that circumvented a Safari browser security measure to launch the app without a user warning. According to the agreement, Zoom will face fines of up to $43,280 for each future violation. Zoom shares are down 16.3% as work from home stocks pullback following Pfizer coronavirus vaccine news. Previously: Futures add to big gains on vaccine hopes after Pfizer interim data; WFH plays head south (Nov. 09 2020)

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Futures add to big gains on vaccine hopes after Pfizer interim data; WFH plays head south

Already sharply higher on the session, S&P 500 (SP500) and DJIA (DJI) futures are up 3.6% and 5.1%, respectively after early data from the Pfizer (NYSE:PFE)/BioNTech (NASDAQ:BNTX) vaccine shows 90% effectiveness seven days after the second dose. Most interesting, Nasdaq (COMP) futures are giving up some ground on the news, now up just 0.85% on the session. The Nasdaq, of course, houses many of pandemic-related work-from-home rocketships of the past few months. Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX) are modestly in the red premarket. Peloton (NASDAQ:PTON) and Zoom (NASDAQ:ZM) are down more than 5%. Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA) are higher, but underperforming the averages. Other large beneficiaries of the work-from-home environment, like camera and accessory maker Logitech (NASDAQ:LOGI) and Teledoc (NYSE:TDOC) are also lower. Among the hardest-hit and slowest recovering sectors of the pandemic, the financials (NYSEARCA:XLF) and energy (NYSEARCA:XLE) are each up more than 6%. Bank of America (NYSE:BAC) is higher by 6.3%. Exxon Mobil (NYSE:XOM) by 5.6%.

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Buy Zoom (ZM) stock during the WFH pullback, advises Mizuho bull

Yesterday, Zoom Video Communications (NASDAQ:ZM) shares closed down 17.4% after positive phase 2/3 data for Pfizer's coronavirus vaccine weighed down work from home stocks. Mizuho Securities analyst Siti Panigrahi recommends buying on the pullback as the company's "near- and long-term growth drivers remain intact, and its license-based (not usage-based) model provides downside protection." The analyst sees Zoom benefiting even after the pandemic as the "video conferencing solution has become a critical component of how companies communicate." Mizuho maintains a Buy rating and $550 price target. Zoom shares are down 2% pre-market to $405. Shares are still up 492% in the past year. Here's a look at the returns compared to the tech sector (NYSEARCA:XLK) and S&P 500:

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Work from home favorites under pressure, but value names fly on Moderna vaccine results

Moderna's Covid-19 vaccine candidate has shown 94.5% efficacy, and the company expects to shortly submit to the FDA for emergency use authorization. That's sent work from home players like Zoom (NASDAQ:ZM). Peloton (NASDAQ:PTON), Costco (NASDAQ:COST), Home Depot (NYSE:HD), Nvidia (NASDAQ:NVDA), and Amazon (NASDAQ:AMZN) lower. On the other hand, we've got AMC Entertainment (NYSE:AMC) higher by 20%, Norwegian Cruise (NYSE:NCLH) by 10%, JPMorgan (NYSE:JPM) by 3.5%, Exxon (NYSE:XOM) by 3.5%, and Boeing (NYSE:BA) by 4.5%. S&P 500 and DJIA futures are up more than 1%, while the Nasdaq 100 is down 0.25%. The iShares S&P 500 Value ETF (NYSEARCA:IVE) is higher by 2.5%.

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Whale Rock Capital buys Alibaba, exits Alphabet, Apple; Tesla stakes increases, Microsoft slashed

Alex Sacerdote's Whale Rock Capital Management reported total fund portfolio value of $3.19B, as per its recent 13F filing. Notable buys include Alibaba Group (NYSE:BABA), Taiwan Semiconductor Manufacturing (NYSE:TSM) and Cirrus Logic (NASDAQ:CRUS). Docusign (NASDAQ:DOCU), Alphabet (NASDAQ:GOOG), Apple (NASDAQ:AAPL) and Cloudflare (NYSE:NET) are among the quarter exits. Stakes were increased in Tesla Motors (NASDAQ:TSLA), Fastly (NYSE:FSLY), Facebook (NASDAQ:FB) and Pelonton Interactive (NASDAQ:PTON). The fund trimmed stakes in Zoom Video Communications (NASDAQ:ZM), Microsoft (NASDAQ:MSFT) and Square (NYSE:SQ).

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Zoom stock gains 3% as NYC schools return to remote learning

Zoom Video (NASDAQ:ZM) shares are up 3.3% after news that NYC schools will close for in-person learning, effective tomorrow, due to a spike in coronavirus cases. In May, the NYC Department of Education reversed a prior Zoom ban after the company addressed and corrected security concerns. Related: Zoom was one of the work from home names feeling pressure on Monday after Modenra's positive coronavirus vaccine news. Previously: Work from home favorites under pressure, but value names fly on Moderna vaccine results (Nov. 16 2020)

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Major averages in the red as New York City shuts public schools

The S&P (SP500) -0.4% is losing some of its fight to remain at the flatline as further lockdown measures hit New York City. The Nasdaq (COMP) -0.1% is now lower. Mayor Bill de Blasio tweets: "New York City has reached the 3% testing positivity 7-day average threshold. Unfortunately, this means public school buildings will be closed as of tomorrow, Thursday Nov. 19, out an abundance of caution. We must fight back the second wave of COVID-19." Rates are back at the unchanged level after a short rally, with the 10-year Treasury yield at 0.88%. (NYSEARCA:TBT) -0.1%, (NASDAQ:TLT) flat The majority of S&P sectors are now declining. The cyclical sectors remain the outperformers: Industrials (NYSEARCA:XLI) +0.6%, Financials (NYSEARCA:XLF) +0.2%, Consumer Discretionary (NYSEARCA:XLY) +0.2%. Utilities (NYSEARCA:XLU) -1% and Healthcare (NYSEARCA:XLV) -1% are at the bottom. Stay-at-home plays that were lower most of the session are now climbing: Zoom Video (NASDAQ:ZM) +4%, Shopify (NYSE:SHOP) +2%, DocuSign (NASDAQ:DOCU) +2%, Teladoc (NYSE:TDOC) +2.5%, Netflix (NASDAQ:NFLX) +1.5%.

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Rising coronavirus lockdowns, FireEye's $400M strategic investment drive software stocks higher

Software stocks are trending higher today with some of the notable names getting a pandemic-related tailwind from the tightening restrictions in the U.S. as coronavirus cases spike. The sector is also riding yesterday's news that FireEye received a $400M strategic investment led by Blackstone. Top software movers include major WFH players Slack (WORK +6.3%), Fastly (FSLY +4.4%), and Zoom Video (ZM +6.9%), recently public names Sumo Logic (SUMO +6.1%) and Unity Software (U +6.0%), and Atlassian (TEAM +4.4%), ZoomInfo (ZI +3.4%), and Zscaler (ZS +4.1%). Previously: FireEye stock still climbing despite downgrade as other analysts praise acquisition, $400M strategic investment (Nov. 20 2020) Shares of Zoom and Fastly have exploded during the pandemic and recovered from the WFH pullback related to the recent positive coronavirus vaccine news. Here's a look at how the stocks performed compared to the tech sector (NYSEARCA:XLK) and S&P 500 over the past year:

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WFH tech names pull back after AstraZeneca's coronavirus vaccine data

While the headline numbers for the coronavirus vaccine from AstraZeneca and Oxford didn't impress the Street, tech companies that benefit from the work and learn from home trends are back in the red. Movers include Zoom Video (ZM -4.7%), Fastly (FSLY -2.8%), CrowdStrike (CRWD -1.8%), DocuSign (DOCU -2.8%), Atlassian (TEAM -0.9%), Okta (OKTA -2.8%), and Dropbox (DBX -1.4%). The vaccine-related pullbacks haven't diminished the stellar YTD performance of Zoom and Fastly. Here's how the WFH leaders have performed vs. the S&P 500 over the past year:

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Zoom shares gain ahead of Monday's Q3 report, which should show continuing pandemic tailwinds

Zoom Video (ZM +3.4%) shares are gaining ahead of Monday's Q3 report, which is scheduled for after the bell. Consensus estimates expect $694.13M in revenue (+312% Y/Y) and $0.76 EPS (last year: $0.06). Zoom guided $685-690M in revenue and $0.73-0.74 EPS for the quarter. Analysts forecast an operating margin of 33.6% vs. the 41.7% in Q2. Cash from operations is expected to total $208.2M with FCF of $200.6M. For Q4, analysts expect Zoom to guide revenue of $719M and $0.62 EPS. For the year, consensus has revenue of $2.4B and $2.46 EPS. Zoom guided $2.37-2.39B in sales and $2.40-2.47 EPS. Last quarter: Zoom shares surged post-earnings on upside Q2 results that featured quadrupled revenues and a tenfold boost to profits. Zoom shares have soared this year due to the pandemic's work and learn from home shifts. ZM has led the recent WFH pullbacks after positive coronavirus vaccine announcements, but shares are still up 552% YTD. Here's a look at Zoom's recent EPS surprises and forward consensus estimates. Find more historical earnings data here.

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Seeking Alpha Catalyst Watch

Welcome to Seeking Alpha's Catalyst Watch - a breakdown of some of next week's actionable events that stand out. Check out Saturday morning's regular Stocks to Watch article for a full list of events planned for the week or the Seeking Alpha earnings calendar for companies due to report. Monday - November 30 Conferences A large number of corporate conferences are running next week including the Morgan Stanley Virtual Global Consumer & Retail Conference, Credit Suisse Industrials Conference, Evercore ISI MedTools Conference, Goldman Sachs Industrials Conference, Bank of America Securities Virtual Leveraged Finance Conference, Credit Suisse Technology Conference, Credit Suisse Chemicals Conference, Wells Fargo TMT Summit, Barclays Eat, Sleep, Play Conference and the Goldman Sachs Global Automotive Conference. Some notable presentations are highlighted below. Volatility watch: Options trading on Adient (NYSE:ADNT), Zoom Video (NASDAQ:ZM), Momo (NASDAQ:MOMO), Michaels (NASDAQ:MIK) and At Home Group (NYSE:HOME) imply double-digit share price swings after the companies reports earnings next week. There are also IPO lock-up expirations on Warner Music Group (NASDAQ:WMG), ZoomInfo Technologies (NASDAQ:ZI) and Shift4 Payments (NYSE:FOUR) that will free up more shares to be sold. One of the bigger volatility stories to watch is Nikola (NASDAQ:NKLA), with an estimated 130M shares being unlocked for sales and a pending announcement from General Motors on the status of a partnership. FDA watch: FDA action dates during the week include Vanda Pharmaceuticals (NASDAQ:VNDA) on HETLIOZ (tasimelteon) and BioCryst Pharmaceuticals (NASDAQ:BCRX) on Berotralstat BCX7353. OPEC: A full OPEC ministerial meeting begins before allies join the talks on December 1. OPEC+ is expected to defer the next planned increase of production in early 2021. Analysts note that given a delay of the planned January output hike has been largely priced in already, any disappointment from the OPEC gathering could leave oil (CL1:COM) vulnerable to the downside. 8:10 a.m. One of the big boys from the oil patch steps out when Petrobas (NYSE:PBR) holds a two-day virtual investor day. The first day will be hosted from Brazil in Portugueses and the second day will be in English from New York. The company will release its 2021-2025 strategic plan as part of the Petrobas Day festivities. 10:25 a.m. to 2:35 p.m. The Cowen Boston Cannabis Conference includes discussion with execs from Harvest Health & Recreation (OTCQX:HRVSF), TerrAscend (OTCQX:TRSSF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Acreage Holdings (OTC:ACRZF), Ayr Strategies (AYRSF), Curaleaf (OTCPK:CURLF), Trulieve (OTCQX:TCNNF) and Columbia Care (OTCQX:CCHWF). 1:00 p.m. Nutrien (NYSE:NTR) is hosting a virtual Investor Day to provide an update on the company's strategic objectives, operational targets and value creation opportunities for shareholders. In the days ahead of the event, Nutrien plans to provide supplementary videos on Nutrien Ag Solutions and a Market Outlook. Tuesday - December 1 Data reports - The first day of the month means it is time to start watching for various data reports. Releases on Macau gross gaming revenue, discount broker DARTs, Class 8 truck orders, firearm background checks and auto sales in China and U.S. are some of the headliners. On the corporate side, watch for an update from Nio (NYSE:NIO) on deliveries for November. 6:30 a.m. UnitedHealth Group (NYSE:UNH) will host its annual Investor Conference with analysts and institutional investors, during which senior leaders will provide an overview of the company’s outlook for its growth priorities and performance for 2021. An updated view of financial performance for 2020 and the initial outlook for 2021 will be released at 6:30 a.m. ET. 10:00 a.m. Top execs with Qualcomm (NASDAQ:QCOM) will speak at the two-day Snapdragon Tech Summit. Although the event invite doesn't mention the highly-anticipated SD875 chip, this is usually when the company would launch such a product. The Qualcomm Snapdragon 875 will likely be the fastest, most powerful, and most energy-efficient 5G chipset from the company. It will likely debut in the upcoming Samsung Galaxy S30 series of smartphones, which should launch in February 2021. 11:30 a.m. Micron (NASDAQ:MU) Chief Executive Officer Sanjay Mehrotra will engage in a fireside chat at the Credit Suisse Annual Technology Conference. 1:00 p.m. The National Retail Federation holds a media briefing to update on Thanksgiving weekend shopping trends. The call will cover the results of the five-day holiday shopping period from Black Friday to Cyber Monday, which will be of high interest to investors in Wayfair (NYSE:W), Etsy (NASDAQ:ETSY) and Amazon (NASDAQ:AMZN) among others. 1:15 p.m. San Francisco Fed President Daly is due to give a speech to be followed separately by a talk from Chicago Federal President Evans at 3:30 p.m. 11:50 a.m. The Cowen Boston Cannabis Conference will include a session with the CEOs from 22nd Century Group (NYSEMKT:XXII) and Turning Point Brands (NYSE:TPB). Wednesday - December 2 8:30 a.m. A discussion at the Cowen Boston Cannabis Conference on "Canada: Beverages, Beer & Beyond" will includes execs from Canopy Growth (NYSE:CGC), Hexo (NYSE:HEXO) and Tilray (NASDAQ:TLRY). 9:20 a.m. Kraft Heinz Company (NASDAQ:KHC) will participate in a fireside chat at Morgan Stanley’s Virtual Global Consumer & Retail Conference. 9:20 a.m. Cronos Group(NASDAQ:CRON) Executive Chairman Mike Gorenstein is scheduled to speak on a panel at the Cowen 2020 Boston Cannabis Conference. 12:00 p.m. Discovery (NASDAQ:DISCA) will host a presentation followed by an investor briefing to discuss its plans to launch a global streaming service, including the overarching strategy for the platform. 8:10 a.m. Ford (NYSE:F) North America COO Lisa Drake,is scheduled to speak at the Credit Suisse Industrials Conference. Drake will provide updates on Ford's key vehicle launches, including Ford F-150, Ford Mustang Mach-E and Ford Bronco Sport. Drake will also discuss plans to improve warranty cost and material cost. The presentation will be followed by a question-and-answer session. Ford has been passed by in the flood of investors into all things EV-related. 4:00 p.m. Celestica (NYSE:CLS) will hold an analyst and investor meeting.During the meeting, Celestica's management will provide an overview of the Joint Design and Manufacturing business, and will reaffirm Q4 2020 guidance and outline near-term expectations. Thursday - December 3 Premarket - Kroger (NYSE:KR) is due to report earnings before the bell. The earnings numbers and guidance update could also be of interest to Calavo Growers (NASDAQ:CVGW), which derives 21% of its revenue from the company and moves in tandem with it 75% of the time in the day after earnings are dropped. Vital Farms (NASDAQ:VITL) and Emerson Radio (NYSEMKT:MSN) are also key suppliers that move with Kroger, while Sprouts Farmers Market (NASDAQ:SFM) and Kroger have the tightest trading price correlations in the entire grocery sector. 8:00 a.m. IMV (NASDAQ:IMV) will host a key opinion leader webcast on the treatment options in ovarian cancer and competitive landscape within the disease state. 9:30 a.m. Capital Power (OTCPK:CPXWF) will hold its 12th annual Investor Day. BMO Capital Markets expects CPX to initiate 2021 EBITDA/AFFO guidance and reaffirm its current dividend growth guidance (7% in 2021, 5% in 2022). Outside of the financial guidance, BMO expect an update on the G1/G2 repowerings, details on the ESG/sustainability initiatives and further discussion around the $500M per year growth capex target. 10:00 a.m. Badger Daylighting (OTCPK:BADFF) is holding a virtual investor day. An update on Badger's operations, short and long-term growth opportunities and financial position will be presented. 10:10 a.m. Honeywell (NYSE:HON) is one of the presentations at the Credit Suisse 8th Annual Virtual Industrials Conference that stands out. The focus on Honeywell is starting to turn toward the post-pandemic opportunities. 10:50 a.m. CSX (NASDAQ:CSX) Chief Financial Officer Kevin Boone presents at the Credit Suisse 8th Annual Industrials Conference. 1:00 p.m. Graham Holdings Company (NYSE:GHC) will hold a two-hour virtual Investor Day event. There will be a discussion of the company's operations and financials and feature presentations from the Graham Holdings management team. 1:00 p.m. Central Garden & Pet Company (NASDAQ:CENT) has an 2020 Investor Day scheduled. The video event will feature presentations and a Q&A session with Central’s senior leadership team. The event is expected to conclude by approximately 3:30 pm. 5:00 p.m. Sutro Biopharma (NASDAQ:STRO) will host a live webcast event to provide a clinical update from the company's ongoing dose escalation Phase 1 study of STRO-002 for patients with ovarian cancer. The company will also give an update on the program expansion cohorts in ovarian and endometrial cancer. Friday - December 4 All Day - Equillium (NASDAQ:EQ) hosts a virtual analyst day event. The company has a number of catalysts in play, including the initiation of an Equinox Phase 3 trial in Q4, initial, topline data from the Equate Phase 1b open label dose escalation study in first-line treatment of patients with aGVHD in the first half of 2021 and advances in the Equalise and Equip Phase 1b trials. All Day - Ford (F) Chief Product Platform and Operations Officer Hau Thai-Tang is set to speak at the Goldman Sachs Global Automotive Conference. Thai-Tang will explain how Ford's industrial platform is enhancing its ability to design, engineer and bring to market world-class connected vehicles in segments that play to the company’s strengths, meeting the needs of commercial and retail customers. Additionally, Thai-Tang will cover Ford’s plans for electric vehicles that will further strengthen the company’s retail and commercial lineup, and how the integration of vehicle connectivity, software and technology enables new digital services for customers while generating internal value for Ford. 8:00 a.m. Glencore plc (OTCPK:GLCNF) will host its annual investor update, including progress on its approach to climate change. Shares of Glencore are up 27% over the last 90 days. 12:00 p.m. EyePoint Pharmaceuticals (NASDAQ:EYPT) is host a key opinion leader roundtable discussion on the future of local drug delivery for wet aged-related macular degeneration and an overview of EYP-1901, the company's potential six-month sustained delivery intravitreal anti-VEGF therapy for wet AMD.

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Zoom stock price continues gains ahead of today's Q3 report; analysts expect 312% revenue growth

Zoom Video (NASDAQ:ZM) shares are up 3.3% pre-market as the company prepares to report earnings after the bell today. Analysts are expecting 312% Y/Y revenue growth and EPS to grow from $006 last year to $0.76. Last quarter, Zoom's Q2 revenue quadrupled on the year and profits posted a tenfold increase. Pandemic-related tailwinds are expected to continue in the Q3 report, and the increasing number of global coronavirus cases and related restrictions are adding to the pre-market share gains. Zoom led recent WFH pullbacks after positive coronavirus vaccine news. But ZM was still one of the best performing Nasdaq stocks last week with shares up nearly 13%. Shares are up a staggering 1,133% from its $36 IPO price last year. The lofty valuation and tough H2 comps next year could stoke some investor/analyst concerns. Previously: Zoom shares gain ahead of Monday's Q3 report, which should show continuing pandemic tailwinds (Nov. 27 2020) Here's a look at how Zoom shares have performed compared to the S&P 500 and tech sector (NYSEARCA:XLK) over the past year:

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Notable earnings after Monday's close

ZM For Seeking Alpha's full earnings season calendar, click here.

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Zoom stock falls after Q3 beats as analysts question valuation, post-pandemic growth potential

Credit Suisse maintains an Underperform rating on Zoom Video (NASDAQ:ZM) and raises the price target from $315 to $340, citing the strong earnings report with top and bottom line beats and signs that Zoom continues to execute in its pandemic-driven TAM acceleration. William Blair (Outperform) praises the "very strong" earnings but revenue came in below buy-side estimates of about $800M. The firm sees a "number of moving pieces that could create volatility" with a headwind in the "return to work" environment and its risk of elevated churn. But William Blair still sees room for Zoom to grow with existing and new enterprise customers. Morgan Stanley (Equal-Weight, $380 price target) notes that Y/Y revenue growth accelerated again this quarter but investor questions remain about the post-pandemic growth picture. The firm still sees a growth runway with the $100M+ TAM, but shares will likely fall down to between the bear and bull cases Seeking Alpha bear Stone Fox Capital weighs in on Zoom's earnings: "The problem here is that management continues to warn the market of what happens in a more normalized business scenario. Investors need to start paying attention to these metrics considering Zoom will never again have the 300%+ revenue growth metrics of the last few quarters. The stock still trades at an insane 42x forward sales estimates. Zoom was expensive at just 10x forward revenues back at the start of the year, so the valuation now is astronomical." Zoom shares are down 7.6% pre-market but are up 603% YTD. Previously: Zoom shares drop 6% despite raising guidance and Q3 revenue that more than quadrupled (Nov. 30 2020)

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Zoom Video slumps, but work-from-home beat the S&P last month: At the Open

Zoom Video Communications (ZM, -7.5%) is sliding in premarket trading, but the pressure isn’t spreading to more stay-at-home plays yet. Zoom reported what looked like strong fiscal Q3 numbers. It beat on the top and bottom lines and forecast revenue of $806M-811M and EPS of $0.77-0.79 for Q4, topping consensus estimates. That’s similar to many stay-at-home and Big Tech winners, which saw initial post-earnings declines due to rich valuations. But for all the talk of the rotation trade in November, where cyclicals did see renewed strength, Zoom rose 3.8% for the month. Still, cracks are starting to show in the “wild growth story”, Stone Fox Capital writes on Seeking Alpha this morning. “The end of the quarter was October 31, and just about any company in the world of importance has switched to a video conferencing solution to conduct business while the virus fears persisted,” Stone Fox says. Revenues “boomed during FQ1 and FQ2, but the FQ3 upside was limited,” it added. The “revenue beat was only $83 million after a FQ2 were revenue smashed analyst estimates by $163 million. The combination with the fact that the revenue base is now much larger at nearly $800 million after entering this FY just hoping for $200 million per quarter, the exponential growth story is much more difficult to maintain.” Looking to technicals, the stock is set, when trading starts, to fall back below its 50-day simple moving average of about $475 that it fell below on Nov. 9 for the first time since early August and had only just recovered yesterday. But there is still ample room above the 100-day SMA at $388 that the stock hasn’t fallen below since late January. The Direxion Work From Home ETF (NYSEARCA:WFH) also avoided an expected selloff due to rotation last month. In fact, it outperformed the S&P, Nasdaq and Dow, rising 14.2%. The ETF is knocking on the door of oversold territory, with a relative strength index of 67.97. A lot of November’s performance comes from headset maker Plantronics ([[PLT, +0.1%), now known as Poly, which is the top holding in WFH at 4.31%. PLT rocketed nearly 40% last month, during which time it saw the bullish move of its 50-day SMA crossing above the 100-day and 200-day levels. Sector Watch With Financials (XLF, +1.8%) looking to extend their November run and following cyclicals in bouncing back this morning, Fed Chairman Jay Powell will speak before the Senate Banking Committee after the start of trading. He’s reiterating that the next few months “could prove challenging” in prepared remarks. Treasury Secretary Steve Mnuchin will appear later. There could be more clarity on their split about the ending of Fed emergency lending facilities and their views of the need for stimulus. The 10-year Treasury yield is edging up 2 basis points to 0.86%. See more Fed speakers scheduled today at Seeking Alpha’s Catalyst Watch.

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Zoom shares drop 6% despite raising guidance and Q3 revenue that more than quadrupled

Zoom Video (NASDAQ:ZM) shares slide 6.3% AH despite reporting Q3 beats on the top and bottom lines with revenue up 367% Y/Y to $777.19M. The number of customers contributing more than $100,000 in TTM revenue increased 136% Y/Y to 1,289. Customers with more than 10 employees totaled 433,700, up 485% Y/Y and from 370,200 in Q2. FCF totaled $388.2M and Zoom ended the quarter with $730.4M in cash and equivalents. For Q4, Zoom forecasts revenue of $806-811M (consensus: $719M), non-GAAP income from operations of $243-248M, and non-GAAP diluted EPS of $0.77-0.79 vs. the $0.62 consensus. "Strong demand and execution led to revenue growth of 367% year-over-year with solid growth in non-GAAP operating income and cash flow in our third fiscal quarter. We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314% increase year-over-year," says CEO Eric Yuan. The prior full-year revenue forecast was for $2.37-2.39B and consensus estimates expected $2.4B. FY21 guidance also includes $865-870M in operating income and $2.85-2.87 EPS (consensus: $2.51). Press release. Previously: Zoom Video Communications EPS beats by $0.23, beats on revenue (Nov. 30 2020)

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Zoom Video Communications EPS beats by $0.23, beats on revenue

Zoom Video Communications (NASDAQ:ZM): Q3 Non-GAAP EPS of $0.99 beats by $0.23; GAAP EPS of $0.66 beats by $0.14. Revenue of $777.19M (+366.5% Y/Y) beats by $83.06M. Sees Q4 revenue between $806M-$811M, with adjusted diluted EPS in the range of $0.77 and $0.79. For FY2021, forecasts, sales of $2.575B-$2.58B and adjusted EPS of $2.85 and $2.87. Press Release

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Evercore's quarterly IT spending survey points to 'robust' 2021; here are its favored firms from the results

Evercore ISI draws a number of takeaways from its quarterly enterprise technology spending survey, notably that software and hardware spending intentions look "robust" headed into the new year. Some 82% of respondents a looking to increasing spending in 2021, with 57% expecting a "significant" or "meaningful" increase over 2020. This was a year marked by COVID-19 uncertainty, of course, and some visibility is improving. Even so, the pandemic is leaving its mark on the IT professional respondents, 90% of whom agree somewhat or strongly with the idea that COVID-19 has accelerated their shift into the cloud (up from the last survey, in August). What's more, confidence levels around IT spending have improved from the last survey, Evercore notes, with 71% of respondents more upbeat about their spending, vs. 65% in August. And as far as top spending priorities, a new entry on the survey was immediately the No. 1 priority: Data analytics. That was followed by service desk and IT workflow modernization (i.e. ServiceNow (NYSE:NOW)), and infrastructure refresh (storage, servers, etc.). Meanwhile what were among top priorities last survey are slowing: artificial intelligence and work-from-home support/setup. "Interesting to think about the potential 'reprioritization' of IT spend next year in terms of potentially redirecting some of the increased spend on WFH technology to other areas in 2021," Evercore says. As for net increase in expected wallet share among vendors, Microsoft (NASDAQ:MSFT) logged the biggest jump from the August survey, nudging out Amazon Web Services (NASDAQ:AMZN) 59% to 54%. Also notable in wallet share was IBM at 22%, Oracle (NYSE:ORCL) at 21%, and Google Cloud Platform (GOOG, GOOGL) at 11%. (Zoom (NASDAQ:ZM), it notes, fell out of the top five.) The firm also points out that after a year where on-premise spending was de-emphasized in favor of the cloud, there may be a renewed focus on hybrid/on-premise according to results, which showed 51.6% of workloads will remain in private clouds vs. public, compared with 48.5% in August. (That's positive for IBM and Dell (NYSE:DELL), it notes.) It's also expecting storage and server spending to inflect higher - a positive for NetApp (NASDAQ:NTAP) and Pure Storage (NYSE:PSTG) on the storage side, and for Dell and Hewlett Packard Enterprise (NYSE:HPE) on the server refreshes. And while networking spend is expected to be middle of the pack, Evercore notes the big investments there should be in software-defined networking and Wi-Fi 6, with notable winners in HPE and Cisco Systems (NASDAQ:CSCO).

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J.P. Morgan downgrades these high-multiple software names, expecting a rotation with vaccine recovery

A rebalance of ratings across its software coverage has J.P. Morgan downgrading a number of names as it folds in an outlook for economic expansion starting in 2021's second quarter. That's largely not due to any change in the firm's stance on operating condition at the companies - which J.P. Morgan terms "tremendous" - but due mainly to an expected sector rotation that would coincide with a broader recovery, along with possible headwinds for the stocks similar to what they saw in 2010 (as well as some secular cybersecurity aspects). That rotation is leading it to upgrade cyclically sensitive software stocks. That includes design names that have direct exposure to fields that should be core to expansion, including manufacturing, industrial and construction: Autodesk (NASDAQ:ADSK), Altair Engineering (NASDAQ:ALTR), Cadence Design Systems (NASDAQ:CDNS) and PTC. Meanwhile, it's also upgrading names that have small/medium-business exposure that could benefit from new business creation - namely Intuit (NASDAQ:INTU), VeriSign (NASDAQ:VRSN) and Wix.com (NASDAQ:WIX). But back to names downgraded on the likely recovery/sector rotation, JPM notes that looking back at 2010, the 20 highest-multiple stocks at 2009's end underperformed the software industry average the following year. If the current vaccines prove effective at scale, we could see the same effect this time around, punishing today's high multiples: Avalara (NYSE:AVLR); Cloudflare (NYSE:NET); CrowdStrike (NASDAQ:CRWD); DocuSign (NASDAQ:DOCU); Okta (NASDAQ:OKTA); Veeva Systems (NYSE:VEEV); and Zoom Video Communications (NASDAQ:ZM). Other downgrades come with other downside factors on board. For one thing, the firm notes, the accelerated shift to the cloud will hit expensive firewall upgrade cycles, a potential headwind to cybersecurity names including Check Point (NASDAQ:CHKP), Fortinet (NASDAQ:FTNT) and Palo Alto Networks (NYSE:PANW). And other downgrades come for companies that are still working on improving execution, or their revenue mix: Pluralsight (NASDAQ:PS), SecureWorks (NASDAQ:SCWX), Model N (NYSE:MODN), and SS&C Technologies Holdings (NASDAQ:SSNC). Along with the widespread ratings changes, it's changing price targets in a few instances: It's raising its price target on Altair to $65 from $50 (implying 18% upside). It's boosting its target on Autodesk to $345 from $239 (23.5% upside). The target on Cadence Design Systems goes to $145 from $122 (25.6% upside). It's raising its target for Intuit to $450 from $300 (23.6% upside), and boosting its target on PTC to $130 from $88 (16.5% upside). And it's hiking its target on Wix.com to $305 from $292 (23% upside). Lowered price targets come for Check Point, to $134 from $141 (now 11% upside implied); and to Model N, down to $33 from $48 (now implying 4% upside).

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Okta, Zoom Video shares lead WFH software decliners after JPMorgan downgrade on post-vaccine underperformance

Work from home-related software stocks are seeing red after a wave of downgrades from Overweight to Neutral at JPMorgan , which cautions that the high multiple stocks could underperform during the economic expansion that will follow successful coronavirus vaccines. On the move: Avalara (AVLR -5.9%), Cloudflare (NET -9.2%), CrowdStrike (CRWD -6.2%), DocuSign (DOCU -5.6%), Okta (OKTA -7.7%), Veeva Systems (VEEV -4.1%), and Zoom Video (ZM -5.7%). Previously: Zoom stock falls after Q3 beats as analysts question valuation, post-pandemic growth potential (Dec. 01 2020)

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Pandemic-related tech stocks continue rally after yesterday's pullback

Tech stocks that have caught tailwinds from the pandemic are trading higher today as news of record coronavirus cases in the United States was balanced with Pfizer's vaccine nearing FDA approval. The software stocks in the group are also recovering from yesterday's pullback after a JPMorgan downgrade. On the move: Cloudflare (NET +10.8%), CrowdStrike (CRWD +7.4%), (OKTA +7.0%), Veeva Systems (VEEV +1.7%), Zoom Video (ZM +3.1%), Wix (WIX +8.0%), and Fastly (FSLY +6.2%). Previously: Okta, Zoom Video shares lead WFH software decliners after JPMorgan downgrade on post-vaccine underperformance (Dec. 09 2020) Previously: J.P. Morgan downgrades these high-multiple software names, expecting a rotation with vaccine recovery (Dec. 09 2020)

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DocuSign, CrowdStrike stocks among software gainers as investors return to pandemic lockdown stocks

On last night's episode of Mad Money, Jim Cramer said the "recovery stocks are handing the baton back to the lockdown winners because lockdown is where we’re headed." Cramer: "The market’s saying the good news on the vaccine front is baked in, so it’s time to focus on the bad news of the totally out of control pandemic." Last week, J.P. Morgan downgraded a handful of high multiple stocks that could underperform during the economic recovery that will follow the vaccines. The downgraded software stocks are all trading in the green today: Avalara (AVLR +2.8%), Cloudflare (NET +0.4%), CrowdStrike (CRWD +0.4%), DocuSign (DOCU +2.4%), Okta (OKTA +4.8%), Veeva Systems (VEEV +1.5%), and Zoom Video (ZM +1.9%). Okta is showing particular strength as the company marches toward its Nasdaq 100 debut on December 21. The security names in the group are also benefiting from the weekend news that Russian hackers broke into the networks of the Commerce and Treasury Departments and other federal agencies. The breach, which happened through network management system SolarWinds, was found by cybersecurity company FireEye as it probed its own recent hack. Previously: FireEye shares drop 7.5% after revealing hackers targeted security testing tools (Dec. 08 2020) Previously: J.P. Morgan downgrades these high-multiple software names, expecting a rotation with vaccine recovery (Dec. 09 2020)

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Ellison moves out of California, using Zoom to run Oracle

Not only is Oracle (NYSE:ORCL) relocating its headquarters from California to Texas, but co-founder Larry Ellison is moving his primary residence to Hawaii, becoming the latest Silicon Valley executive to depart the state where they built their fortunes. "Following Friday's announcement... I've received a number of inquiries about whether or not I will be moving to Texas," he wrote in an email. "The answer is no. I've moved to the state of Hawaii and I'll be using the power of Zoom (NASDAQ:ZM) to work from the island of Lanai." The announcement comes just days after Tesla's Elon Musk, a close associate of Ellison's, confirmed that he had moved to Texas, after expressing displeasure with the state's regulatory environment. Many companies and tech leaders have shared similar sentiment. Hewlett Packard Enterprise recently relocated its headquarters from San Jose, California, to Houston, Texas, while Palantir moved its HQ to Denver from Palo Alto. San Jose Mayor Sam Liccardo called HPE's decision "a wake-up call," saying the region needed to "stop demonizing our tech employers, and start working with them to chart a path to a strong recovery." Big cities on the east and west coasts are still seeing a big exodus.

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Zoom sets up R&D center in Singapore, doubles capacity at first Southeast Asia data center

Zoom Video (NASDAQ:ZM) will open a new Research and Development Center in Singapore and double its data center capacity in the country. Zoom will immediately hire hundreds of engineers to staff the new center. The video conferencing company launched the Singapore data center in August and it was Zoom's first in Southeast Asia. Zoom already has R&D hubs in the U.S., India, and China. “Singapore is pro-business, ranks as one of the friendliest countries to set up a company, and continues to be a favorite for regional headquarters as it boasts exceptional talent, strong infrastructure, and is a perfect gateway for engaging the wider APAC region,” says Velchamy Sankarlingam, President of Product and Engineering for Zoom. “We plan to immediately hire employees, leveraging Singapore’s highly-educated engineering talent pool. Our new R&D center and data center will play a critical role in Zoom’s continued international growth.” Press release. Zoom shares are up 0.1% pre-market to $399.87. Yesterday, rival RingCentral launched a new free video and chat app.

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RingCentral launches free video meeting product Glip

RingCentral (NYSE:RNG) is rolling out Glip, its latest move to keep pace with Zoom (NASDAQ:ZM) in the high-growth area of video meetings. Glip is a free solution offering "high quality and high availability" video and audio conferencing that is integrated with team messaging, file sharing, contact, task and calendar management. The new product supports free video meetings lasting up to 24 hours, with up to 100 attendees. No downloads are needed, the company says, with one-click host and join ("right from wihtin a browser, or the app"). "We’re moving to the next evolution of work where we go from jumping from video meeting to meeting, to having smarter meetings which help us get things done,” says Chief Operating Officer/President Anan Eswaran.

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Zoom brings back free calls for December holiday season

Zoom Video (NASDAQ:ZM) will remove its time limits for free calls for the holiday season, which includes Christmas Eve and Christmas Day, the end of Hannukah, Kwanza, New Year's Eve, and New Year's Day. Alphabet's Google Meet had already waived its 60-minute limit until March. Zoom shares are currently up 0.4% after some spikes and dips in early trading. The video conferencing company has been one of the strongest pandemic-related stocks this year with shares currently up 505% in the past year. Previously: Fastly stock among lockdown names continuing to gain on climbing virus cases (Dec. 17 2020)

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After banner year, comms software has potential in 2021 with focus on pure plays - Morgan Stanley

Communications software is coming off a 2020 where stocks in the space rose 130% on average - a banner year amid a rapid pandemic shift to online comms. That increased interest in the space has brought hotter competition from broader software players, Morgan Stanley analyst Meta Marshall says - but she notes it's still a sector where pure-play leaders are positioned well going into the new year, given "channel, product and approach are all where they need to be, vs. still scaling at some of these new platform competitors." Along with the work-from-home environment forced by COVID-19, cloud transitions are still in early days - less than 25% penetration - which is bringing more vendors to the space: Microsoft Teams (NASDAQ:MSFT) is "aggressively" rounding out its capabilities, and even Cisco's Webex has refreshed the portfolio, Marshall and team note (NASDAQ:CSCO). But pure plays should hold their advantage for at least the next couple of years. The best setups for 2021 among those stocks include a pair of Morgan Stanley's upgrades to Overweight: RingCentral (NYSE:RNG) and Five9 (NASDAQ:FIVN). But it also rates Twilio (NYSE:TWLO) Overweight, as a share leader in CPaaS. The company is benefiting from the comeback of travel/hospitality, its $3.2B acquisition of Segment, and its "deeper digital transformation initiatives with customers." The biggest risk to those names is that "competitive overhang for out years cloud momentum in 2021, particularly from larger vendors": They could see more volatility if, for example, Microsoft got more aggressive in voice or the Azure platform, or if Amazon Connect stepped up intensity in the contact center. Meanwhile, Zoom (NASDAQ:ZM) is still the category leader, but with tough comparables ahead next year, Morgan Stanley sees its valuation "about fair." The company can still close the paid/unpaid gap, and "layer on" more ARPU raising tools. But there's risk to underperform the street between the comps, an installed base at risk for churn with vaccine rollouts, and some aggressive analyst estimates. (That might be too conservative a view if phone and other platform-expanding products gain some traction.) Those without leadership positions still get Equal Weight valuations, but Marshall and team say valuations are still attractive for 8x8 (NYSE:EGHT), Vonage Holdings (NASDAQ:VG), Avaya Holdings (NYSE:AVYA), and even Bandwidth (NASDAQ:BAND). When it comes to unified communications, "you either have to have the best product/channel or a well-worn niche to get a premium valuation," Morgan Stanley says. And on the surface there's a case for any of those names to have niches, but the firm doesn't expect any of those niches to be "exploitable" enough next year for a meaningful rerating. It does peg 8x8 as the one with potentially the most opportunity, with new management and a "setup for acceleration" on a SMB/CPaaS rebound, along with partnership traction - but it still faces a challenging competitive landscape. And while it's staying Underweight on Bandwidth (on margin potential and organic deceleration), "we are mindful of Voxbone acquisition presenting an opportunity in the near term."

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DOJ charges Zoom China exec with conspiracy for disrupting Tiananmen Square memorial meetings

Earlier today, the U.S. Department of Justice announced that a China-based executive at a U.S. telecommunications company was charged with "conspiracy to commit interstate harassment and unlawful conspiracy to transfer a means of identification." The charges against exec Xinjiang Jin are tied to disruptions of meetings in May and June that were held to commemorate 1989 Tiananmen Square massacre. The DoJ didn't name the telecommunications company, but Zoom Video (ZM +0.8%) was clearly the company based on the background information and the fact that the disrupted meetings "were conducted using a video conferencing program." Bloomberg has now also confirmed Zoom in a headline story. Zoom shares are up 0.8% to $405. Earlier this year, Zoom admitted mistakenly routing some meetings through China and apologized for temporarily banning a Tiananmen Square-related event. After months of U.S. lawmaker scrutiny, the company stopped direct sales in China.

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Zoom addresses DOJ, SEC probes after ex-employee was charged with interrupting Tiananmen memorials

Early last Friday, the U.S. Department of Justice revealed charging a China-based exec for a U.S. telecommunications company with conspiracy related to disruptions of videoconferencing meetings commemorating the 1989 Tiananmen Square massacre. The DoJ didn't name the company, but the clues clearly pointed to Zoom Video (NASDAQ:ZM). Late Friday, Zoom posted a blog responding to the DoJ charges and said the employee in question had been appointed as liaison to Chinese regulators but was instead serving the interests of the government. Zoom fired the employee after an internal investigation and suspended those suspected of helping the employee. The company also revealed receiving subpoenas from the Department of Justice’s U.S. Attorney’s Office for the Eastern District of New York and U.S. Attorney’s Office for the Northern District of California plus the SEC. The subpoenas were received in June and July. The New York and California probes sought information about Zoom's interactions with foreign governments and political parties. California and the SEC also focused on "various security and privacy matters." "We are fully cooperating with all of these investigations and have been conducting our own thorough internal investigation," says Zoom. Zoom Video shares are up 0.6% to $408.32 as work from home stocks see slight gains from the new COVID-19 strain that was confirmed in England over the weekend. Previously: DOJ charges Zoom China exec with conspiracy for disrupting Tiananmen Square memorial meetings (Dec. 18 2020) Post updated to edit headline, text to clarify that the employee was already working for Zoom before becoming a liaison. Investigations were corrected to coming from the DOJ rather than state AGs.

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DocuSign, Check Point lead work from home gainers on new COVID-19 strain, SolarWinds breach tailwinds

Work from home related tech stocks are seeing another strong day after England confirmed a new strain of COVID-19 that is up to 70% more transmissible. The security-related names are still catching a rally off potential customer gains from the headline-grabbing SolarWinds security breach, which allowed Russia-linked hackers access to U.S. federal and state agency networks. Top movers: Zoom Video (ZM +1.1%), DocuSign (DOCU +3.1%), Check Point Software (CHKP +3.9%), Okta (OKTA +1.5%), Cloudflare (NET +1.7%), CrowdStrike (CRWD +3.4%). Previously: England confirms 'new variant' of COVID-19 with faster transmission and alerts the WHO as lockdowns intensify (Dec. 19 2020) Previously: Zoom Video reveals SEC, state AG probes while addressing DoJ charges against former employee (Dec. 21 2020)

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Zoom Video reportedly planning corporate email service; WFH tech stocks pull back

The Information sources say Zoom Video (NASDAQ:ZM) plans to develop a corporate web email product that could open up a trial for customers next year. Zoom's ambitions also include a potential calendar app. The enterprise email and calendar app would fire shots at Microsoft (NASDAQ:MSFT), which offers a Teams collaboration product that competes with Zoom. The projects are still in the early stages and details could still change. The pandemic's work and learn from home shifts have driven Zoom shares up 501% YTD. ZM is currently down 6%, leading the decliners among tech companies that benefited from pandemic-related trends. The Trump administration is reportedly close to a deal with Pfizer to provide tens of millions of additional COVID-19 vaccine doses through the spring and summer of 2021. Other decliners include DocuSign (DOCU -2.2%), Fastly (FSLY -1.1%), Okta (OKTA -2.1%), CrowdStrike (CRWD -2.2%), and Cloudflare (NET -3.8%). Zoom could be leading the decliners due to a Department of Homeland Security advisory that warns U.S. companies against using data services equipment from China-linked firms, which could give the Chinese government access to sensitive data. Last week, the Department of Justice revealed conspiracy charges against a former Zoom employee in China. Zoom says the employee was serving as a liaison with Chinese regulators but instead was serving the government's interests. Last bullet updated to clarify that the Zoom employee was already working for the company and not hired specifically to serve as liaison.

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Zoom Video named top 2021 pick by D.A. Davidson during attractive pullback

Seeing an attractive buying opportunity after shares trimmed one-third of their value from an October high, D.A. Davidson names Zoom Video (NASDAQ:ZM) one of its top picks for 2021 while maintaining a Buy rating and $600 price target. Analyst Rishi Jaluri praises the recent The Information report that Zoom plans to launch a corporate web email service and calendar app, which "makes a lot of sense." Jaluri is aware of Zoom's "premium' valuation but sees the company "making the right investment to grow its footprint and add more value to customers." Zoom shares are currently down 0.5% to $382.11. Morgan Stanley recently highlighted Zoom as part of its 2021 communications software preview.

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The same stocks keep making the year's winners and losers list

"Reversion to the mean" and "momentum" are polar opposite concepts in market lore, with acolytes in either congregation loudly pledging their allegiance. The truth is, as it were, always in the middle as the same stocks keeping making a list of the year's top winners and losers, be it in slots in either column. Is it a surprise that a stock that has soared through the year will take a break and fall back down to earth in that reversion to the mean? Or that secular market trends that led to its initial outperformance are still in place from the year before, leading yet another year of advancing momentum? Likely not. But some names among S&P 500 (NYSEARCA:SPY) constituents keep popping up -- and for different reasons. Take Chipotle (NYSE:CMG). In 2017, remarkably, it was the 8th-worst performing stock in the S&P 500. Did it fall too far too fast? Investors in 2018 believed so, bidding the stock to a 9th best finish. But that's not fair, you may declare, pointing to the fast-casual restaurant's illness scares in 2017. Ok, well surely 2018 was enough time for those investors to sufficiently price in that exogenous struggle right? Well investors in 2019 had something to say about it, with the stock again making the top 10 list for winners, this time eclipsing its performance from the year before, ranking 7th. Advanced Micro Devices (NASDAQ:AMD) likely won't surprise anyone reading this story. It's a trader favorite, but is different from Chipotle in that it hasn't made a "worst" list in a while. It is a top 10 performer in the S&P 500 three years running, barring anything catastrophic occurring in the final day of trade, 2020. The third best in 2018, best of 2019, and on track to secure the 9th best spot for 2020. What say you of 2017? It underperformed the S&P by 30%, but didn't sniff the bottom 10. Peer Nvidia (NASDAQ:NVDA) made a couple good runs as well -- making the top ten performing stocks this year, and narrowly missing it last year (by just a couple percentage points). In a year with the energy sector down 37%, it likely shouldn't be a surprise to see a couple names on the "worst" list this year. What's interesting is that two names have jockeyed for a spot over the past few years, Occidental Petroleum (NYSE:OXY) and Schlumberger (NYSE:SLB). The latter made the top 10 'worst performer' list in 2018 AND in 2020, while the former is on track to make the list the last two years running. 2020 yielded a massive "shop from home" and "work from home" dynamic, which led large performance in some of the the newly household names, like Zoom (NASDAQ:ZM). But in the S&P 500, it was Etsy (NASDAQ:ETSY) that led them all (almost). But for Tesla's (NASDAQ:TSLA) late addition to the main gauge just weeks ago, Etsy would have locked up the crown this year, notching more than 300% gains. To put that in perspective, over the past 4 years, the top gainer in the S&P 500 usually gains anywhere from 110-140%. Etsy's quadrupling this year was not enough after Tesla notched gains in excess of 700%. But this story is about repeat appearances. In 2019 Etsy was nowhere to be found, but it's fascinating that it was the top performer of all S&P 500 stocks in 2018. Prescient. L Brands (NYSE:LB) is also a repeat "offender." Though a surface level look at the pandemic would reasonably lead to an assumption that retail would be among the losers, its 111% gain on the year propels the beauty brand to 6th for 2020. This stock clearly falls into the 'reversion to the mean' camp, coming off 2019, where it was the 7th worst performer following a difficult environment. With just one more company to mention, it bears discussing the implications of this output. Does one always buy the winners from a preceding year? Or always buy the losers? Just 8 names of the 80 (4 years of Top 10 winners and losers) made repeat appearances, so if you're swinging for the fences for double, triple and quadruple your money based on some of these names the chances may be slim. This year for the biggest losers, it's an airline, cruise lines like Norwegian Cruise (NYSE:NCLH) and Carnival (NYSE:CCL) the rest revolve around energy services. Choose wisely. In conclusion, and perhaps most surprisingly, in the repeat camp there were very few health names, with just Abiomed (NASDAQ:ABMD) surfacing more than once in the past four years. One could reasonably assume that in an industry where approvals for devices or drugs result in binary outcomes, it would be common to see a stock resurface among the top winners and losers rather often. But just this medical device maker made that list, coming in at the fourth-best performer in 2018 and then followed by the 10th worst performer in 2019. For 2020? ABMD narrowly misses the list, but still gained 89%, good enough for 13th in the S&P 500, among the year's top gainers, and 2nd best among health care names in the S&P 500. There are no signs of the device maker's performance slowing down, closing Thursday at its 52-week high despite its valuation that earns a questionable score from Seeking Alpha's quant system.

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Tesla leads list of 2020's biggest winners on both S&P 500, Nasdaq 100

Tesla topped both the S&P 500 and Nasdaq 100 benchmark indexes for 2020, while Apple aced the Dow Jones Industrials. The S&P 500 (NYSEARCA:SPY) rose 16.3% in 2020, and these are the top 20 S&P stocks for the year: TSLA +743%, ETSY +302%, NVDA +122%, PYPL +117%, LB +105%, ALB +102%, AMD +100%, FCX +98%, CDNS +97%, NOW +95%, ALGN +92%, IDXX +91%, ABMD +90%, WST +88%, SNPS +86%, CTLT +85%, AAPL +81%, PWR +77%, ROL +77%, AMZN +76%. The Nasdaq 100 (NDX) jumped 47.6% in 2020, and here are the 20 top performers: TSLA +743%, MRNA +434%, PTON +434%, ZM +396%, PDD +370%, DOCU +200%, MELI +193%, NVDA +122%, OKTA +120%, PYPL +117%, AMD +100%, CDNS +97%, TEAM +94%, ALGN +92%, IDXX +91%, SNPS +86%, AAPL +81%, MRVL +79%, AMZN +76%, TMUS +72%. The Dow (DJI) lagged with a 7.2% overall gain, led by AAPL +81%, MSFT +41%, NKE +40%, CRM +37%, DIS +25%. Abiomed bounced back smartly from last year's 48% loss that hit the bottom of the S&P 500, while AMD has been a top 10 gainer for three years running, among the handful of the S&P's repeat performers in recent years.

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Zoom Video, Cloudflare, and Fastly led tech gainers as work from home defined 2020

The tech sector outperformed in 2020 as a number of companies caught tailwinds from the pandemic-related shifts to working and learning from home. The WFH stocks became more volatile after the vaccine approvals, but the names are still finishing out the year strongly in the green. WFH stocks topping the 2020 charts include Zoom Video (NASDAQ:ZM) +419%, Cloudflare (NYSE:NET) +355%, Fastly (NYSE:FSLY) +351%, and CrowdStrike (NASDAQ:CRWD) +322%. The cybersecurity-related WFH names joined FireEye (NASDAQ:FEYE) (+53% in December) in catching tailwinds from the recently revealed SolarWinds breach, which allowed Russia-linked hackers to access the networks of U.S. federal and state agencies and major businesses, including Microsoft. Microsoft (NASDAQ:MSFT) saw no impact from the SolarWinds breach. The tech giant is finishing the year up 41% as the pandemic drove demand for its gaming, notebook, and cloud products. Microsoft also announced acquiring major game development studio Bethesda Softworks for $7.5B. Apple (NASDAQ:AAPL) was able to shake off the pandemic's early supply chain disruption and rallied through the year on optimism ahead of the 5G iPhone launch, nearing the finish up 82% YTD. The phones were slightly delayed leading to lower than expected FQ4 iPhone sales. Earlier today, J.P. Morgan and Wedbush issued bullish notes on the iPhone 12 demand heading into 2021.