UBER Trade on May 8, 2020 09:33 from Cklamb: Tradervue User Stock Trades.

UBER
Statistics
Total gain/loss: $2.61 Largest gain: $3.60 (show)

Average daily gain/loss: $2.61 Largest loss: $-2.25 (show)

Average daily volume: 280 Average per-share gain/loss: $0.02
Average winning trade: $2.43 Average trade gain/loss: $0.87
Average losing trade: $-2.25 Trade P&L standard deviation: $2.94
Total number of trades: 3 Profit factor: 2.16
Number of winning trades: 2 (66.7%) Average hold time (winning trades): 2 minutes
Number of losing trades: 1 (33.3%) Average hold time (losing trades): 2 minutes
Max consecutive wins: 2 (show)
Max consecutive losses: 1 (show)

Average position MFE: $2.37 Average position MAE: $-2.35

Intraday Fundamentals
• Shares of Uber Technologies are trading higher late Thursday after the company reported first-quarter results that showed weakness in its core ride- hailing business, but a surge in its Uber Eats food delivery segment.
• But the quarterly results quickly took a back seat to commentary from Uber's management team, which said on a conference call with investors that the rides business was starting to recover from the Covid-19 shutdowns. Uber (ticker: UBER ) shares, which initially fell on the earnings report, shot higher on the rebound news. They're currently up 8% in late trading.
• CEO Dara Khosrowshahi said that ride bookings were down 80% in April, but have begun to recover, with week-over-week gains in each of the last four weeks. In the last week, bookings were up 12% in the U.S., with 14% growth in New York and 12% in San Francisco , and more substantial gains in markets that have begun reopening, including George and Texas .
• Khosrowshahi said total bookings were down 40% in April, with weakness in the rides segment offset by strength in its Uber Eats business. He said the company saw 89% growth in Eats in April, and that the business had crossed an annual bookings run rate of $25 billion .
• The Uber CEO said that the current crisis would delay the company breaking even on an Ebitda, or earnings before interest, taxes, depreciation, and amortization, basis, but only by a few quarters. Previously, the company had said it would break even by the end of 2020.
• Shares of rival Lyft ( LYFT ) closed up 22% Thursday after the company's own first-quarter earnings report.
• Khosrowshahi noted that the company has cut its annual fixed costs by more than $1 billion through job cuts and other measures.
• On Wednesday, the company announced that it was cutting its staff by 3,700 positions.
• For the quarter, Uber posted revenue of $3.5 billion , up 14%, or 16% in constant currency, in line with Wall Street estimates. That figure includes $ 2.47 billion in Rides revenue, up 2%, or 4% in constant currency, with $819 million in revenue for Eats, up 53%, or 56% in constant currency. The company's Freight business had revenue of $199 million , up 57% both as reported and in constant currency.
• "While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats , and prepare us for any recovery scenario," Khosrowshahi said in a statement. "Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up. Our global footprint and highly variable cost structure remain an important advantage, as our expectation is that the Rides recovery will vary by city and country."
• The company did not provide any guidance in its earnings press release.
• Gross bookings were $10.9 billion for Rides in the first-quarter, down 5% as reported, while Eats bookings were $4.7 billion , up 52%. Total gross bookings were $15.8 billion , up 8%, or 10% in constant currency.
• The company reported an adjusted Ebitda loss in the quarter of $612 million , an improvement from a loss of $869 million in the year earlier period.
• For the quarter, the company reported a net loss of $2.9 billion , including $2.1 billion in investment write-downs and $277 million in stock based compensation. On an adjusted basis, the company had a loss of $1.1 billion .
• Uber said it finished the quarter with $9 billion in cash and short-term investments.
• Tier 1 and Tier 2 target raised and a position upgrade

Technicals
ADV 38.75 m RVOL 1.32 ATR 1.97 Short 3.81% Inst Own 68.3%
Daily

Hourly

Trading Strategy

Reading the Tape
I did see some action on the first dip below 32.50 that led me to take a long off 32.50 with 7 cents. It stalled there after moving quickly to that level. The pit grew quick so to speak.
Trade Management

Trade Notes
I was not sure what to think of why this was trading up and had a small short bias. This seemed to be confirmed a few minutes in as this failed at .22ish for a little bit after a small push off 32.60. I am not sure if I was late to the trade waiting for 33 to break. But, filling at .90 with 10 cents on I needed to hit .70. When it found some buyers at .75 I cleared the bracket and took this at a little over 1 to 1. As I thought the higher probability was for it to test 33 before moving lower from .75.
Partially due to the strength that led me out of the opening short here I took a long here looking for .74 to hold again as it had a large buyer there previously. And, the first move of the day was up. ON the second attempt was more a play off 32.50 something I had looked at in the PM as I was setting up. The tape held .43 once and .45 a couple of times and it started to change character. I could have taken this just under .50. I hesitated and set up for 7 cents of .58 and hit the top end of the bracket. I had enough time to adjust. Taking off half just under the target and setting a new stop at .65 may have let me try for the full run to 33.

I was not sure what to think of why this was trading up and had a small short bias. This seemed to be confirmed a few minutes in as this failed at .22ish for a little bit after a small push off 32.60. I am not sure if I was late to the trade waiting for 33 to break. But, filling at .90 with 10 cents on I needed to hit .70. When it found some buyers at .75 I cleared the bracket and took this at a little over 1 to 1. As I thought the higher probability was for it to test 33 before moving lower from .75.