When One Company's Loss Is Another's Gain

Most companies see their stock market valuation go up or down based on what they do or don't do.

Sometimes, however, companies will benefit when another company fails to impress. That's exactly what happened last week as Tesla, Inc. (TSLA) held its robotaxi event. Investors treated it as though it was a dud, sending TSLA's shares reeling. The TSLA event and weakness, though, turned out to be reason to party at Uber Technologies (UBER), as you can see below:

Enter Uber Technologies (UBER):

UBER traded its 3rd highest daily number of shares based solely on TSLA's misfortune, sending its shares to an all-time high close on Friday, surpassing its earlier highs in Q1 2024. UBER's PPO is quite bullish and turning higher, while its relative strength hit its highest level since Q1 2021. Gap support can now be found from roughly 78.00 to 82.00 and I'd expect to see buyers jump in if that range is tested.

Happy Trading! Tom Bowley Chief Market Strategist EarningsBeats.com Better Timing. Better Trades.