The stock market has been increasingly turbulent in recent weeks, and investors are hopeful that an old seasonal adage will prove to be a turning point in the current bear market. With the historically crash-prone October now over, market participants often hope for an end-of-year rally. The first trading session of November looked as though it might make good on that promise, with stock index futures up as much as 1.5% an hour before Wall Street opened for trading.
Beaten-down growth stocks have come back into the limelight in the most recent rally in October, and Uber Technologies (NYSE: UBER) found its stock moving sharply higher Tuesday morning after announcing its latest financial results. However, the biggest gains of the morning came from Abiomed (NASDAQ: ABMD) , which is the target of the latest acquisition bid from one of healthcare 's largest companies. You'll find more details below.
Shares of Uber Technologies were up 12% in premarket trading Tuesday morning. The ridesharing and delivery service reported massive gains in revenue, and even though losses also ballooned, Uber shareholders seem upbeat about the prospects for a full recovery in time.
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Uber Rides Higher, but Here's Tuesday's Big Stock Winner