Please select the second broker

Author: Alan LittleDate: 2020-08-25

Service outage hits Zoom (ZM) shares (-2.14%) ahead of Q2 report

Zoom (ZM) shares had a rare venture into negative territory (-2.14%) on Monday morning after the video conference service confirmed that users were unable to join meetings following an outage.

Zoom said that it had “identified the issue” and that it was working on a fix, but the problem caused its stock value to slump after the Nasdaq opened for the first session of the new week.

The retreat is unlikely to last, however, after one prominent trader forecast more gains for the company after it reports its quarterly earnings next week (31st August).

Zoom has already soared 330% for the year to date after users flocked to the service amid the global pandemic and the rise in remote working.

Ascent Wealth Partners managing director Todd Gordon believes that Zoom has a robust technical setup, minor hiccups withstanding, and that fundamental tailwinds could push it higher in the coming weeks.

“Zoom has held in extremely well, a little bit of consolidation over the last couple of weeks, but we’re pushing higher on the back of news that Facebook in their videoconferencing Portal will actually support Zoom,” Gordon noted.

Facebook confirmed last week that Zoom would be front and centre on its Portal device from next month.

Zoom closed Friday’s session at $289.68, but shares had dropped to $283.51 at 12:14pm ET on Monday.

With Zoom’s report a week away, Gordon advised investors to buy into the company as a short-term move with the view to selling if shares rise to $310 post-earnings.

Zoom currently has 11 buy ratings, 13 hold ratings and five sell ratings, with a consensus at hold.

The average price target is $232.68.

Scam Brokers, Broker Complaints

Are you aware of a scam broker or want to make a broker complaint?

We want our site users to find good brokers to trade through and to be warned off bad brokers. We encourage you to use our complaints tool to let us know about your experiences.

We have categorised the common complaints to make it easier for you and we have provided some guidance on what you may want to try before submitting a complaint, if our suggestions do not provide you with a resolution then by submitting a complaint, our team will attempt to take up your case with the relevant Broker and if needed, submit a formal report to the regulators.

We use the information you give us to decide if we want to continue to promote a broker on our site.

Your scam broker complaint not only helps you, it helps others and it helps us determine if we continue to support the broker.