Round two of the WeTrader Competition, hosted by the zero-commission online trading platform Webull, is quickly approaching its end at the closing bell of Friday’s session.
The competition tasks traders to formulate their best paper trading strategy over the course of four weekly rounds for the chance to win an Amazon.com, Inc. (NASDAQ: AMZN). Winners from each round will also be eligible to compete in the Championship Round for a grand prize of either a $40,000 student loan payment or a Tesla Inc. (NASDAQ: TSLA) Model 3 .
This week has seen the leading paper traders generate nearly 50% more in profits over the previous round. Part of this is thanks to the onset of earnings season. With a slew of reports still set to be released in the coming weeks, let’s take a look at how the competitors have taken advantage of the initial reports of the season.
Among the most popular names traded by the top tier competitors this are names in the cannabis space.
This is likely a result of Canadian cannabis company Aphria Inc. (NYSE: APHA), which reported quarterly results numbers in Tuesday’s premarket session. Although the stock spiked about 26% on seemingly decent revenue numbers, Aphria retreated back below $5 through the rest of the day.
In addition to the interest in Aphria, traders also looked to the rest of the cannabis sector as a whole. The paper traders also took sympathy positions in Aurora Cannabis Inc. (NYSE: ACB), Canopy Growth Corporation (NYSE: CGC), Cronos Group Inc. (NASDAQ: CRON) and Tilray, Inc. (NASDAQ: TLRY).
Swimming With The Stream
Of course, one of the biggest reports that attracted the competitor’s simulated capital came Wednesday afternoon from Netflix, Inc. (NASDAQ: NFLX), which beat on revenue but posted a slight miss in its EPS result. The strong revenue numbers managed to push the stock briefly above $300 on Thursday’s open. However, disappointing subscriber numbers have since pushed it back to the $290 level.
However, Netflix wasn’t the only name in the streaming game to receive a nod from the competitors. Roku, Inc. (NASDAQ: ROKU) showed up in a number of buy lists after the stock surged on Tuesday’s open when it was announced that the platform would be getting access to the Apple Inc. (NASDAQ: AAPL) Apple TV streaming service.
With two more weekly rounds left before the championship round, and dozens of more earnings reports to go in that span, competitors can hopefully look forward to more eventful days in the final earnings season of 2019.
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