Kim Kahn

Analyst Dan Eyes characterized the current moment as a table-pounder, timed by oversold names like Salesforce, CrowdStrike, Microsoft Oracle, and ServiceNow.

Wedbush also recommends Palantir and Snowflake for the software apocalypse.

Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon.

Today is Wednesday, February 4th, and I'm your host, Kim Kahn.

Our top story so far.

The Washington Post announced sweeping layoffs, cutting about one-third of its staff, and gutting major parts of the newsroom as owner Jeff Bezos and his leadership team struggle for a path to profitability.

Staffers described the day as a bloodbath, and the move signaled a sharp narrowing of the Post's ambitions as it looks to right the ship, with reports of steep losses, including an estimated $100 million in 2024.

The paper is dismantling its sports desk, closing the books section, and suspending the Daily Post Reports podcast.

International coverage is also being scaled back, while the Metro desk, once the heartbeat of the paper in the Watergate era, is being heavily reduced.

The cuts come after weeks of internal concern, including public pleas from journalists urging Bezos to change course.

And during the Laos Zoom meeting, one reporter described the mood as funereal.

Among active stocks, AMD is plunging despite beating on both the top and bottom lines.

JP Morgan analyst Harlan Sir said the big question is whether AMD can show real operating leverage, and until it does, the stock may stay under pressure, especially with potential margin risk as it ramps up MI450 Helios later this year.

Eli Lilly is bouncing back after topping street forecasts with its Q4 results in 2026 Outlook.

Its GLP-1 drugs, Manjaro and Zepbound, beat revenue expectations, with both up more than 100% from a year ago.

Uber is lower after missing Wall Street's lofty Q4 profit expectations, as a shift towards cheaper rides and higher insurance costs weighed on results.

But the company also updated its autonomous vehicle plans, aiming to operate AVs in 15 cities by year-end.

App Lovin' is sliding after AdExchanger reported on CloudX, a new AI-infused startup that could shake up the mobile advertising stack.

There are reports that CloudX will use large language models to automate work typically done by engineers and ad ops teams.