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DoorDash - Time To Get Long

May 14, 2021 3:44 PM ETDoorDash, Inc. (DASH)
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  • DoorDash posts better-than-expected first-quarter results May 13.
  • CEO interview on Mad Money was extremely bullish and gave former Sharper Image CEO and Founder, Richard Thalheimer confidence.
  • Get long with call options - January 2023 call options at a strike price of $185 with a limit order at $29.

DoorDash stock is trading sharply higher after the food-delivery company posted better-than-expected first-quarter results on May 13. This report lifted the stock that had lost more than half of its value in recent months. Positive news in many areas helped the stock, notably, gross order volume was more than three times that of a year ago. The CEO interview on Mad Money was extremely bullish and gave me a lot of confidence they will continue to do well.

DoorDash (ticker: DASH) stock today is up 22% to $140.92; the stock had traded as high as $256 in January.

This was a classic beat-and-raise report, which calmed concerns that DoorDash's business would turn down as the economy reopens.

I'm persuaded by the results and the interview and want to get long with call options, I'll be watching it closely and buying January 2023 call options at a strike price of $185 with a limit order at $29.

That limit order has not executed as I write this, but the stock may pullback in the next day or so after its big surge today. I can adjust the limit slightly higher if needed to get it to fill, but I want to wait for a day. In summary, this stock is looking strong!

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