This stock is ‘one of the greatest leading indicators’ of market direction. Here’s what it’s saying now.

Shares of the videoconferencing group surged 395% in 2020 during the pandemic, but fell 45% in 2021 and are down 57% so far in 2022. Kramer said the stock made a new low on Friday, and “probably isn’t finished falling either, with the following significant support at $76.45 and then $70.”

Here’s his chart, and full blog post.

Zoom shares slipped 0.5% on Monday as broader markets fell
SPX,
+0.29%
on jitters ahead of Wednesday’s expected Federal Reserve interest rate hike.

Last month, Zoom reported a difficult second quarter, trimming its annual outlook for earnings and revenue as it struggles to get customers to pay for its services. Some analysts are hoping the company can turn things around with newer products.

“Market sentiment has turned against smaller tech companies with low or shrinking profitability—and Zoom had exactly that kind of quarter in the second quarter of fiscal 2023,” Argus analyst Joseph Bonner said last month after cutting his rating on the company to hold from buy on those disappointing results.

Hear from Ray Dalio at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The hedge-fund pioneer has strong views on where the economy is headed.