I have decided not to purchase Pinduoduo (PDD) stock before its earnings report due to several factors that make it an unappealing investment at this time. First, there is significant uncertainty surrounding the company's upcoming earnings, which could lead to unpredictable price movements. Such volatility increases the risk of short-term losses.

Second, Pinduoduo does not pay dividends, meaning it does not provide direct returns to shareholders through cash payouts. This makes it less attractive for investors like me who prioritize income-generating assets or companies that share profits with their investors.

Lastly, the stock is currently trading at a relatively high price, which might not justify its valuation considering the risks and market conditions. This premium pricing creates concerns about overpaying for the stock, especially in a sector as competitive as e-commerce.

For these reasons, I will adopt a wait-and-see approach and reassess my decision after the company reports its earnings and the market reaction provides a clearer picture of its performance and outlook.