Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Thursday as investors are betting that the bank turmoil will ease further. The rise also comes despite the latest news on upcoming interest rate hikes. Now the attention will be on jobless data and GDP numbers for insight into the Federal Reserve’s policy moves.
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Here’s a look at the top-moving stocks this morning.
RH (NYSE: RH)
RH is down 5.98% premarket after a wild earnings call. The company’s CEO Gary Friedman cited “persistent inflation, resulting in a record rise in interest rates and an underperforming stock market” for sales plunging 14.4% year over year to $772.5 million. Inventory also ballooned about $70 million from a year ago as sales hit the skids.
Concentrix Corp. (Nasdaq: CNXC)
Concentrix Corp. is down 4.88% premarket as company came out with quarterly earnings of $2.56 per share. Overall, it missed the Zacks Consensus Estimate of $2.60 per share. This compares to earnings of $2.85 per share a year ago and an earnings surprise of -1.54%.
Rivian Automative (Nasdaq: RIVN)
Rivian is up 1.05% premarket and was up at high as 9.88% after the close yesterday. The company unveiled a new luxury electric SUV, and the average price of the more than 20,000 EVs it delivered in 2022 was over $80,000. Rivian delivered 25,000 EVs in 2022, and its goal is to double that in 2023.
The EV sector is heating up, with $12.8 billion flooding into the market. And there’s another luxury electric vehicle maker our friend Andy Snyder wants you to know about. This company meets every metric you could want in a perfect stock, and right now its trading at an ultra-cheap $14.
If you missed out on Tesla, it’s important to consider this EV startup. Click here to learn more.
Intel (Nasdaq: INTC)
Intel is up 0.89% premarket and saw a 7.61% rise in after hours trading yesterday. Shares are on track for their best month since 2001 after the chipmaker said its next-generation data-center chips will be ready sooner than expected. Intel executives gave an investor presentation Wednesday in which they fast-forwarded schedules for chips after the company lost market share to Advanced Micro Devices.
The chipmaker’s urgency to create chips faster shouldn’t come as a surprise. China has been looking to dominate the chip industry as tensions with Taiwan rise. Taiwan produces 90% of our most advanced computer chips. And to further complicate things, Republican House Speaker Kevin McCarthy is expected to meet with Taiwanese President Tsai Ing-wen as she passes through the U.S. during a trip to Central America. Zhu Fenglian, a spokesperson for China’s Taiwan Affairs Office, said “we firmly oppose this and will take resolute countermeasures.” If the meet happens, tensions could escalate further.
Click here to learn more about China’s sinister plan and how U.S. companies plan to stop it.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
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