EV Truck Maker Powers Up Premarket
Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Thursday. A key inflation report is set to release today, and investors are on edge. If inflation has really hit its peak, it could signal a slowdown in the Federal Reserve’s monetary tightening. Economists currently forecast inflation falling to 7.9% in October.
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Here’s a look at the top-moving stocks this morning.
Canoo Inc. (Nasdaq: GOEV)
Canoo is up 17.09% premarket after the electric vehicle maker announced plans to acquire a manufacturing facility in Oklahoma City. The facility will produce Canoo’s LDV and LV vehicles for delivery to customers in 2023. This looks like the beginning of scaled production for the young company.
Electric vehicle companies continue to see consistent gains in the market. The EV market is predicated to be worth $7 trillion in the coming years and our friend Andy Snyder is pounding the table on this one $25 startup company. He even believes this company could overtake Tesla one day.
Digital Turbine (Nasdaq: APPS)
Digital Turbine is up 23.21% premarket after surpassing earnings estimates. The company came out with earnings of $0.34 per share, beating the Zacks Consensus Estimate of $0.32 per share. This represents an earnings surprise of 6.25%. It also delivered an earnings surprise of 8.57% a quarter ago.
RingCentral (NYSE: RNG)
RingCentral is up 13.08% premarket after the company recently cut 10% of its staff due to a weakening economy. The stock soared immediately after the layoffs. The cloud-tech company also reported a third-quarter loss of $284.6 million, which included a $125 million non-cash charge.
Amerco (Nasdaq: UHAL)
Amerco is down 80.72% premarket after reporting net earnings of $352 million, compared with net earnings of $409.9 million per share last year. Self-moving equipment rental decreased $17 million or 1$ during the second quarter of fiscal 2023. Amerco Chairman Joe Shoen said the company is reeling from current issues in the media.
Those are the top market movers today.
The Wake-Up Watchlist Research Team