Resilient Customers Propel This Stock
Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Friday but headed towards weekly losses overall. Mixed retail earnings and the never-ending chorus of hawkish Fedspeak played a role in the volatility. As inflation remains high and people begin to spend money for the holidays, that drumbeat should continue.
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Here’s a look at the top-moving stocks this morning.
PaxMedica, Inc. (Nasdaq: PXMD)
Paxmedica is up 45.16% premarket after the company entered into a equity investment agreement for up to $20 million with Lincoln Park Capital. The clinical stage biopharmaceutical company has the right to sell its shares for up to $20 million to Lincoln Park over a 30-month period.
StoneCo Ltd. (Nasdaq: STNE)
StoneCo Ltd is up 20.16% premarket after coming up with quarterly earnings of $0.10 per share, beating the Zacks Consensus Estimate of $0.06 per share. This quarterly report represents and earnings surprise of 66.67%. Overall, the financial technology company posted revenues of $478.88 million, which is almost double compared to year-ago revenues of $281.2 million.
Ross Stores (Nasdaq: ROST)
Ross Stores is up 17.23% premarket after the retailer raised guidance for the fourth-quarter. Despite inflationary pressures, Ross also reported third-quarter earnings that topped analyst estimates. It came out with earnings of $1 per share, beating the Zacks Consensus Estimate of $0.81 per share, and represented an earnings surprise of 23.46%.
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Foot Locker (NYSE: FL)
Foot Locker is up 17.27% premarket after the athletic footwear company beat earnings expectations. It was a surprise increase in same-store sales that caused the boost. The company also boosted its full-year outlook, citing ‘strong’ demand from ‘resilient’ customers. The stock has gained 3.2% over the past three months through Thursday.
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Those are the top market movers today.
The Wake-Up Watchlist Research Team