EV Maker Surges After Overseas Deal

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures fell on Wednesday. Weak earnings guidance from Microsoft created a poor outlook for tech stocks and affected the broader market. Traders continue to plow through a weak earnings season, and Tesla, IBM and AT&T are set to report earnings today.

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Here’s a look at the top-moving stocks this morning.

Intuitive Surgical (Nasdaq: ISRG)

Intuitive Surgical is down 8.91% premarket after the maker of surgical robotic systems missed earnings estimates. The company came out with quarterly earnings of $1.23 per share, missing the Zacks Consensus Estimate of $1.26 per share. This is an earnings surprise of -2.38%.

News Corporation (Nasdaq: NWS)

News Corporation is up 4.47% premarket after Media baron Rupert Murdoch announced he’s abandoning plans to merge Fox Corp and News Corp, the two media companies he controls. This came after backlash from T Rowe Price, the second largest shareholder in both companies, opposed the merger.

Canoo Inc. (Nasdaq: GOEV)

Canoo is up 16.54% premarket after the electric vehicle startup signed an exlcusive agreement with GCC Olayan (General Contracting Company) to distribute its electric vehicles in Saudi Arabia. GCC Olayan has been a distributor of premier brands in Saudi Arabia for more than 75 years and is the founding company of the global Olayan Group.

The electric vehicle sector is expected to be worth $7 trillion in the near future, but there’s a lot of startups out there and it can be difficult to know which company is poised to dominate. Our friend Andy Snyder believes this $25 startup has the best chance to overtake Tesla. Its car has a 1,111 horsepower engine, and a top speed of nearly 170 miles per hour. Yet its CEO wants it to be an “every man’s car” and expects to ship out 1 million per year.

If you missed Tesla, you’ll want to check out this $25 EV company.

F5, Inc. (Nasdaq: FFIV)

F5 Inc. is down 5.10% premarket after coming up short on earnings. The company, which belongs to the Zacks Internet – Software industry, posted revenues of $700.38 million for the quarter ending December 2022. Its revenue missed the Zacks Consensus Estimate by 0.03%. The company has surpassed earnings estimates three times over the last four quarters.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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