Yikes Nike…
Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stocks edged higher on Friday. US futures are finding their support level after another vicious sell-off sent the S&P 500 to a new low for the year. Overall, September will close a brutal month with indexes down roughly 8%, the Dow 7%, and the Nasdaq 3%.
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Here’s a look at the top-moving stocks this morning.
Nike (NYSE: NKE)
Nike is down 9.34% premarket after the sneaker company’s latest earnings report was littered with red flags. The shoe maker beat revenue and earnings estimates, but missed margins and guided down. Right now, Nike looks like an over-inventoried promo-chasing retailer.
Arrival (Nasdaq: ARVL)
Arrival is up 21.88% premarket after the electric vehicle company announced it had produced its first production verification vehicle from its Microfactory. Arrival produced the van using in-house technologies, including autonomous mobile robots, in-house components and a software defined factory. This is a milestone for at-scale production for the company.
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Exact Sciences (Nasdaq: EXAS)
Exact Sciences is up 6.06% premarket. The health company saw major spikes in 2020 and 2021 due to increased demand for COVID diagnostics. However, the demand for COVID testing has since weakened, and the stock has fallen 79% since. There’s optimism ahead though – as the company maintains a durable position in the market for non-invasive colon cancer screening. Exact Sciences is the company behind the Cologuard test – a non-invasive colon cancer screening. It’s already seeing steady revenue increases with this service. Plus, its approach achieved 61% sensitivity and 98.2% specificity in a study with over 600 samples at a recent conference. So that’s a good sign.
Quarate Retail Inc. Series A (NYSE: QRTEA)
Quarate Retail is up 6.13% premarket after subsidiaries QVC and HSN launched their interactive streaming shopping service on Samsung Smart TVs. The two entities also provided on-demand and streaming-only content together in one easy-to-use, fully shoppable app. It is currently the only shopping app on Samsung Smart TV that allows viewers to complete purchases within the app.
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Those are the top market movers today.
Happy trading!
The Wake-Up Watchlist Research Team