Yikes Silvergate…

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures fell on Thursday. Treasury bonds hit 4% for the first time since November as signs of the Federal Reserve’s interest rate hikes are finally sinking in. China’s post-Covid economic recovery could also exacerbate global price pressures. It could also add demand, which could keep inflation high.

Another area China is looking to dominate is the chip industry. If it were to achieve its goals, The Atlantic reports it would “significantly reduce American technological, economic and military advantages.” However, there’s one US company that’s fighting back, and its stock could surge 525% as a result.

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

Silvergate Capital Corporation (NYSE: SI)

Silvergate is down 31.49% premarket after the crypto-friendly lender said it will delay its annual report release in order to review financial controls. The company is currently under investigation by the Justice Department in relation to its dealings with the now bankrupt FTX platform.

Salesforce (NYSE: CRM)

Salesforce is up 15.46% premarket after reporting strong fourth quarter earnings during a crucial time for the cloud giant. The company sees 2024 revenue between $34.5 billion and $34.7 billion versus estimates of $34.05 billion. Its quarterly revenue beat expectations of $8 billion. Its adjusted earnings per share came in at $1.68 versus $1.37 expected by Wall Street analysts.

Okta (Nasdaq: OKTA)

Okta is up 15.99% premarket. Wall Street is turning more bullish on the software company ahead of its quarterly earnings. More than 20 analysts covering the stock hiked their price target following its earnings, and two upgraded their ratings to Buy, according to FactSet data. The stock now has a Buy rating from 64% the analysts surveyed.

Quarterly earnings day can often serve as a catalyst for a stock’s direction. Our Head Fundamental Tactician Karim Rahemtulla follows insider buying (the legal kind) ahead of earnings. This strategy is what gives him more confidence in which direction a stock is going to go.

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Tesla, Inc. (Nasdaq: TSLA)

Tesla is down 6.11% premarket after investor day failed to impress. The EV giant said it would release more details about a next generation EV platform at Tesla Investor Day, but said that would come at a “later date.” CEO Elon Musk also confirmed the company will build a new “Giga Mexico” factory. Mexico’s president had said Tuesday that Tesla would make the announcement on Investor Day.

With competition increasing in the EV sector, it’s important to consider how other companies will affect this upcoming $7 trillion market. Right now there’s a car that has a 1,080-horsepower engine, a zero-to-60 time of 2.5 seconds, and a top speed of nearly 170 miles per hour. Yet it’s 100% electric!

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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