Banks flex premarket muscle

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were down slightly on Friday after resilient earnings from banks (more on that below). The S&P 500 and the Dow Jones closed at almost two-month highs on Thursday as economic data showed cooling inflation and a loosening labor market.

As the steady drumbeat news of inflation falling continues, it’s crucial to consider a unique investment opportunity right now. Our Head Fundamental Tactician Karim Rahemtulla believes we’re nearing the end of the Federal Reserve’s rate tightening cycle. This could mean interest rates will start falling in the near future, and this combination of falling inflation and interest rates will present a rare opportunity we haven’t seen since 2007. Karim is so bullish on this latest strategy he believes he’ll make $1 million on it within five years.

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

JPMorgan Chase & Co. (NYSE: JPM)

JPMorgan was up 6.03% premarket after posting stellar earnings. The bank said first quarter net income and revenue rose from a year ago while its deposits fell, demonstrating the resiliency of the nation’s largest lender as well as the challenges that tested its entire industry in March. Overall, profits surged 52% on robust consumer business.

Wells Fargo & Company (NYSE: WFC)

Wells Fargo was up 2.98% premarket after seeing a profit rise of 32% in the first quarter as it earned more from interest rate payments. Its rise was helped by the U.S. Federal Reserve’s tighter monetary policy, the lender reported Friday.

We’ve been ahead of the game on the latest bank earnings, and we’re currently positioned on several banks in The War Room. One of those trades included an overnight move on Wells Fargo.

Click here to unlock these bank trades.

QuidelOrtho Corporation (Nasdaq: QDEL)

QuidelOrtho is up 5.94% premarket after the vitro diagnostic company announced preliminary revenue results for the first quarter. The company expects total revenue from its respiratory products to be in the range of $262 million to $267 million, including COVID-19 product revenue of $212 million to $217 million. This represents a 5% growth on a supplemental combined basis and 7% growth on a constant currency basis at the midpoint.

Innovative medical technology companies are worth considering for your portfolio. Right now our friend Andy Snyder is recommending another innovative tech company that could be at the center of the current $13 trillion virtual revolution.

Click here to learn more about XRI.

PNC Financial Services (NYSE: PNC)

PNC Financial Services was up 5.18% premarket after reporting an 18.5% rise in first-quarter profit on Friday. Overall, shares of PNC fell to about 20% last quarter, which was marred by two of the biggest bank failures in U.S. history after liquidity concerns at Silicon Valley Bank sparked a bank run. PNC is among the top 10 largest U.S. banks by assets, reported a profit of $3.98 per share in the quarter that exceeded analysts’ average estimate of $3.67.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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