Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures dipped on Tuesday. Against the backdrop of the ongoing impasse in Washington regarding the decision to raise the US debt ceiling, investors sought refuge in safe havens such as Treasuries and technology shares. Yields on 10-year Treasury notes decreased by four basis points, and S&P 500 futures slipped by 0.2%. In Europe, technology stocks experienced the most significant gains in the Stoxx Europe 600 index, while telecom stocks weighed down the index, notably reflected in a 5.4% drop in Telecom Italia SpA shares. Investors are closely monitoring the progress of debt-ceiling discussions between President Joe Biden and House Speaker Kevin McCarthy, with Treasury Secretary Janet Yellen warning of the potential consequences if the debt limit is not raised. However, most investors anticipate a last-minute resolution to avoid default.

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

Horizon Therapeutics (NYSE: HZNP)

Horizon Therapeutics is down 17.31% premarket following news of a potential lawsuit by the Federal Trade Commission (FTC) aiming to prevent the company’s $28 billion sale to Amgen (NASDAQ: AMGN). According to sources familiar with the matter, the FTC held a closed-door meeting on Friday to discuss the transaction, and it is anticipated that the commissioners will vote on the deal sometime this week. In addition, Bloomberg reported that the FTC is likely to file a lawsuit on Tuesday, asserting that the merger could negatively impact innovation and impede the progress of drug development.

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Capital One (NYSE: COF)

Capital One Financial Corp’s is up 5.73% premarket following the announcement that Warren Buffett’s holding company, Berkshire Hathaway, had acquired a stake in the credit cards-focused bank. The stock, trading up 7% at $95.37, was poised to open at its highest level in over two weeks. Berkshire Hathaway disclosed its ownership of 9.92 million shares in Capital One, valued at approximately $954 million based on the closing price on March 31. While Capital One shares had previously declined by around 8% this month due to the impact of First Republic Bank’s collapse, the bank’s diversified business portfolio includes auto lending and commercial banking in addition to credit cards.

Home Depot (NYSE: HD)

Home Depot is down 4.43% premarket after announcing its fiscal first-quarter 2023 earnings results, which fell short of estimates due to a decline in consumer spending on home improvement as compared to the pandemic-induced surge. As a result, the company’s shares dropped more than 4% in pre-market trading. Although Home Depot surpassed earnings expectations, its revenue for the first quarter of 2023 dropped by 4.2% compared to the same period last year. Same-store sales growth was significantly lower than anticipated, declining by 4.5% instead of the estimated 1.42% decrease. Home Depot’s CEO and President, Ted Decker, mentioned that after an exceptional growth period, they anticipated a year of moderation in the home improvement market. Decker attributed the lower sales to factors such as lumber deflation and adverse weather conditions, particularly in the Western division, where extreme weather in California disproportionately impacted results.

Baidu, Inc. (Nasdaq: BIDU)

Baidu is up 2.70% premarket after the search engine giant exceeded first-quarter revenue expectations as businesses increased their advertising spending amid China’s economic recovery following the relaxation of COVID restrictions. With the absence of lockdowns, China’s economy is witnessing a resurgence in consumer and business spending, leading to a stabilization of the economy. Baidu’s revenue rose by 10% to 31.14 billion yuan ($4.54 billion) in the quarter ending March 31, surpassing analysts’ estimates. Revenue from Baidu Core, which includes search-based ad sales, cloud offerings, and autonomous driving initiatives, grew by 8% to 23 billion yuan. The online marketing segment accounted for 16.6 billion yuan, experiencing a 6% increase, while revenue from its streaming service iQIYI rose by 15% to 8.3 billion yuan, driven by a 28% growth in its subscriber base.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team