Website Builder Sees Major Growth

By George Banko

May 17, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures rose on Wednesday. Traders remained hopeful about resolving the deadlock on raising the US debt ceiling through talks in Washington. Meanwhile, the dollar strengthened, reaching its highest level in over five weeks. US stock futures demonstrated an upward trend, while Treasury yields stabilized as White House and congressional negotiators continued their efforts to reach an agreement. The looming June 1 deadline for a potential historic default is causing anxiety among investors, leading to increased yields across the US curve, including a 30-year note rate of approximately 3.9%, the highest since the regional bank turmoil in early March. Due to the uncertainties surrounding the debt ceiling issue, equity markets have remained cautious in recent weeks, with investors hesitant to make significant bets.

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

Wix.com Ltd. (Nasdaq: WIX)

Wix.com is up 6.56% premarket following a significant turnaround in its first-quarter financial results, reporting a net profit due to substantial growth in subscription revenue. Excluding one-time items, the Israeli company earned 91 cents per share, a notable improvement compared to the loss of 72 cents per share in the previous year. The company’s revenue also saw a 10% increase, reaching $374.1 million, surpassing analysts’ expectations. Wix projects its second-quarter revenue to be between $380 million and $385 million, demonstrating a potential annual growth of up to 12%. Based on their strong performance in Q1, Wix has raised its full-year revenue estimate for 2023 to a range of $1.522 billion to $1.543 billion, representing a growth rate of 10-11%, compared to the earlier estimate of $1.51 billion to $1.535 billion.

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Western Alliance Bancorp. (NYSE: WAL)

Western Alliance Bancorp is up 9.05% premarket after it announced that its deposits had grown by over $2 billion since the end of the previous quarter. This news alleviated concerns regarding the well-being of regional lenders in the US. Western Alliance’s stock rose by 8.5% in premarket trading, while PacWest Bancorp, another regional lending peer, gained 9%, and Zions Bancorp increased by 1.9%. Western Alliance’s deposit levels had previously risen by $1.8 billion from the prior quarter to $49.4 billion as of May 9, with an additional $200 million increase noted between May 9 and May 12. Analysts from Bloomberg Intelligence highlighted the bank’s stability in an uncertain operating environment, emphasizing its strong liquidity position with $22.6 billion available and relatively low uninsured deposits of about $10 billion.

Tesla, Inc. (Nasdaq: TSLA)

Tesla is up 1.50% premarket following Elon Musk’s announcement that he intends to continue serving as CEO of the clean energy automaker, Tesla. Musk stated that his involvement with Twitter will be significantly reduced compared to the past six months, emphasizing that he has no plans to step down as CEO of Tesla despite relinquishing that role at Twitter. He explained that his responsibilities will lessen with the appointment of Linda Yaccarino as CEO of Twitter next month. Musk expressed optimism about the Tesla Model Y, predicting it could become the world’s top-selling car this year. However, he cautioned that Tesla is not impervious to the challenging global economic environment, which he expects to persist for at least the next twelve months.

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Keysight Technologies (NYSE: KEYS)

Keysight is up 7.56% premarket after reporting quarterly earnings of $2.12 per share, surpassing the Zacks Consensus Estimate of $1.94 per share and showing an increase from $1.83 per share in the same period last year. This resulted in an earnings surprise of 9.28%. The company has consistently exceeded consensus EPS estimates over the past four quarters. In terms of revenue, Keysight generated $1.39 billion, exceeding the Zacks Consensus Estimate by 0.78% and marking an improvement from $1.35 billion in the previous year. However, the company’s stock has experienced a 13% decline since the beginning of the year, in contrast to the S&P 500’s 7.7% gain. The future movement of the stock will likely depend on management’s outlook discussed in the earnings call.