More Strength From a Big Bank
Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures held steady on Tuesday as the second-quarter earnings season continues. There were more positive signs from the banks (more on that below) and investors are still weighing how much inflation has cooled. Plus, Treasury Secretary Janet Yellen said a cooler (but still resilient) labor economy is playing a leading role in helping to slow inflation.
We’ve been pounding the table on getting back into the bank sector in The War Room.
Click here to see how we’re playing the recent bank rally.
Here’s a look at the top-moving stocks this morning.
Masimo Corporation (Nasdaq: MASI)
Masimo Corporation is down 27.64% after the hospital equipment maker said it expects second-quarter sales of $453 million to $457 million, well below analyst’s forecasts of $553 million. Among other factors, Masimo pointed to large orders that were pushed back to the second half of the year.
FB Financial (NYSE: FBK)
FB Financial is up 15.10% premarket after the FirstBank parent company topped earnings estimates. Earnings on late Monday came in at 77 cents per share, which topped estimates of 85 cents.
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Sunrun Inc. (Nasdaq: RUN)
SunRun is up 7.51% premarket after Morgan Stanley analyst Andrew Percoco declared the solar company well on pace to hit the midpoint of its target for solar installations in the second quarter. On a big-picture level, Percoco is also optimistic about the increase in solar power use in the U.S. He is estimating the market will increase by 15% this year over 2022.
Our Lead Technical Tactician Nate Bear has been getting positioned on renewable energy stocks in Daily Profits Live.
Bank of America (NYSE: BAC)
Bank of America was up 0.16% premarket after churning out more profits and revenue in the second quarter after solid performances by its consumer and Wall Street businesses. Net income was up 19%, to $7.4 billion. Revenue also rose 11%, to $25.2 billion.
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Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
