Zoom Has Entered the Premarket Chat…
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures posted small gains on Tuesday. Several economic readings are in focus this week, with the Fed’s favorite inflation gauge due on Thursday. Markets are preparing for a delay in Fed raise cuts from March to June or July after hotter-than-expected inflation data and jobs.
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Here’s a look at the top-moving stocks this morning.
Zoom Video Communications (Nasdaq: ZM)
Zoom Video Communications is up 13.36% in premarket, primarily due to its impressive fourth-quarter earnings report. The company reported adjusted earnings per share of $1.42, significantly exceeding analysts’ estimates of $1.15. Revenue also topped expectations, coming in at $1.15 billion against the forecasted $1.13 billion. Analyst also say Zoom Video could make an acquisition to spur growth since it currently has $7 billion on its balance sheet.
CAVA Group, Inc. (NYSE: CAVA)
CAVA group is up 8.36% in premarket after full year revenue surged by 59.8%, reaching $717.1 million. CAVA also reported robust same restaurant sales growth of 17.9% for the year. Overall, CAVA opened 72 restaurants in fiscal 2023, expanding its footprint by 30%.