Too Many Squishmallows…
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were mixed on Thursday after rallying to record highs on Wednesday. Chipmaker Nvidia pushed the S&P and the Nasdaq to new heights after it became the third company to receive a $3 trillion or more market valuation. Investors also priced in more rate cuts for the sixth day in a row.
While Nvidia continues to dominate the headlines, most people are missing out on an even bigger story. The public doesn’t know about this – but Nvidia has a secret partner that’s just a fraction of the chipmaker’s size. Yet – its new technology solves one of the biggest problems the tech group is facing.
Here’s a look at the top-moving stocks this morning.
Five Below (Nasdaq: FIVE)
Five Below is down 15.76% in premarket trading due to an overstock of Squishmallows, which hurt revenue numbers. The company came out with quarterly earnings of $0.60 per share, missing the Zacks Conensus Estimate of $0.62 per sahre. The quarterly report represented an earnings surprise of -3.23%.
Semtech Corporation (Nasdaq: SMTC)
Semtech Corporation is up 8.82% in premarket trading after reporting $206.11 million in revenue for the quarter. The semiconductor company said it expects second-quarter earnings per share of 9 cents, and sales of $212 million, which were ahead of Wall Street estimates of $210.2 million.
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Smartsheet Inc. (NYSE: SMAR)
Smartsheet is up 14.74% in premarket trading after coming out with quarterly earnings of $0.32 per share, which beat the Zacks Consensus Estimate of $0.27 per share. The SaaS company also reported revenue of $262.98 million.
Major software companies like Google, Microsoft and Apple have outperformed the markets 46 to 1 over the past 20 years. Now, Oxford Club’s Chief Investment Strategist Alexander Green is releasing a new breakdown of what he’s calling “The Next Magnificent Seven.” These are seven stocks he believes could be the new outperformers going forward.
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Lululemon Athletica (Nasdaq: LULU)
Lululemon Athletics is up 7.96% in premarket trading after the yoga pants maker announced it’s raising its share buyback authorization by $1 billion. This was the second time in six months the company has boosted returns for shareholders.
Novavax (Nasdaq: NVAX)
Novavax is up 12.30% in premarket trading after the vaccine maker said it would be able to deliver a regular-reccomended vaccine against a strain of Covid-19 by early fall. The U.S. Food and Drug Administration’s Vaccines and Related Biological Products Advistory Committee voted to recommend that Covid-19 vaccines be upated for the upcoming season.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
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