Semiconductor Company Drops in Premarket
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were flat on Wednesday. Investors are still anticipating a key US inflation report tomorrow for more clues on Federal Reserve interest-rate cuts. China’s inflation and credit reports are also due in the coming days, and will offer insight into the world’s No. 2 economy.
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Here’s a look at the top-moving stocks this morning.
Aehr Test Systems (Nasdaq: AEHR)
Aehr Test Systems is down 18.75% in premarket trading despite a strong earnings report. The semiconductor company reported earnings per share of 23 cents, which was above the analyst estimate of 19 cents. However, the company revised its forecast for the fiscal year due to slowing growth in the electric vehicle market. It adjusted it to between $75 million and $85 million from an earlier expectation of at least $100 million. This lower contributed to the stock’s premarket dip.
TG Therapeutics (Nasdaq: TGTX)
TG Therapeutics is up 9.76% in premarket trading after announcing a global license agreement with Precision BioSciences for the development and commercialization of an allogeneic CD19 CAR T cell therapy program (Azercabtagene Zapreleucel, or azer-cel) for the treatment of autoimmune diseases. This agreement includes upfront and potential near-term economics valued at $17.5 million.
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Intuitive Surgical (Nasdaq: ISRG)
Intuitive Surgical is up 5.07% premarket after the company announced a forecast for higher sales. This was driven by increased demand for its robotic surgical system. The recovery in China from COVID-19 and the rising use of its da Vinci system in the U.S. and abroad also contributed to the positive outlook.
Toast (NYSE: TOST)
Toast is up 5.05% premarket after reports CEO and co-foudner of Ark Invest purchased its stock on Monday. Toast also reported revenues of $1.03 billion, up 37.2% year on year. Its net loss also stopped at $31 million in the same quarter – less than one – third of the $98 million loss seen in the year ago period.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team