Amazon, Shopify Strike Deal

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were up on Thursday. Recent economic data spurred hopes the Federal Reserve is nearing the end of its rates-hiking cycle. Investors will be waiting the release of the central bank’s preferred inflation gauge, the Personal Consumption Expenditures Index.

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

Shopify Inc. (NYSE: SHOP)

Shopify is up 5.50% premarket after striking a deal with Amazon to open Amazon logistics to sellers. The two companies, which both sell e-commerce software and services to brands and merchants, say Amazon’s “Buy with Prime” will soon be among the tools available to Shopify’s merchants in the U.S.

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Okta, Inc. (Nasdaq: OKTA)

Okta is up 10.77% premarket after the cybersecurity company easily beat its earnings estimates. It posted second-quarter adjusted earnings of 31 cents per share on revenue of $556 million. Analysts polled by Refinitiv had expected earnings per share of 22 cents on revenue of $535 million.

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Salesforce (NYSE: CRM)

Salesforce is up 5.41% premarket after a the software company reported fiscal second-quarter earnings and revenue that surpassed estimates. Salesforce posted quarterly earnings of $2.12 pre share, greather than $1.90 per share forecast by analysts polled by Refinitiv. It posted revenue of $8.60 billion, more than expected $8.53 billion.

Five Below, Inc. (Nasdaq: FIVE)

Five Below is down 7.07% in premarket after sharing a weak outlook. The discount retailer expects third-quarter earnings of 17 cents to 25 cents per share, lower than the 40 cents per share forecast by analysts polled by Refinitiv. The company also anticipates third-quarter revenue of $715 million to $730 million, weaker than the $738 million estimated by analysts.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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