Banks See Big Profits
Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures held steady on Friday. The pause came after a week-long rally that was driven by signs of cooling inflation. Attention now shifts to second-quarter earnings season with the big banks reporting today (more on that below).
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Here’s a look at the top-moving stocks this morning.
Nikola Corporation (Nasdaq: NKLA)
Nikola Corporation is up 17.56% premarket after the electric truck maker announced two big deals for its hydrogen fuel cell vehicles. First, a small-scale hydrogen producer BayoTech agreed to a supply deal. Bayotech agreed to purchase 50 trucks over the next five years and Nikola agreed to purchase up to 10 of BayoTech’s HyFill hydrogen transport trailers. Also, Nikola supplier Bosch said on Thursday that it will begin volume production of its fuel-cell power modules, with Nikola slated as Bosch’s pilot customer.
The electric vehicle market can be difficult to navigate. With several startups and established automakers being a speculative bet to grow, it’s difficult to know which EV stock to chose. However, our Lead Technical Tactician Nate Bear doesn’t rely on fundamentals to make winning trades. He uses a simple chart analysis system that’s proven to make winning trades, and he recently opened a position on TSLA using this exact system.
Leslie’s Inc. (Nasdaq: LESL)
Leslie’s is down 28.68% premarket after the company revised its fiscal 2023 outlook. While net income was originally projected to be $73 to $76 million, the new expectation is expected to be $52 to $59 million. The company cited high product costs that it could pass through to consumers.
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Elanco Animal Health Incorporated (NYSE: ELAN)
Elanco is up 9.62% premarket after the U.S. Environmental Protection Agency (EPA) said the company’s Seresto flea and tick collars for pets are safe for use following a mult-year review. The collars are designed to deliver small amounts of flea killing chemcials for dogs and cats.
Our Lead Fundamental Tactician Karim Rahemtulla is high on ELAN as a company. In fact, he knew about these major aninmal products ahead of time. The company crossed $10 back in June, which was quite a move from its lows.
Click here to learn more about why Karim believes this company is a great value play going forward.
JPMorgan Chase & Co. (NYSE: JPM)
JP Morgan Chase & Co. is up 2.57% premarket after profits for the bank surged in the second quarter, a show of strength that reinforces the divide between the industry’s largest bank and its smaller rivals. JPMorgan is the largest U.S. bank, and its earnings of $14.5 billion were up 67% from the same period a year ago. Its revenue was up 34%, hitting $41 billion.
Wells Fargo (NYSE: WFC)
Wells Fargo is up 3.04% premarket after its profits surged 57% on higher interest income from customers. Its net interest income climbed 29% to $13.16 billion as banks raised their borrowing costs following a series of rate hikes by the Federal Reserve to tame inflation.
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Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
