Asset Firm Makes a Move…
Good Morning Wake-Up Watchlisters! While you’re trying to convince your spouse to buy a fancier coffee maker you’ll see stock futures were down on Wednesday. The latest jobs data revealed robust numbers, putting hopes of rate cuts in doubt. The focus is now on Federal Reserve Chairman Jerome Powell, whose speech on economic outlook today will offer further clues for the Fed’s anticipated June meeting.
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Here’s a look at the top-moving stocks this morning.
Blue Owl Capital (NYSE: OWL)
Blue Own Capital is up 4.54% premarket after the company announced a strategic agreement to acquire Kuvare Insurance Services LP (“KAM”) for $750 million This move is expected to bolster Blue Owl’s presence in the life sciences sector by adding approximately $1 billion in assets under management funds. The company also reported notable earnings growth for Q4 2023 and announced a nearly 30% increase in its dividend for 2024.
Intel Corporation (Nasdaq: INTC)
Intel is down 4.98% in premarket, primarily due to significant financial losses reported within its foundry unit. In 2023, the Intel Foundry business, which is part of Intel’s broader strategy to manufacture chips for other companies in addition to its own, posted an operating loss of nearly $7 billion. This loss has expanded from $5.2 billion in 2022, indicating increased financial pressures within this segment of the company’s operations.
Tesla, Inc. (Nasdaq: TSLA)
Tesla is down 0.90% in premarket trading. Its market share in China dropped 10.5% in Q1 2023 to about 6.7% by the end of December. This decline is attributed to intense local competition and weakening consumer sentiment. Early 2024 data also indicates further shrinkage to approximately 6.6%.
