Chipmaker drops after selloff

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Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were up on Thursday. It was the first gains in five days as Taiwan Semiconductor reported its first profit rise in a year (more on that below). Companies reporting next include Netflix, Blackstone and L’Oreal. Investors will also consider fresh US jobless data.

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

Taiwan Semiconductor Company (NYSE: TSM)

Taiwan Semiconductor is down 2.56% in premarket after global chip stocks took a hit. The Philadelphia Semiconductor Index and Nvidia dropped more than 3% each Wednesday due to concerns the rallies are too hot. However, TSMC expects Q2 sales to jump on “insatiable” AI demand.

Equifax Inc. (NYSE: EFX)

Equifax is down 9.12% premarket after missing earnings expectations. The consumer credit provider expects revenue of $1.41 billion to $1.43 billion, missing expectations. It also said it expects a 11% decline in mortgage credit inquiries.

Alcoa Corporation (NYSE: AA)

Alcoa Corporation is up 2.25% in premarket trading after the aluminum producer posting strong first-quarter earnings. President Biden also called for higher tariffs on Chinese metal imports, which provided a boost for the company as aluminum prices go back up due to strong demand. Aluminum process currently hover around $2,200 per metric ton in the first quarter of 2024. That is up from last summer’s lows of about $2,100.

eBay (NYSE: eBay)

eBay is up 3.5% in premarket after Morgan Stanley analysts raised their rating to overweight from underweight. They also increased their target price to $62 from $35.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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