Tech Stock Dips After Earnings Miss

Good morning Wake-Up Watchlisters! While you’re sipping that first cup of espresso and tonic you’ll see stock futures dipped again as investors face new pressure. Major retailers Walmart (NYSE:WMT) and Target (NYSE:TGT) reported earnings misses – signaling a beginning to material spending pullback. Plus the Federal Reserve expects to get more hawkish on interest rates with no signs of peak inflation.

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

Cisco Systems Inc. (Nasdaq: CSCO)

Cisco Systems Inc. is down 11.99% premarket after reporting a huge third-quarter earnings miss. Revenue came in at $12.84 billion, which was short of the $13.34 billion in expected revenue. Its secure agile networks revenue came in at 5.87 billion, a miss from the expected 6.07 billion. Right now Cisco is under pressure.

Synopsys (Nasdaq: SNPS)

Synopsys is up 4.27% premarket after posting positive results for its second quarter. Revenue was up about 25% over last year, coming in at $1.279 billion. Adjusted net income came in with an even bigger rise of 46% from year ago levels, and its $391 adjusted profit gave it earnings of $2.50 per share compared to $1.70 in the second quarter last year. Synopsys is looking strong.

Fleetcor Technologies (NYSE: FLT)

Fleetcor Technologies is up 3.14% premarket after the company announced the completion of its $500 million debt financing. The additional $500 million represents an attractive cost of capital and should enable more opportunities for RH to provide value to shareholders. Keep an eye on Fleetcor going forward.

Bath & Body Works (NYSE: BBWI)

Bath & Body Works is down 6.85% premarket after the company cut its revenue outlook for the year. The cut was mainly due to the expected increase in inflation, as it now expects to take a hit somewhere between $225 million and $250 million from inflation this fiscal year. That’s $75 million more than originally planned.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team