Coffee Giant Falls 5%

By George Banko

May 3, 2023

Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures held steady on Wednesday. Crude oil futures fell to the lowest since March in New York. Investors are awaiting clues from policymakers on the path of US rates, and expect the Fed to raise borrowing costs by 25 basis points at today’s meeting, before beginning a pause in its aggressive hiking cycle.

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

Starbucks Corporation (Nasdaq: SBUX)

Starbucks is down 5.35% premarket after its beat on the top and bottom line for its latest quarter. The coffee chain posted $8.7 billion in revenue, versus estimates of $8.2 billion and adjusted earnings per share of 74 cents versus 65 cents.

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Advanced Micro Devices Inc. (Nasdaq: AMD)

Advanced Micro Devices is down 7.44% premarket. The chipmaker beat its first-quarter goals but gave a weak sales forecast. The Santa Clara, Calif.- based company earned 60 cents a share on sales of $5.35 billion in the March quarter, which was ahead of Wall Street estimates of 56 cents a share. For the second quarter, AMD predicted revenue of about $5.3 billion. However, Wall Street was looking for $5.5 billion.

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PacWest Bancorp (Nasdaq: PACW)

PacWest Bancorp is down 9.01% premarket after investors remained convinced the worst was not yet over for troubled banks. One new point of pressure on these companies is being applied by short sellers who appear to be targeting lenders they perceive to be most vulnerable. Data from S3 Partners showed short sellers have increased their bets against regional bank stocks by more than $440 million over the last 30 days.

Eli Lilly & Co. (NYSE: LLY)

Eli Lilly & Co. is up 7.18% premarket after promising data from late-stage Alzheimer’s drug trial. Eli Lilly said the treatment, known as donanemab, slowed the progression of Alzheimer’s in Phase 3 trial patients by 35%, when compared to placebo, with a 40% decline on the “ability to perform activities of daily living.”