Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stocks rose following the debt ceiling deal in Congress. Traders turned their attention to upcoming US jobs data, which could provide clarity on the Federal Reserve’s monetary policy. Futures for the S&P 500 and Nasdaq 100 rose, indicating potential gains for US equities, particularly in the tech sector. Crude oil and industrial metals rebounded, leading to a surge in the mining and energy sectors.

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

Lululemon Athletica (Nasdaq: LULU)

Lululemon is up 14.70% premarket, prompted by the release of a strong report for the first quarter of fiscal 2023 (ending April 30). The company’s results surpassed market expectations for both revenue and earnings, leading to increased investor enthusiasm. Moreover, Lululemon’s management has revised its full-year guidance upwards for both top-line and bottom-line performance. Despite the overall trend of consumers reducing their spending on apparel and discretionary items due to economic concerns and high inflation, Lululemon’s consistent revenue and earnings growth can be attributed to factors such as its affluent customer base, which tends to be less impacted by challenging macroeconomic conditions.

Dell Technologies (NYSE: DELL)

Dell Technologies is down 3.10% premarket despite the computer giant surpassing Wall Street’s expectations for its fiscal first quarter. The company, based in Round Rock, Texas, reported adjusted earnings of $1.31 per share on sales of $20.92 billion for the quarter ending May 5. Analysts had anticipated earnings of 86 cents per share on sales of $20.27 billion, according to FactSet. However, Dell’s earnings decreased by 29% and sales declined by 20% compared to the previous year.

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Cleveland Cliffs (NYSE: CLF)

Cleveland Cliffs is up 4.42% premarket and its Jul, 2023 $3 call had some of the highest implied volatility of all equity options. This means investors are expecting a big move in one way or another. Over the last 60 days, four analysts have increased their earnings estimates for the current quarter, while none have dropped their estimates.

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MongoDB Inc. (NYSE: MDB)

MongoDB Inc. is up 26.23% in premarket trading after the up-and-coming cloud database company exceeded expectations in its first-quarter earnings report. The company reported a 29% increase in revenue to $368 million, driven by growth in both subscription and services revenue. Adjusted net income nearly tripled to $45.3 million, equivalent to $0.56 per share.

Chargepoint Holdings, Inc. (NYSE: CHPT)

Chargepoint Holdings is down 4.82% premarket after it provided discouraging revenue guidance for the current quarter following a mixed report for its fiscal first quarter. As a result, CHPT stock declined in after-hours trading, despite rallying prior to the earnings report. The earnings report coincided with an electric vehicle (EV) charging agreement between Tesla (TSLA) and Ford (F) in late May.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team