Elon Musk Throws Wrench in This Stock

Good morning Wake-Up Watchlisters! While you’re sipping that first cup Pu-erh Tea you’ll see stock futures were higher Friday as investors hope to avoid a potential slide into bear market territory. High inflation continues to weigh on markets after a brutal April and selling hasn’t stopped in May.

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

Twitter (Nasdaq: TWTR)

Twitter is down 24.93% after Elon Musk put his pending deal to buy the social media company on hold. Musk mentioned that he wanted more details supporting calculation that spam/fake accounts do indeed represent 5% of users. It was uncertain as to why he was concerned about that 5% number, though Musk has voiced concern that getting rid of spam/bots are important to increasing Twitter’s value. Twitter is looking volatile right now.

Axon Enterprise (Nasdaq: AXON)

Axon is up 6.27% premarket after defying analyst predictions to release its first-quarter results. The company beat both earnings and revenue forecasts, with revenue coming in at $256 million, which was 9.1% above estimates. Earnings per share came in at $0.76, which was 2,774% ahead of expectations. Axon is a stock to keep an eye on going forward.

Tesla (Nasdaq: TSLA)

Tesla is up 6.18% premarket, a slight rebound after shares fell below $700 briefly for the first time since August. COVID disruptions at the company’s Shanghai factory continue to disrupt production. The Shanghai Gigafactory accounts for half of the EV car maker’s production. The stock has also been volatile ever since Tesla CEO Elon Musk began negotiations to buy Twitter (Nasdaq: TWTR). Tesla is stock to keep an eye on going forward.

Bill.com Holdings (NYSE: BILL)

Bill.com is up 6.01% premarket after the company recently reported a 179% increase year-over-year in sales. Since Bill.com acquired Divy and Invoice2go, it’s become a one-stop shop for all things related to business-to-business patterns. This has been driving revenue up and the forecast looks good for more revenue increases. Bill.com is looking strong.

New Relic (NYSE: NEWR)

New Relic is down 7.97% premarket after telling investors how their business fared over the past quarter. While its revenue is up 19% year over year, the company is still losing money. Its net losses narrowed slightly to $0.24 per share for the quarter. Also, 2022 losses of $0.77 on an adjusted basis were more than double the corresponding red ink for fiscal 2021. New Relic is looking uncertain.

Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team