Water Company Splashes Premarket
Good morning Wake-Up Watchlisters! While you’re sipping that first cup of chocolately, earthy cold brew you’ll see stock futures slid after a higher-than-expected inflation reading for April. This is raising concern the Fed’s interest rate hikes aren’t doing enough to combat inflation. There was also a major sell-off in cryptocurrencies that added to the risk-off sentiment.
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Here’s a look at the top-moving stocks this morning.
Essential Utilities (NYSE: WTRG)
Essential Utilities is up 3.63% premarket after the company posted earnings per share of 76 cents, which surpassed the Zacks Consensus Estimate of 74 cents. Also, first quarter revenues were up 19.8% plus operating revenues were up 11.5%. Essential Utilities is a stock to keep an eye on.
Brookfield Renewable Corp. (NYSE: BEP)
Brookfield Renewable Corp. is up 3.21% premarket after generating $292 million, or $0.45 per share in the first quarter. The company’s hydroelectric operations continue to benefit from higher demand for carbon-free baseload electricity. This has allowed Brookfield to secure long-term contracts for its hydro assets. Its wind and solar segments are also performing well. Overall, Brookfield Renewable is looking strong.
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Beyond Meat Inc. (Nasdaq: BYND)
Beyond Meat is down 24.72% premarket after the company reported a wider-than-expected loss in its recently completed quarter. The alternative meat company reported a $100.5 million loss. The company also reported a loss in February, citing weaker demand for its products and inefficient production. Beyond Meat is looking volatile.
Walt Disney Company (NYSE: DIS)
Walt Disney is down 4.82% premarket after missing on revenue numbers for the second quarter. The company pulled in $19.25 billion in revenue vs. estimates of $20.11 billion. Although its stock went up 5% after the report, Disney quickly erased those gains after CFO Christine McCarthy warned the tough economic environment could hurt margins. Walt Disney stock is looking uncertain right now.
Those are the top market movers today.
The Wake-Up Watchlist Research Team