Money Woes for Carmaker

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were wobbly on Tuesday as bond yields headed toward a 2007 high. 10-year treasury bonds rose to around 4.7% on Tuesday – a selloff that, combined with surges in oil and the dollar, have dampened appetite for stocks.

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

VinFast Auto Ltd. (Nasdaq: VFS)

VinFast Auto is down 9.90% premarket after the Vietnamese electric vehicle company reported money woes. In its earnings last month, the company reported a more-than-fivefold increase in EV deliveries but only a 131% increase in revenue – and a net loss of more than $500 million. The EV company is also burning cash at $2.9 billion annually, which is worse than the company’s net losses.

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Discover Financial Services (NYSE: DFS)

Discover Financial Services is up 0.62% premarket after the credit card company reached a consent agreement with the FDIC over consumer compliance issues at the company’s banking unit. Discover indicated that this consent order will “improve its compliance management system and enhance related corporate governance and enterprise risk management practices.”

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Plug Power Inc. (Nasdaq: PLUG)

Plug Power is down 0.66% premarket after an analyst at Truist downgraded its price target from $9 to $8, but maintained a hold rating. But overall, investors shouldn’t read too much into analyst ratings because moves driven by upgrades or downgrades don’t last long, but can have a short-term impact on a stock’s movement.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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