Fitch Downgrades the Debt

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures dropped as Fitch Ratings’ downgrade of the US government debt caused investors to retreat from riskier assets. Fitch cited ballooning fiscal deficit and an “erosion of governance” as the reason for the downgrade.

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

Match Group (Nasdaq: MTCH)

Match Group is up 10.53% premarket after the company benefited from the more flexible subscription plans. Its cheapest plans for smaller durations have drawn inflation-hit consumers, who are looking to cut discretionary spending. The company also plans to launch Tinder’s high-end membership in the early fall, forecasting revenue between $875 million and $885 million for the third quarter.

Advanced Micro Devices (Nasdaq: AMD)

Advanced Micro Devices is up 1.61% premarket after second quarter results slightly beat Wall Street estimates. The chipmaker’s revenue forecast was also slightly better than anticipated. Overall, revenue topped $5.36 billion vs. the estimate of $5.32 billion.

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Pinterest (Nasdaq: PINS)

Pinterest is down 3.63% premarket after shares were slipping despite the social media platform beating expectations and offering guidance that was in line with forecasts. Overall, Pinterest shares are up 19% this year.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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