Banks Set Earnings Tone…
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were down on Friday. The tech-heavy Nasdaq was down in what’s been a wild week for traders as the likelihood of less interest rate cuts in 2024 increased. Banks also began earnings season with giants JPMorgan and Citigroup reporting (more on that below).
With earnings season kicking off, our Head Trading Tactician Bryan Bottarelli is already closing winners in The War Room. Yesterday he closed a trade on KMX for a 27% overnight gain.
Here’s a look at the top-moving stocks this morning.
Globe Life Inc. (NYSE: GL)
Globe Life is up 6.91% in premarket after dropping by a record 53% on Thursday. It closed at its lowest level in almost a decade due to a major sell-off that brought several volatility halts. A critical report from Fuzzy Panda Research also said it had a short position on the insurance company.
JPMorgan Chase and Co. (NYSE: JPM)
JPMorgan is down 3.52% premarket after the banking giant reported first-quarter earnings of $4.44 a share. The move was higher than analysts’ expectations of $4.17. But despite the earnings beat, its outlook for full-year net interest missed expectations. JPMorgan CEO Jamie Dimon said “persistent inflationary pressures” stemming from wars and geopolitical tensions are leading to uncertainty in the months ahead. JPMorgan’s net interest income was also down 4% from the fourth quarter.
Rivian Automotive (Nasdaq: RIVN)
Rivian Automotive is down 0.94% in premarket trading after Ford motor reduced the price for its electric truck. Ford dropped the price by as much as $5,500, according to CarsDirect, which cited a memo sent to Ford dealerships.
Advanced Micro Devices (NYSE: AMD)
Advanced Micro Devices is down 1.90% in premarket after the Wall Street Journal reported the Chinese officials are phasing out chips including Intel and AMD. It’s the latest development in the ongoing U.S.-China technology war that is dividing the global chip industry.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
