Paramount Takes a Dive

By George Banko

January 26, 2024

Good morning, Wake-Up Watchlisters! Today is not the day for decaf, pour a full cup of the good stuff and let’s dig into the premarket movement!

After 6 straight days of growth and new all-time highs, the market has now taken a bit of a turn with some red across the board. The Fear & Greed index is firmly in the “Greedy” column, we’ll see if consumer spending will hold up!

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Intel Corp. (Nasdaq: INTC)

Intel Corp. is down 10.84% pre-market. The chipmaker released earnings yesterday after the bell and while they met most expectations the forward guidance was not optimistic enough for analysts. Despite surprising EPS estimates by almost 20%, shares have tumbled on the news that revenue is falling in the first quarter. In the same space as major overperformers AMD and Nvidia, leadership at Intel will have to turn things around to keep up with the competition.

Marathon Digital Holdings (Nasdaq: MARA)

Marathon Digital Holdings is up 7.56% in the premarket. There appears to be no single factor in this move at this time. It may be a combination of a couple positive catalysts. The options trading history indicates an increased interest from large investors, and a number of analysts have recently upgraded their ratings and target prices for the digital asset company. Investment firms, most recently SteelPeak Wealth, have announced new holdings in Marathon Digital Holdings as well, indicating growing institutional interest in the stock.

Paramount Global (NASDAQ: PARAA)

Parmount Global is down 18.74% in the premarket. This dramatic drop-off comes after CEO Bob Bakish announced upcoming global layoffs as part of his commitment to running a “leaner” company. While there is still speculation on how many jobs will be lost in the wave, many see at least a thousand employees hanging up their hats in the near future. The recent layoffs at Microsoft and Salesforce have been on similar scale.