Payroll Company Goes Boom…
Good morning Wake-Up Watchlisters! While you’re sipping that organic Ethiopian coffee you’ll see stock futures are up on what could be a wild day for the markets. In case you haven’t heard – the Federal Reserve is about to do something it hasn’t done in 20 years – give interest rates a major bump.
Here’s a look at the top-moving stocks this morning.
Paycom Software Inc. (NYSE: PAYC)
Paycom Software is up 10.24% premarket after the maker of payroll and human resources software beat earnings estimates and boosted its outlook for the full year. Paycom came out with a quarterly earnings of $1.90 per share, beating the Zacks Consensus Estimate of $1.76 per share. The quarterly report represents an earnings surprise of 7.95%. Paycom Software is a stock to keep an eye on.
Scotts Miracle-Gro Co. (NYSE: SMG)
Scotts Miracle-Gro is up 9.05% premarket after its latest earnings report. The company came out with quarterly earnings of $5.03 per share, which beat the Zacks Estimate of $4.69 per share. This represents an earnings surprise of 7.25%. Scotts Miracle-Gro is looking strong.
Starbucks (Nasdaq: SBUX)
Starbucks is up 6.55% premarket as the coffee company reported better sales than expected. The company reported actual earnings of $7.64 billion vs. $7.62 billion expected. Transactions were a decent chunk of revenue growth, meaning people are continuing to use the brand despite three price increases in the last 6 months. Keep an eye on Starbucks going forward.
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Advanced Micro Devices (Nasdaq: AMD)
Advanced Micro Devices is up 5.90% premarket after the chip giant reported better than expected earnings. Sales were up 71% from a year ago and the company raised its full-year revenue guidance. Worldwide spending on cloud infrastructure services jumped 34% to $55.9 billion in the first quarter, according to data from research firm Canalys, highlighting huge opportunities for companies supplying chips and other hardware to the industry. AMD is looking strong.
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LYFT (NYSE: LYFT)
Lyft is down 26.07% premarket after a weaker-than-expected outlook. Investor concerns over a planned increase in spend on driver incentives played a role in the dip. Though rider demand has increased as more people start traveling again, attracting drivers remains a struggle. This had led to longer wait times and high fares for riders. Lyft is looking volatile right now.
Those are the top market movers today.
Happy trading!
The Wake-Up Watchlist Research Team