Retailer Drops in Premarket
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Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were up slightly on Wednesday. The latest inflation reading on Tuesday did little to change traders’ conviction that the Federal Reserve will shift to cutting interest rates this year. As of today, futures are pricing in nearly 70% odds that the central bank will start easing in June and enact at least three quarter-point cuts over the course of 2024.
Here’s a look at the top-moving stocks this morning.
Dollar Tree (Nasdaq: DLTR)
Dollar Tree is down 8.48% in premarket after the company posted a quarterly loss. It also incurred over $1 billion in charges on store closure plans. It plans on closing over 1,000 stores and reported a net loss of $1.71 billion, or $7.85 per share in the fourth quarter.
Our Head Trading Tactician Bryan Bottarelli got positioned on DLTR in The War Room yesterday.
Click here to unlock that trade.
Petco (Nasdaq: WOOF)
Petco is up 7.81% premarket after reporting its fourth quarter earnings. Its net revenue increased 6.1 year over year to $1.7 billion. The pet provider also announced the Company’s Board of Directors has appointed R. Michael (Mike) Mohan to serve as Interim Chief Executive Officer, effective today.