Shelling out a 15% Dividend

Good morning Wake-up Watchlisters! While you’re sipping a mug of rocket fuel-infused espresso you’ll see stock futures were mixed as investors await the Federal Reserve’s latest decision today. Right now expectations are leaning towards a pause in the Fed’s interest-rate hiking campaign, and the market could see significant market movement after Federal Reserve Chairman Jerome Powell’s conference.

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

UnitedHealth Group Incorporated (NYSE: UNH)

UnitedHealth Group is down 4.85% premarket. According to investment advisor Mairs & Power Growth Fund’s 2023 first quarter investor letter, UnitedHealth was hurt in the quarter as initial rate proposals for Medicare Advantage managed care were more negative than hoped.

Lumen Technologies (NYSE: LUMN)

Lumen Technologies is up 7.51% premarket following a recent press release revealing a partnership with Microsoft and Google’s Alphabet division for a new network interconnection system called ExaSwitch. Alongside this positive news, Lumen may also be benefiting from favorable inflation data released today. Given that Lumen has lots of debt, that’s good news for the telecom company.

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Shell plc (NYSE: SHEL)

Shell is up 2.06% premarket after new CEO Wael Sawan announced the company is set to increase its dividend by 15% and prioritize the expansion of natural gas production as it focuses on the profitable segments of its business. This strategic shift aims to drive higher returns, even if they involve carbon-intensive activities, while scaling back ventures that fail to meet the desired financial targets.

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Opendoor Technologies (Nasdaq: OPEN)

Opendoor Technologies is up 8.19% premarket. The stock benefited from a Consumer Price Index (CPI) report indicating a continued slowdown in inflation. This development is favorable for Opendoor because it increases the likelihood of the Federal Reserve pausing its interest rate hikes at the upcoming meeting, aligning with earlier forecasts. As a house flipping company, the Federal Reserve’s series of interest rate increases over the past 15 months has led to a surge in mortgage rates, negatively impacting real estate tech stocks like Opendoor.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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