Paramount Bid Heats Up

Good Morning Wake-Up Watchlisters! Get your patriotic popsicles ready on this hot July day, because we’ve got several stocks that are moving in premarket trading. Below you’ll see the indexes were down on Tuesday ahead of a speech from Federal Reserve Chairman Jerome Powell. The next few days we have two potential catalysts including the JOLTS report today and the ADP jobs report tomorrow, so there could be some volatility ahead.

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

Paramount Global (Nasdaq: PARA)

Paramount Global is up 3.94% in premarket trading after The New York Times reported that internet and media holding company (IAC) is exploring a bid to take control of the entertainment company. IAC is run by billionaire Barry Diller, one of Hollywood’s most notable moguls who also once ran Paramount. Diller joins an ever-growing list of suitors for the company, including David Ellison’s Skydance and Gerry Cardinale’s RedBird.

Tesla Inc. (Nasdaq: TSLA)

Tesla is down 1.30% in premarket trading ahead of their latest delivery release. For the second quarter, analysts are currently estimating 436,000 deliveries for the EV car company, which would be down from 466,000 vehicles a year earlier.

Nvidia (Nasdaq: NVDA)

Nvidia is down 1.2% in premarket trading. A Reuters report said the dominant graphics-processing unit maker would be charged by the French antitrust regulator for allegedly anticompetitive practices. The watchdog cited concerns over Nvidia’s CUDA chip programming software, claiming the sector could become too dependent on its system.

With Nvidia’s metoric rise over the last year, more AI companies have potential to dominate the markets. The challenging part is knowing which companies stand to gain the most, which is why Oxford Club’s Chief Investment Strategist Alexander Green recently released his “Next Magnificent Seven” stock list.

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Pure Storage (NYSE: PSTG)

Pure Storage is down 4.90% in premarket trading after receiving a downgrade from Sell to Neutral by analysts at UBS. UBS provides systems based on flash memory technology to enterprise customers and raised their price target to $47 from $44, the Fly reported.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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