Tech Giant Falls 11%
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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures pulled back on Thursday after several rallies earlier in the week. Investors are still uncertain whether or not the Federal Reserve will finally pivot away from rate hikes. The Dow has risen for four days in a row and closed Wednesday at its highest level since August.
Here’s a look at the top-moving stocks this morning.
Cisco Systems (Nasdaq: CSCO)
Cisco Systems is down 11.07% premarket after cutting its full-year guidance. In the first quarter, the tech giant reported adjusted earnings of $1.11 per share versus estimates of $1.03 and revenue of $14.67 billion compared to an expectation of $14.63 billion. However, Cisco’s second quarter and full-year revenue guidance was well below what Wall Street had been expecting.
Our Head Trading Tactician Bryan Bottarelli got positioned on CSCO in The War Room on Tuesday.
Palo Alto Networks (Nasdaq: PANW)
Palo Alto is down 6.08% premarket after first quarter results were better than Wall Street had expected, but the second quarter billings outlook disappointed investors. Palo Alto reported adjusted earnings of $1.38 per share compared to estimates of $1.16 and revenue of $1.9 billion vs. estimates of $1.82 billion.
Alibaba Group Holding (NYSE: BABA)
Alibaba Group is down 7.88% premarket despite posting an earnings beat. The Chinese tech giant warned that expanded U.S. export controls on chips meant it will not spin off its cloud division as planned. Alibaba reported earnings of $2.16 a share on revenue of $31 billion.
Walmart Inc. (NYSE: WMT)
Walmart is down 7.70% premarket after narrowly beating earnings estimates by failing to please investors with higher expectations. Walmart posted earnings of $1.53 per share, slightly ahead of estimates for $1.52, according to FactSet. The adjusted figure excludes the effects of $1.36 a share from net losses on equity and other investments.
Those are the biggest stock movers for today.
The Wake-Up Watchlist Research Team