Good morning, Wake-Up Watchlisters!

Happy Memorial Day weekend! While your better half packs up the car and screaming children for an amazing camping trip let’s dig into the premarket movement.

The AI-led rally continues as the indexes are green across the board. Revisions to some first quarter economic data show that the economy actually grew faster than expected despite high inflation. Expected GDP growth in the second quarter is now up to 2.9% easing fears of a recession.

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Now, let’s take a look at the top-moving stocks this morning.

Marvell Technology (NASDAQ: MRVL)

Marvell Technology is up 18.35% premarket. This is the second of the chipmakers to take off after a strong earnings report (see Nvidia’s jump yesterday). Company leadership expects revenue to “soar” this year due to AI with sales at least double the current fiscal year. Investors are clearly excited with the potential AI can bring to businesses. Reminds me of the blockchain boom back in 2016, let’s hope this AI boom brings more lasting results.

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Ulta Beauty Inc (NASDAQ: ULTA)

Ulta beauty is down 9% premarket. This drop comes after the cosmetics company reported earnings, beating analysts’ estimates and showing growth from the previous year. However, analysts are focusing on company leadership’s decision to start cutting prices on their products. The high-inflation environment is a tougher one for cosmetics as they are considered a luxury by many consumers. Ulta has consistently exceeded consensus EPS estimates in the past four quarters and this move may help them do the same for the next quarter, investors are not so hot on the idea so far.

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Gap Inc. (NYSE: GPS)

Gap in is up 11.99% premarket. Cost cutting measures appear to be paying off for the clothing retailer. Gap reported better-than-expected results in its earnings report released last night. This improvement is attributed to lower air freight expenses, reduced discounts, cost-cutting measures, and a reduction in headcount. Overall, Gap’s financial performance showed positive signs, but the company still faces challenges in terms of declining comparable sales and the need to reposition its brands for sustainable growth.

Tilray Brands Inc. (NASDAQ: TLRY)

Tilray Brands is down 18.64% premarket. The cannabis company dropped like a rock in the extended session last night after leadership announced they will be issuing $150 million in convertible notes. Issuing convertible notes is a debt management strategy usually reserved for early-stage businesses whose valuations are not yet determined. In Tilray’s case the notes are being issued just a month after the company’s acquisition of rival Hexo Corp., which has left investors leery of the unproven sector and company.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team