Travel Stock Pops as Demand Soars
Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were mixed on Thursday. Several top companies fell after earnings yesterday (more on that below) and investors hit pause on what’s been a blistering Nasdaq 45% rally fueled largely by tech stocks and AI hype.
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Here’s a look at the top-moving stocks this morning.
Tesla (Nasdaq: TSLA)
Tesla is down 3.03% premarket after its profit margin fell short of Wall Street’s expectations. Tesla’s gross profit margin of 18.2% fell shy of estimates of 18.8%. The number meant a continued decline from its peak in fourth quarter 2022 of 24%. However, its sales of $24.9 billion easily beat expectations of $24.51 billion.
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Netflix, Inc. (Nasdaq: NFLX)
Netflix is down 6.40% premarket after its latest earnings report. The streaming platform missed revenue estimates despite new initiatives like the crackdown on password sharing and ad-supported tiers. Overall, revenue came in at $8.19 billion versus $8.30 billion expected.
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United Airlines (Nasdaq: UAL)
United Airlines is up 2.65% premarket after the airliner tripled profits as travel demand ramps up. The company said Wednesday that it earned more than $1 billion in the second quarter despite canceling 3,800 flights in the last two weeks of June. It also reiterated that it sees no signs of let-up in ticket demand, and raised its forecast of third-quarter and full-year profit.
Catalent, Inc. (NYSE: CTLT)
Catalent is up 9.76% premarket after the Activist shareholder Elliott Investment Management announced its built a substantial stake in the drugmaker. The exact size of the stake could not be learned, according to the Wall Street Journal. The company has undergone hard times as it said back in April that slow production could impact its fiscal 2023 results. Its chief financial officer Thomas Castellano also recently stepped down.
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Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
