Cruiseliner Stocks Sink Premarket

Good morning Wake-Up Watchlisters! While you’re shaking your fist at that maniac who cut you off in traffic this morning you’ll see stock futures slipped Wednesday after the major averages made a failed attempt at a bounce. Disappointing consumer confidence data and rising recession fears contributed to the slide.

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

Upstart Holdings (Nasdaq: UPST)

Upstart Holdings is down 9.21% premarket as the artificial intelligence company’s credit quality continues to show signs of deterioration. Wedbush analyst David Chiaverini noted the data shows that credit quality is performing worse than the Kroll Bond Rating Agency’s base case projections. Upstart is looking volatile.

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Carnival (NYSE: CCL)

Carnival is down 8.42% premarket as cruise stocks continue to fall after a Wall Street analyst downgraded expectations on Monday because of the risk of a recession. There really isn’t anything new that drove the stock down other than a fear of a recession is more prominent. Norwegian Cruise and Royal Caribbean Group were also down premarket. Carnival and other cruise liners could be volatile going forward.

Pinterest (NYSE: PINS)

Pinterest is up 4.01% premarket after longtime CEO Ben Silbermann will leave the group to make room for former Google (GOOGL) executive Bill Ready. Ready is known for marshalling payments and commercial operations at Google, and Pinterest also has assets in place that can be monetized. Keep an eye on Pinterest going forward.

Hershey (NYSE: HSY)

Hershey is up 3% premarket as the candy company continues to be one of the strongest performing stocks in the market this past year. The company enacted a 14% weighted average increase in price, including a 17% increase on standard Hershey bars, 13% on ‘King’ bars, and hikes on various pouch products. The hopes of this is to minimize earnings declines. Keep an eye on Hershey going forward.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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