Wildfires and a Lawsuit
Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures were slightly higher on Thursday. The boost came after Wall Street closed lower yesterday after the release of the Federal Reserve’s minutes from July that interest rates and “significant” risk of inflation may continue.
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Here’s a look at the top-moving stocks this morning.
Hawaiian Electric Industries (NYSE: HE)
Hawaiian Electric Industries is down 11.96% premarket after facing a new lawsuit blaming its equipment for starting blazes that killed more than 100 people in wildfires in Maui. Witnesses say some of company’s power poles blew over during an Aug. 8 storm and ignited grass fires that quickly mushroomed and destroyed much of the town of Lahaina. Hawaiian Electric Industries is currently speaking with restructuring advisory firms to address financial and legal challenges over its potential liabilities.
Rising temperatures and extended droughts have been a key driver in recent wildfires in Hawaii. This climate trend is not going away anytime soon, and it’s crucial to consider companies that are going to help people get through these tragedies. Our Lead Trading Tactician Bryan Bottarelli recently gave some insight on key trends to follow this summer.
To start following along with our trades, click here to join The War Room.
Wolfspeed, Inc. (NYSE: WOLF)
Wolfspeed is down 13.01% premarket after the silicon-carbide chip company logged a fiscal fourth-quarter net loss of $113.3 million, compared to a loss of $61.8 million in the year-ago period. It cited significant factory startup costs relating to facilities that are under construction or expanding and have yet started revenue-generating production.
America is in a race to manufacture microchips to fight back against China’s evil plan.
Avnet, Inc. (Nasdaq: AVT)
Avnet is up 6.07% premarket after its latest earnings report. The electronic components distributor came out with earnings of $2.06 per share, beating the Zacks Consensus Estimate of $1.63 per share. This represents an earnings surprise of 26.38%.
Synopsys, Inc. (Nasdaq: SNPS)
Synopsys is up 1.21% premarket as the chip design software firm got a major boost from AI. The company achieved a record quarter thanks to R&D investments that capitalized on the “Smart Everything era,” according to CEO Aart de Geus. Synopsys is expecting revenue of $1.567 billion for the October quarter.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
