Woah Alpine...

Woah Alpine…

By George Banko

April 11, 2024

Good Morning Wake-Up Watchlisters! While you’re sippin coffee you’ll see stocks were poised for further losses on Thursday as investors prepare for another inflation report. Stocks pulled back yesterday after a hotter-than-expected inflation CPI report, and now the market is pricing in just two rate cuts in 2024.

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

CarMax, Inc. (NYSE: KMX)

CarMax is down 10.15% premarket ahead of its latest earnings report. Net revenues were $5.6 billion, down 1.7% compared with the prior year fourth quarter. The car seller bought 234,000 vehicles from consumers and dealers, which was 10.8% versus last year’s fourth quarter.

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Alpine Immune Sciences, Inc. (Nasdaq: ALPN)

Alpine Immune Sciences is up 36.48% in premarket after Vertex Pharmaceuticals announced it would buy the biotech company and its experimental kidney disease drug for $65 per share, or approximately $4.9 billion. The deal represents a premium of about 67% to the stock’s close on Tuesday.

Robinhood Markets (Nasdaq: HOOD)

Robinhood is down 3.49% in premarket trading after getting downgraded to “sell” from “Neutral” by Citi analyst Christopher Allen. The stock has been on a 44% rise this year, largely due to Bitcoin surging to more than $70,000. The overall pullback in the markets was also priced in.

Fastenal Company (Nasdaq: FAST)

Fasternal is down 5.34% in premarket trading after its latest earnings report. Its first quarter earnings came in at 52 cents per share, or just under $1.9 billion and Wall Street was expecting 53 cents and just over $1.9 billion, respectively. Operating profit margins came in at 20.6%, down from 21.2% a year ago.