Friday, June 3, 2022

Identity Company Pops After Beating Earnings

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Okta reported revenue of $415 million for its most recent quarter, compared with analysts' estimates of $389 million.

Good morning Wake-Up Watchlisters! While you're sipping that first cup of coconut matcha tea you'll see US stock futures fell as investors await key payroll data during a potential gloomy economic outlook. They will also keep studying clues regarding the pace of Federal Reserve policy tightening.

The good news is – whether the market is bearish or bullish – we have several strategies to help War Room members improve their portfolio. This week we traded a recession-proof stock in the pet sector for a 16% gain! Click here to unlock these trades.

 

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

Okta Inc. (Nasdaq: OKTA)

Okta is up 17.44% premarket after the company beat sales expectations and investors raised guidance. The maker of authentication and authorization services reported revenue of $415 million for its most recent quarter, compared with analysts' estimates of $389 million. Keep an eye on Okta moving forward.

 

StoneCo Ltd. (Nasdaq: STNE)

StoneCo. Is up 16.70% premarket after beating earnings estimates. The company came out with earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.06 per share. The report represents an earnings surprise of 33.33%. The company also posted revenue revenues of $396.12 million for the quarter, surpassing the estimate by 64.80%.

 

Crowdstrike Holdings (Nasdaq: CRWD)

CrowdStrike Holdings is down 4.20% premarket after its latest earnings report. While the company surpassed revenue expectations and total subscription customers. Their total new subscription customers fell short however, posting 1620 vs. 1649 expected. Their second quarter adjusted EPS of $0.27 vs. the expected $0.28. Crowdstrike holdings is looking uncertain.

 

Tesla (Nasdaq: TSLA)

Tesla is down 3.62% premarket after CEO Elon Musk announced in an internal email he's freezing hiring and needs to eliminate about 10,000 jobs, according to Reuters. The email was sent to executives on Thursday. Tesla could also be in for a grim quarter, as its Shanghai factory has been closed for 22 days due to city's strict COVID-19 lockdown. Tesla is looking volatile overall.

 

Has The Market Hit Bottom?

The markets have been exceptionally choppy in 2022, but history shows a rebound always comes. Our Head Trading Fundamental Tactician Karim Rahemtulla writes about the signs to look for when the sell-off ends so you can reap the benefits of a fruitful market later on. Click here to read more.

Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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