Friday, October 28, 2022

Another Rough One For Big Tech

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stocks slid on Friday after poor results from big tech companies. Contracts on the tech-heavy Nasdaq 100 slumped more than 1%. But despite the downturn, the S&P 500 is heading for a second week of gains for the first time since August.

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

Amazon.com, Inc. (Nasdaq: AMZN)

Amazon is down 12.37% premarket after the retail giant missed on revenue and sales for its Amazon Web Services cloud business. Revenue came in at $127.1 billion versus $127.63 billion expected. The company also lowered guidance for the fourth quarter from $155 billion to $140 billion.

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Pinterest (NYSE: PINS)

Pinterest is up 9.18% premarket after topping earnings expectations. The social media company was an outlier among other downbeat companies in its sector. Its ad business was still strong as users were engaging with the platform to take up inspiration for home renovation and recipe-based cooking. The growth was also fueled by Apple Inc.'s IOS 16 in September, according to finance chief Todd Morgenfeld.

 

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Edwards Life Sciences (NYSE: EW)

Edwards Life Sciences is down 12.26% premarket after missing earnings. The tech company came out with earnings of $0.61 per share, missing the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.54 per share a year ago.

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CubeSmart (NYSE: CUBE)

CubeSmart is up 9.14% premarket after posting a strong earnings report. The real estate company came out with quarterly funds from operations of $0.66 per share, beating the Zacks Consensus Estimate of $0.65 per share. It posted revenues of $261.41 million for the quarter ending in September 2022, surpassing estimates by 2.79%.

 

Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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