Tuesday, February 7, 2023

Another Meme Stock Moves Big...

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stock futures were flat on Tuesday. Traders are waiting on Federal Reserve Chair Jerome Powell's public speaking appearance in Washington D.C., scheduled for early this afternoon. Investors are expecting a hawkish tone after Friday's blowout jobs report showed payrolls grew by 517,000 in January.

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

Bed, Bath and Beyond (Nasdaq: BBBY)

Bed, Bath and Beyond is down 26.96% premarket after the retailer announced it will raise as much as $1.025 billion through an equity offering. Shares of the meme-stock retailer are heavily shorted, and the company has been trying to conserve cash as it teeters on the edge of bankruptcy.

 

Baidu, Inc. (Nasdaq: BIDU)

Baidu is up 14.55% premarket after reports indicated that the Chinese search giants expects to finish testing its Ernie Bot chatbot in March. Wall Street has shown a sharp interest in AI initiatives since the debut of OpenAI's ChatGPT chatbot late last year.

With many big tech stocks struggling in 2023, artificial intelligence companies are seeing a major upward trend. Our friend Andy Snyder believes another cutting edge technology company in a similar sector could hand you life-changing profits in the future.

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Oak Street Health (NYSE: OSH)

Oak Street Health is up 35.44% premarket as CVS nears a deal to buy the primary-care center operator. This potential transaction would mark the healthcare company's second major acquisition in a matter of months. The deal is set to price Oak Health at around $39 a share, according to the Wall Street Journal.

Innovative health companies offer big gain potential in the stock market. Right now our friend Alexander Green is high on one particular medical device company. He's calling it "the greatest investment opportunity I've seen in 37 years." And right now it's trading for under $3.

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Chegg Inc. (NYSE: CHGG)

Chegg is down 22.82% premarket after the company forecast another year of shrinking sales. The company has dropped close to 17% so far in 2023, as of Monday's close. The company cited economic uncertainties and subscriber growth concerns.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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