Monday, April 17, 2023

More Banks Spike After Earnings

Trade of the Day Wake-Up Watchlist

Attention traders: It's Monday and our Lead Technical Tactician Nate Bear is giving out his weekly stocks to watch. This week he's got his eyes on a semiconductor group as their earnings day approaches. Click the image below to see what else he's looking at.

 

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stocks were flat on Monday as investors prepare for more earnings reports. Charles Schwab is set to report earnings today (more on that below) as the stock has been under pressure. Last week corporate earnings got off to a positive start as JPMorgan Chase and Wells Fargo beat estimates. Plus, data from Bank of America shows 90% of companies were in the positive to start earnings week, which is the best start since 2012.

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

Charles Schwab (NYSE: SCHW)

Charles Schwab is up 2.62% premarket ahead of earnings and is expected to post a bottom line of 90 cents per share, up 17% from last year on revenues nearing $5.13 billion, according to Street forecasts. Schwab saw a 28% decline in average margin balance sin March in the immediate wake of the collapse of Silicon Valley bank.

We're currently positioned on SCHW is the War Room and last month closed a trade on this bank stock for a 38% gain.

Click here to unlock that trade.

 

Fox Corporation (Nasdaq: FOX)

Fox Corporation is down 5.01% premarket with the Dominion Voting Systems $1.6 billion defamation trial slated to begin today. However, the latest reports indicate the trial has been pushed back a day and a source familiar with the matter says the media giant is pursuing settlement talks. Dominion is suing Fox Corp and Fox News in a defamation lawsuit over the network's coverage of the 2020 U.S. presidential election.

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M&T Bank Corporation (NYSE: MTB)

M&T Bank Corporation is up 3.78% premarket after beating estimates for first-quarter profit on Monday, as the U.S. Federal Reserve's rapid rate hikes helped boost the lender's interest income. M&T's rise is the latest in a windfall of premarket boosts from U.S. banking heavyweights. Net interest income for the bank doubled to $1.83 billion in the first quarter, with compared to $907 million a year earlier.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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