Friday, May 5, 2023

Car Retailer Spikes 34%

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures ticked up on Friday. PacWest Bancorp lead a rebound across US regional banking stocks after a bruising week of losses, joining in a broader rally across US stocks futures ahead of jobs data due later today. PacWest's shares gained as much as 26% in premarket trading.

We've been riding the latest market uptrend in The War Room. Yesterday we closed two big overnight winners on Qualcomm (QCOM) and Paramount (PARA) for gains of 44.57% and 104.42%, respectively!

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

Carvana (NYSE: CVNA)

Shares of Carvana surged 34.03% in premarket trading after the online car retailer announced that it expected to report a profit in the second quarter of 2023 after a string of losses. The company reported that adjusted earnings before interest, taxes, depreciation and amortization would be positive, following a strong start to the year. This may offer investors some relief after a challenging 2022 for Carvana, which has struggled amid rising interest rates and rebounding auto production. CEO Ernest Garcia III said that the company reduced vehicle inventory, cut overheads by $160 million, and aimed to get to positive cash flow.

Earlier this week we got positioned on CVNA in The War Room for upside speculation.

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Lyft (Nasdaq: LYFT)

Lyft was down 17.12% premarket after the company's Q2 forecast missed expectations, despite better-than-expected quarterly results. Lyft said it expects revenue of $1B-$1.02B and core earnings of $20M-$30M, behind estimates of $1.08B and $49.3N, respectively. Although the price cuts led Lyft to add 10% more riders to its platform in Q1, the company has cut prices to compete with its larger rival, Uber. The company has also announced layoffs, with about a quarter of its workforce set to go.

 

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Draftkings (Nasdaq: DKNG)

DraftKings (DKNG) soared 11.03% in premarket trading following better-than-expected Q1 earnings and sales results. The sports-betting firm lost 87 cents a share on sales of $769.6M, beating Wall Street estimates of a loss of 88 cents per share on sales of $704.3M. DraftKings also raised its full-year revenue guidance. The gains in after-hours trading would signal a move back above the buy point of 21.72 if they hold into Friday's open.

With travel picking up and more people going on vacation, we recently got positioned on an entertainment stock in Trade of the Day Plus and right now we're seeing a 16.55% gain.

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DoorDash, Inc. (NYSE: DASH)

DoorDash is up 3.98% premarket after reporting better-than-expected results for the first quarter, with a loss of $0.41 per share compared to the consensus estimate of $0.56 per share. The company's quarterly earnings exceeded expectations by 26.79% due to strong revenues of $2.04 billion, beating the Zacks Consensus Estimate by 6%. DoorDash has surpassed consensus EPS estimates two times in the last four quarters, and this performance bodes well for the future of the company. The sustainability of the stock's immediate price movement will mostly depend on management's commentary on the earnings call.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

Could This Be Desperate Biden's "Shock" to America?

Biden's poll numbers are embarrassingly low. Historically, that makes him a dangerous president - looking to "shock" his way to reelection.

He could make his final push thanks to a closed-door meeting on June 14.

If you own stocks or gold... or are remotely concerned about the American economy... check out my full prediction here.

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