Good morning, Wake-Up Watchlisters! Happy Memorial Day weekend! While your better half packs up the car and screaming children for an amazing camping trip let's dig into the premarket movement. The AI-led rally continues as the indexes are green across the board. Revisions to some first quarter economic data show that the economy actually grew faster than expected despite high inflation. Expected GDP growth in the second quarter is now up to 2.9% easing fears of a recession. We are never afraid of the market in The War Room, this month we are on fire with 21 wins out of 24 plays! Stop guessing, start winning. Click here to join The War Room. Now, let's take a look at the top-moving stocks this morning. Marvell Technology (NASDAQ: MRVL) Marvell Technology is up 18.35% premarket. This is the second of the chipmakers to take off after a strong earnings report (see Nvidia's jump yesterday). Company leadership expects revenue to "soar" this year due to AI with sales at least double the current fiscal year. Investors are clearly excited with the potential AI can bring to businesses. Reminds me of the blockchain boom back in 2016, let's hope this AI boom brings more lasting results. Per the usual The War Room is ahead of the curve; we scored a 25% win on Marvell Tech yesterday. Are you ready to up your game? Join the best of the best. Ulta Beauty Inc (NASDAQ: ULTA) Ulta beauty is down 9% premarket. This drop comes after the cosmetics company reported earnings, beating analysts' estimates and showing growth from the previous year. However, analysts are focusing on company leadership's decision to start cutting prices on their products. The high-inflation environment is a tougher one for cosmetics as they are considered a luxury by many consumers. Ulta has consistently exceeded consensus EPS estimates in the past four quarters and this move may help them do the same for the next quarter, investors are not so hot on the idea so far. |
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