Friday, June 23, 2023

Car Dealer Drives Higher

Trade of the Day Wake-Up Watchlist

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Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures fell on Friday, putting the indexes on track for a losing week. Investors are coming to terms with the prospect of more interest-rate hikes ahead from the Federal Reserve. Fed Chair Jerome Powell reiterated his stance on Thursday that more rate increases are needed to cool inflation, and that has revived some worries about the potential hit to economies.

 

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

CarMax (NYSE: KMX)

CarMax is up 10.96% premarket after reporting its latest earnings for the first quarter ending May 31, 2023. Net revenues were down 17.4% compared with the prior year first quarter. However, the company delivered strong margins in retail and wholesale; as gross profit per retail used unit of $2,361 and gross profit per wholesale unit of $1,042 were both in line with the prior year's first quarter.

Our Lead Trading Tactician Bryan Bottarelli saw some potential with KMX yesterday and placed an overnight trade in The War Room.

If you want to see how Bryan uses overnight trading to potentially double his money overnight, you can check it all out LIVE for FREE next week during our War Room Open House. You'll have to get in today though, since this is the last day to sign up before the event begins on Monday.

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3M Company (NYSE: MMM)

3M Company is up 3.03% premarket after announcing a significant breakthrough. The industrial group has reached a tentative agreement with several public water companies regarding the use of 'forever chemicals' known as per- and polyfluoroalkyl substances (PFAs). Under the agreement, 3M will pay approximately $10.3 billion over the next 10 years to settle lawsuits related to PFAs, with the potential for payments to reach $12.5 billion based on the presence of PFAs in public water systems.

 

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Virgin Galactic Holdings (NYSE: SPCE)

Virgin Galactic Holdings is down 15.60% premarket after the space-tourism company said it would raise up to $400 million through the sale of common shares to fund development of its spaceship fleet. The market readjusted following news that the company is opening a new flight window for three days at the end of June.

 

Skillz Inc. (NYSE: SKLZ)

Skillz is down 12.50% premarket after its Board of Directors approved a 1-for-20 reverse stock split of the Company's Class A common stock and Class B common stock. The reverse stock split, which was authorized by Skillz stockholders on June 20, is expcted to return Skillz to compliance with the New York Stock Exchange continued listing standards.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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