Friday, July 7, 2023

Clothing Retailer Falls in Premarket

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures dropped on Friday. Investors will be looking for clues in today's June jobs report to confirm data that shows signs of a resilient economy. Also, the Fed is still looking hawkish, and it's likely we see another 25 basis point hike later this month.

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

Levi Strauss (Nasdaq: LEVI)

Levi Strauss is down 6.75% premarket after the clothing maker posted lower-than-expected sales for the second quarter. It also trimmed its full-year profit forecast, as higher expenses hurt its bottom line. The revised guidance came after a mix of second quarter earnings, which showed adjusted profits of 4 cents per share on revenues of $1.3 billion.

 

Costco Wholesale (Nasdaq: COST)

Costco Wholesale is down 0.81% premarket after the wholesale retailer posted muted sales growth for the month of June. Costco said sales for the five weeks ending on July 2 rose 0.4% from last year to $22.78 billion. However, comparable sales were down 1.4%. The company cited weaker spending on higher-priced items as the main reason for the lower numbers.

 

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Alibaba Group (NYSE: BABA)

Alibaba is up 2.78% premarket after Reuters reported that China is likely to announce a fine of more than $1.1 billion on its fintech affiliate. The fine is expected to go against Ant Group as soon as Friday. That will allow Ant to seek a financial company license and increase odds for an initial public offering.

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Rivian Automotive (Nasdaq: RIVN)

Rivian is up 4.30% premarket as the electric vehicle stock saw its 8th-straight gain. The boost comes after Analyst Dan Ives of Webush raised his stock price target by 20%. The EV maker is currently seeing "firm" demand for its "unique" model lineup.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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