Thursday, August 3, 2023

Website Maker Pops 11%

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures fell on Thursday. The markets are still recovering from Fitch's downgrade of U.S. long-term credit on Wednesday, a move that put extra pressure on investors and caused a selloff on Wall Street. Traders will be monitoring jobless claims data today to better understand the strength of the labor market.

When a big news item like Fitch's downgrade derails the markets, it's crucial to know how to avoid landmine trades. Our Tacticians Bryan Bottarelli and Karim Rahemtulla have been through rough markets before, and they use several strategies to manage risk in The War Room.

Click here to see the buying opportunities they've spotted after the recent Fitch downgrade.

 

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

PayPal (Nasdaq: PYPL)

PayPal is down 7.99% premarket after the payments giant said a key measure of profits shrank in the second quarter. PayPal's underwhelming margins has been worrying analysts in recent quarters, with its growth in branded products slipping due to competition from big tech companies like Apple.

 

Wix.com (Nasdaq: WIX)

Wix.com is up 11.57% premarket after the website maker outproduced in the second quarter. Revenue numbers totaled $390 million, which was a 13% increase. Also, its creative subscriptions and business solutions revenue growth accelerated for the third consecutive quarter.

 

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Sunrun (Nasdaq: RUN)

Sunrun is up 10.15% premarket after turning in a surprise profit. The positive sentiment around the company defied the current gloominess of the solar sector. The quarterly report shows an earnings surprise of 173.53%. The company's net income came in at $55.5 million, or 25 cents a share. This number went against analysts tracked by FactSet as they were expecting a 24-cent loss per share.

 

DXC Technology (NYSE: DXC)

DXC Technology is down 19.47% in premarket after cutting its annual revenue forecast. The IT services provider has been struggling with tough competition. It now expects annual revenue to range between $13.88 billion and $14.03 billion.

When the markets are down, it's vital to consider other trading opportunities outside of traditional stocks. Our friend Marc Lichtendfeld's No. 1 pick for 2023 is NOT a stock or bond, and he believes it could bank you HUGE capital gains.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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