Thursday, August 17, 2023

Wildfires and a Lawsuit

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures were slightly higher on Thursday. The boost came after Wall Street closed lower yesterday following the release of the Federal Reserve's minutes from a July meeting. The minutes indicated that rising interest rates may continue due to a "significant" risk of inflation.

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

Hawaiian Electric Industries (NYSE: HE)

Hawaiian Electric Industries is down 11.96% premarket after facing a new lawsuit blaming its equipment for starting wildfires that killed more than 100 people in Maui. Witnesses say some of company's power poles fell over during an Aug. 8 storm and ignited grass fires that quickly spread and destroyed much of the town of Lahaina. Hawaiian Electric Industries is currently discussing its legal challenges with advisory firms.

Rising temperatures and extended droughts have been a key driver in recent wildfires in Hawaii, and this trend is not going away anytime soon. Our Lead Trading Tactician Bryan Bottarelli recently talked about how climate shifts are affecting specific companies in his latest video.

To start following along with our actual trades on these tickers in realtime, click here to join The War Room.

 

Wolfspeed, Inc. (NYSE: WOLF)

Wolfspeed is down 13.01% premarket after the silicon-carbide chip company logged a fiscal fourth-quarter net loss of $113.3 million, compared to a loss of $61.8 million in the year-ago period. It cited significant factory startup costs and construction expansion that has yet to generate revenue as the primary reasons for the loss.

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Avnet, Inc. (Nasdaq: AVT)

Avnet is up 6.07% premarket after its latest earnings report. The electronic components distributor came out with earnings of $2.06 per share, beating the Zacks Consensus Estimate of $1.63 per share. The report was good for an earnings surprise of 26.38%.

 

Synopsys, Inc. (Nasdaq: SNPS)

Synopsys is up 1.21% premarket as the chip design software firm got a major boost from AI. The company achieved a record quarter thanks to R&D investments that capitalized on the "Smart Everything era," according to CEO Aart de Geus. Synopsys is expecting revenue of $1.567 billion for the October quarter.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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