Thursday, September 7, 2023

Meme Stock Pops in Premarket

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stocks were lower once again on Thursday. Signs are pointing to an economy that's running hot, with the latest data showing services activity reached a six-month high in August. The unexpected consumer resilience could lead to the Federal Reserve keeping interest rates higher for longer.

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

GameStop Corp. (NYSE: GME)

Gamestop is up 5.76% premarket after posting solid Q2 revenues. The video game retailer said group revenues rose 2.5% from last year to $1.164 billion, topping Wall Street forecasts. Overall, its shift from brick-and-mortar to online sales continues to support its top line.

 

Apple (NYSE: APPL)

Apple is down 2.99% premarket after reports show that Beijing is cracking down on iPhone usage by government employees. The news follows a similar update from yesterday, which indicated that China's senior officials have banned government employees from using iPhones for business purposes.

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Chargepoint (NYSE: CHPT)

Chargepoint is down 10.76% premarket after the charging infrastructure company missed earnings estimates. It came out with a quarterly loss of $0.24 versus the Zacks Consensus Estimate of a loss of $.014. The company has been making money, with $150 million total. However, it hasn't been enough to wow investors as analysts expected $153 million. It also announced it would cut its workforce by 10%.

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Westrock Company (NYSE: WRK)

Westrock is up 11.57% premarket after reports the packaging company is exploring a merger with Smurfit Kappa Group. The potential partnership would create an industry giant with a market value of about $20 billion and provide customers with everything from storage boxes to beer carriers to e-commerce shipping materials.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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