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.

The truth is... China has never really been our friend, and its leaders have been working to take down America since the 1970's. Right now China is on a mission to turn Americans into second-class citizens.

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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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