Tuesday, May 21, 2024

Digital Assets Rise...

Trade of the Day Wake-Up Watchlist

Good Morning Wake-Up Watchlisters! While you're sipping coffee you'll see stock futures were flat on Tuesday. An underwhelming earnings report from Palo Alto may be weighing on the tech sector (more on that below). But overall, it appears traders are keeping the powder dry ahead of Nvidia's earnings.

We've also been getting prepared for Nvidia's big earnings day. But in our case, our Head Trading Tactician Bryan Bottarelli has a special way to play it, and today he's going LIVE 2 p.m. EST to reveal his strategy. Don't miss your last chance to get in on this rare trading opportunity.

Click here to get access to Bryan's Nvidia Super Trade event for FREE.

 

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

Palo Alto Networks (Nasdaq: PANW)

Palo Alto is down 7.80% in premarket trading after the cybersecurity company cut its outlook due to "spending fatigue" from its customers. Its adjusted profits of $1.32 a share was better than analysts' expectations of $1.25. However, the stock still fell after underwhelming guidance. Overall, Palo Alto forecasted fiscal fourth-quarter revenue of $2.15 billion to $2.17 billion and billing of $3.43 billion to $3.48 billion. Wall Steet was predicting revenue in the period of $2.16 billion and billings of $3.45 billion.

 

Coinbase Global (Nasdaq: COIN)

Coinbase Global is up 3.47% in premarket trading after digital assets rallied. The boost was led by Ethereum's 18% surge over the past 24 hours, which came from optimism over the potential approval of spot exchange-traded funds. Bitcoin was also up 6% to $70,867.

While we don't trade crypto at Monument Traders Alliance, our Lead Fundamental Tactician Karim Rahmetulla has a way to trade digital assets that could change the way you think about them. In fact, yesterday he closed one of his LEAP plays for a winner in Catalyst Cash-Outs.

Click here to unlock that trade and get access to our entire portfolio.

 

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Macy's (NYSE: M)

Macy's is down 3.25% in premarket trading as the major clothing retail mulls over a potential buyout offer. The company is set to report a 3.43% decline in revenue compared to last year. It also plans to close 150 underperforming stores, and instead focus its resources on improving existing stores and investing in digital sales.

Lam Research Corporation (Nasdaq: LRCX)

Lam Research is up 4.75% in premarket trading after announcing a $10 billion share repurchase plus a 10-for-1 stock split. The company is authorized to repurchase up to $10 billion of common stock. The stock split is expected to be effective after labor market close on Wednesday.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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