By George Banko, Trade of the Day, 2024-06-27
Today's top moving premarket stock is a paper company (and no, it's not Dunder Mifflin). Below you'll see the indexes fell on Thursday after several mixed quarterly results weakened sentiment. Bank stocks got some attention after the Federal Reserve said the top firms could handle a recession. Now, focus will shift to new inflation data tomorrow that should clue investors in on interest rate cuts later this year.
No matter what the Fed or inflation data says, we know how to make winning trades in The War Room. Yesterday our Head Trading Tactician Bryan Bottarelli closed an 83% overnight winner on GIS, a stock that went actually went DOWN in premarket trading.
Here's a look at the top-moving stocks this morning.
International Paper Company (NYSE: IP)
International Paper Company is down 15.04% in premarket trading after the Brazilian company Suzano said it terminated discussions to acquire the Memphis paper maker. Meanwhile, International Paper said earlier this week its pending acquisition of U.K. Packaging company DS Smith for more than $7 billion cleared a key U.S. regulatory hurdle.
Levi Strauss (NYSE: LEVI)
Levi Strauss is down 14% in premarket trading after posting less-than-stellar second quarter revenue. While its revenue rose 8% to $1.44 billion, it slightly missed estimates of $1.45 billion. Revenue in the Americas jumped 17% to $712.2 million and the company reaffirmed hat it expects fiscal-year revenue growth of 1% to 3%.
Micron Technology (Nasdaq: MU)
Micron Technology is down 5.6% in premarket trading. The dip came after the chipmaker reported revenue guidance for the fourth quarter that only matched expectations. Micron earned 62 cents per share on an adjusted basis in the quarter, which was better than forecasts of 48 cents. Nvidia and Advanced Micro Devices also declined.
Blackberry (NYSE: BB)
Blackberry is up 9.05% in premarket trading after the cybersecurity company reported a loss of 3 cents per share. The loss was down from the company's previous loss of 6 cents per share a year earlier. Right now the company is on track to be profitable by the fourth quarter.
Those are the biggest stock movers for today.
Happy trading!
The Wake-Up Watchlist Research Team
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