Solar Company Defies Odds

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Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stock futures edged lower on Wednesday. Investors assessed comments from Federal Reserve Chair Jerome Powell on how long it may take to control inflation, while a rise in shares of Microsoft kept losses in check. Walt Disney, CVS and Uber Technologies will report earnings today.

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

Enphase Energy (Nasdaq: ENPH)

Enphase Energy is up 10.01% premarket after the solar energy company beat analyst expectations of $1.24. Revenue of $724.65 million also came in above Wall Street estimates of $706.51 million. Despite concerns over slowing U.S. demand for solar and battery systems, Enphase defied expectations and still posted strong revenue guidance.

Automakers have been racing to buy lithium for batteries over the last few years, and competition is heating up in the upcoming $7 trillion electric vehicle market. Right now there's an EV startup the Wall Street Journal believes could be "The Next Tesla." Its car has a 1,080-horsepower energy, a zero-to-60 time of 2.5 seconds and a top speed of nearly 170 miles per hour.

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New Relic, Inc. (NYSE: NEWR)

New Relic is up 17.68% premarket after the company topped revenue expectations with its latest results and delivered an upbeat forecast. The software company generated a fiscal third-quarter net loss of $26 million, or 38 cents a share. On an adjusted basis, the company earned 32 cents a share, whereas it lost 18 cents a share on the metric a year prior.

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Lumen Technologies (NYSE: LUMN)

Lumen Technologies is down 14.63% premarket after the company outlook came up short. It topped financial estimates but guided to lower-than-expected profitability for the coming year. For 2023, it's guiding to free cash flow of $0 to $200M, accounting for an estimated impact of taxes tied to divestitures of $900M-$1B.


Fortinet (NYSE: FTNT)

Fortinet is up 13% premarket after quarterly earnings, beating the Zacks Consensus Estimate of $0.39 per share. This compares to earnings of $0.25 per share a year ago. Its shares have added about 6.3% since the beginning of the year versus the S&P 500's gain of 7.1%.


Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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