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Maui Lawsuit Kicks Up a Notch

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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 were holding steady on Friday. Investors expect positions to end higher for the week ahead of Federal Reserve Chair Jerome Powell's speech from Jackson Hole. Powell's talk should leave with big implications for rate hikes after stocks suffered a major reversal on Thursday.

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

Hawaiian Electric Industries (NYSE: HE)

Hawaiian Electric is down 21.92% premarket after cutting its dividend in the wake of a new major lawsuit from Maui County. The County claims that negligent Hawaiian Electric operations caused the Aug. 8 fires in Lahaina, Kula and Olinda. It's calling for the power company to pay for damage to the property.

Natural disasters like wildfires are becoming more severe and global temperatures have been increasing over time. In The War Room, our Lead Trading Tactician Bryan Bottarelli has been looking to find companies who will be in high demand as a result. Earlier this week Bryan closed multiple winning trades on a power equipment company, and both trades were closed in less than 1 trading day.

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Affirm Holdings (Nasdaq: AFRM)

Affirm is up 8.62% premarket after the buy now pay later company posted a 22% revenue jump in its fiscal fourth quarter. Its total revenue came in at $445.8 million, surpassing the Zachs Consensus Estimate by 10.30%.

 

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Marvell Technology (Nasdaq: MRVL)

Marvell Technology is down 3.65% premarket after the chipmaker said AI demand would accelerate revenue growth, but its near-term outlook saw shares trading lower despite solid second quarter earnings. Marvel said current quarter revenues would likely hit $1.4 billion, representing a year-on-year decline of around 9%.

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Workday (Nasdaq: WDAY)

Workday is up 3.39% premarket after the company came out with quarterly earnings of $1.43 per share, beating the Zacks Consensus Estimate of $1.25 per share. It posted revenues of $1.79 billion for the quarter ending in July 2023, surpassing the Zacks Consensus Estimate by 0.76%. The company has topped revenue estimates four times over the last four quarters.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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