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Trade of the Day Wake-Up Watchlist

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Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures were up on Friday. Tech stocks came in strong, with Intel and Amazon easing worries (more on that below). The lift was much-needed after a sell-off earlier this week that led to the S&P 500 flirting with correction territory. All eyes will now be on an update to the personal consumption expenditures index – the Federal Reserve's preferred inflation gauge.

 

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

Intel Corporation (Nasdaq: INTC)

Intel Corporation is up 7.20% premarket after reporting strong third quarter earnings. The chipmaker beat analyst's expectations on the top and bottom lines and provided profitable Q4 guidance for the first time in three years. Intel's third quarter revenue came in at $14.2 billion with adjusted earnings per share of $0.41. Analysts were expecting revenue of $13.5 billion.

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Amazon (Nasdaq: AMZN)

Amazon is up 6.46% premarket after earnings and bullish comments around artificial intelligence. CEO Andy Jassy told analysts on the earnings call that AI represents an opportunity worth "tens of billions" for Amazon's cloud business, Amazon Web Services. This year, AWS launched its Bedrock AI service, which is built on advanced language model processes. Overall, Amazon's sales were up 12% year-over-year and the division's operating income is also on the upswing.

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Enphase Energy (Nasdaq: ENPH)

Enphase Energy is down 20.27% premarket. The solar provider predicted fourth-quarter sales of $300 million to $350 million, while analysts had expected a whooping $579 million. The company also projected the slowdown in solar-product sales will last through the first quarter of 2024, which plunged the stock further down.

 

Chevron Corporation (NYSE: CVX)

Chevron Corporation is down 2.33% premarket after a big earnings miss. The dip came amid weak returns from its overseas refineries. Chevron's overseas refineries underperformed expectations, delivering roughly half the profit analysts forecast. The oil giant is also inching closer to a $53 billion purchase of storied rival Hess Corp.

 

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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