Tuesday, May 2, 2023

Chat GPT Disrupts Education Company

Trade of the Day Wake-Up Watchlist

Good morning Wake-up Watchlisters! While you're sipping coffee you'll see stock futures declined on Tuesday. The drop came after Australia's central bank stirred speculation that global policy makers will extend tightening cycles. Euro zone data is also reinforcing these fears, showing banks had curbed lending more than anticipated.

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

Chegg, Inc. (NYSE: CHGG)

Chegg is down 44.60% premarket after the online-education company said since March it's seen a "significant spike in student interest in ChatGPT" and the new chatbot is impacting its customer growth rate. Chegg now predicts revenue in the second quarter range of $175 million to $178 million, which is below analysts estimates of about $194 million.

 

NXP Semiconductors (Nasdaq: NXPI)

NXP Semiconductors is up 4.81% premarket after topping revenue expectations and the Netherlands-based chip maker also issued a strong second-quarter forecast for profit and revenue. The quarterly report represents an earnings surprise of 5.63%.

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BP (NYSE: BP)

BP is down 5.02% premarket after first-quarter earnings fell from a year earlier but earnings expectations were still strong. The British energy giant also plans to launch a buyback program worth $1.75 billion.

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Uber Technologies (NYSE: UBER)

Uber Technologies is up 7.12% premarket ahead of the company's latest earnings report. A surge in travel and food delivery helped the rideshare giant get off to a strong start in 2023. There was also a jump in the number of people looking to gain additional income, which helped platforms such as Uber squeeze out higher profit by offering lower incentives to gig workers, according to analysts.

 

Gold on the rise

The latest banking turmoil has created new interest in safe haven plays like precious metals, and yesterday gold finished with its second monthly rise. With more potential volatility ahead, gold could be an area to consider.

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Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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