The 4 stocks to watch were trading priced at COST ($473.43), CAMP ($3.98), RCL ($44.48), CANO ($.8.77) between 11:00 to 11:00 EDT on Friday.
The major U.S. market averages are expected to continue to fall on Friday, according to the futures, as investors continue to assess the possibility that an aggressive Federal Reserve may cause the economy to enter a recession. A few equities are expected to move on specific pieces of news under this overall downward trend. These stocks to watch are the ones to keep an eye on this Friday:
1. Costco stock
As the retailer’s profits fell short of expectations, Costco (NASDAQ:COST) saw its share price decline in premarket trade, falling nearly 3%. With comparable sales of 15.8% over the prior year, the company’s revenue increased by 15%. The high cost of gas and currency conversion, however, inflated those numbers. Earnings at COST, meanwhile, were only as expected.
2. CalAmp stock
After releasing its quarterly earnings, CalAmp (NASDAQ:CAMP) gained slightly in premarket trading. Loss for the company was less severe than anticipated. Despite an 8% drop from last year, revenue also exceeded forecasts. The Zacks Electronics – Miscellaneous Components sector member CalAmp reported revenue of $72.83 million for the quarter that ended in August 2022, which was 5.86% more than the consensus estimate. When compared to the prior year, revenues were $79.01 million. Only once in the previous four quarters did the company exceed consensus revenue projections.
It will mostly depend on management’s remarks on the earnings call as to whether the stock’s recent price increase based on previously revealed numbers and projected future earnings can be sustained. Compared to the S&P 500’s decrease of -20.5%, CalAmp shares have fallen around 29.8% since the year’s beginning.
3. Royal Caribbean stock
Premarket selling in Royal Caribbean (NYSE:RCL) was sparked by an issue of notes. Following the pricing of concurrent private sales of $1 billion in senior notes due 2029 by the cruise operator, the shares dropped by over 4% before the market opened. However, worries about inflation continue to loom over the sector. However, you can see that they have lost around 38% so far this year. However, Royal Caribbean claimed that it is also utilizing the bond market in order to raise $2 billion in order to repay the debt that is due in the next year, at the very least putting a dent in its $21 billion debt load.
4. Cano Health stock
In premarket trading on Friday, Cano Health (NYSE:CANO) is one of the stocks to watch. Cano grew by an additional 6%, adding to its recent gains. The primary care provider’s stock price increased by 32% on Thursday as a result of reports that Humana (HUM) and CVS Health (CVS) may be considering buying it.
In additional market news, well-known investor Cathie Wood has made the decision to leave her position as a portfolio manager at two of her ARK Invest ETFs.
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