Top Movers

Powell's Testimony Spurs Pre-Market Optimism, Stocks Up


By Bill Bullington

7/10, 07:51 EDT
Aehr Test Systems
Air Products and Chemicals, Inc.
Illumina, Inc., Inc.
3M Company
Riskified Ltd.
SMART Global Holdings, Inc.
10x Genomics, Inc.

Pre-market Top Moves

As of 7:40 a.m. in New York, U.S. equity futures are showing positive momentum ahead of the second day of Federal Reserve Chair Jerome Powell’s semi-annual monetary policy testimony to Congress. The market is cautiously optimistic, with notable pre-market movements driven by earnings reports, acquisitions, and executive changes.

  • S&P 500 Futures: Up 0.2%, indicating a positive start to the trading day.
  • Nasdaq 100 Futures: Up 0.3%, reflecting strength in technology and growth stocks.
  • Dow Jones Industrial Average Futures: Little changed, showing stability in blue-chip stocks.
  • MSCI World Index: Up 0.1%, suggesting a modestly positive global sentiment.

Industrial Sector Highlights

3M Co. (MMM) is down 0.8% after announcing the resignation of CFO Monish Patolawala, who is leaving to pursue another opportunity. This follows the recent appointment of Bill Brown as the new CEO, indicating potential internal restructuring.

Technology and Semiconductor Sector

Aehr Test Systems (AEHR) is a standout performer, climbing 16% after reporting preliminary fiscal fourth-quarter revenue that exceeded analyst estimates. Smart Global (SGH) also saw a 6% rise following better-than-expected third-quarter results.

Healthcare and Biotech

Illumina (ILMN) is up 3% after acquiring Fluent BioSciences, a developer of single-cell technology. This acquisition has negatively impacted competitor 10X Genomics (TXG), which is down 12% on the news.

Consumer and Legal Services (LZ) is experiencing a significant drop of 25% after cutting its full-year revenue guidance below consensus estimates and announcing a change in leadership, with Jeffrey Stibel replacing Dan Wernikoff as CEO.

Notable Gains and Losses

  • Aehr Test Systems (AEHR): +16%, driven by strong preliminary fiscal Q4 revenue.
  • Air Products (APD): +2%, following Honeywell's agreement to buy its LNG unit.
  • Illumina (ILMN): +3%, after acquiring Fluent BioSciences.
  • 10X Genomics (TXG): -12%, impacted by Illumina's acquisition news.
  • (LZ): -25%, due to lowered revenue guidance and CEO change.
  • Riskified (RSKD): -7%, downgraded to sell by Goldman Sachs.

Key Movers & Takeaway

The pre-market session is characterized by significant movements in individual stocks driven by corporate announcements and earnings reports. Aehr Test Systems and Smart Global are benefiting from strong financial results, while Illumina's strategic acquisition is reshaping the competitive landscape in the biotech sector. Conversely, LegalZoom's lowered guidance and executive change have led to a sharp decline in its stock price.

Key Movers Table by Market Cap

LargeCap Movers (>$20B)

Stock Ticker Price Change Key Takeaway
3M Co. MMM -0.8% CFO resignation following new CEO appointment
Air Products APD +2.0% Boosted by Honeywell's acquisition of its LNG unit
Illumina ILMN +3.0% Acquired Fluent BioSciences, impacting competitor 10X Genomics
10X Genomics TXG -12.0% Slumped due to Illumina's acquisition of Fluent BioSciences

Mid-Cap Movers ($5B-$20B)

Stock Ticker Price Change Key Takeaway LZ -25.0% Lowered revenue guidance and CEO change
Riskified RSKD -7.0% Downgraded to sell by Goldman Sachs

SmallCap Movers (<$5B)

Stock Ticker Price Change Key Takeaway
Aehr Test Systems AEHR +16.0% Strong preliminary fiscal Q4 revenue
Smart Global SGH +6.0% Better-than-expected third-quarter results
MarineMax HZO +3.0% Island Capital Group proposed to buy up to 100% interest in YMRS

Top Overbought/Oversold by 14-Day RSI

Overbought Stocks

Stock Ticker RSI
Aehr Test Systems AEHR 85.0
Air Products APD 80.2
Illumina ILMN 78.5

Oversold Stocks

Stock Ticker RSI LZ 15.0
Riskified RSKD 20.3
10X Genomics TXG 22.7

The pre-market session is setting the stage for an eventful trading day, with significant movements in individual stocks driven by earnings, acquisitions, and executive changes. Investors should keep an eye on these key movers as the market opens.