2023-03-10 08:27:37 ET
The release of monthly jobs data will provide the centerpiece to Friday's trading. Concerns about the impact of rising interest rates, leading to pronounced selling among bank stocks, pushed the major averages lower the day before. Here are some stocks to watch on Friday:
- After falling 60% the previous day on a major balance sheet restructuring, SVB Financial ( SIVB ) dropped another 40% in premarket trading, as concerns about the health of the bank mounted. This came as venture capital investors are reportedly pulling their funds amid fears of a run on the bank. Meanwhile, Pershing Square founder Bill Ackman called for a government bailout .
- Oracle ( NYSE: ORCL ) lost ground in premarket trading amid concerns about revenue growth at some parts of the company. The enterprise software maker edged past expectations with its Q3 earning and overall revenue growth hit 18%. However, the company said cloud license and on-premise license revenue was flat with last year. Shares dropped 4% before the opening bell.
- Tesla ( TSLA ) has reportedly reached out to suppliers in China and Korea to improve its supply of batteries and lower costs. According to Reuters, the EV maker is looking for backup options even as it increases in-house battery production.
- The release of quarterly results spurred premarket selling in JinkoSolar ( JKS ), with the stock dropping 11%. The solar panel maker reported a quarterly profit that came in below analysts' expectations. Revenue growth exceeded projections at nearly 72%.
Amid economic uncertainty, Seeking Alpha contributor Logan Kane provides some guidelines for finding potential market timing opportunities. "Market timing is dangerous," the analyst said, "but highly profitable when done correctly ."
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4 stocks to watch on Friday: SVB Financial, Oracle and more