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- Top stocks to watch today 🔥
Top stocks to watch today 🔥
Chris Dinello
March 07, 2024
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
Let’s get ready to trade!
Markets 📈
Stocks returned to form on Wednesday thanks to dovish comments from Fed Chair Jerome Powell during his testimony to Congress.
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Futures are up in early trading. S&P 500 contracts are showing a 0.2% gain.
What to Watch Today:
Jerome Powell will head to Congress for a second day of testimony today. The Fed Chairman boosted the market on Wednesday when he indicated that there is a path ahead for rate cuts this year.
Powell’s comments today could drive more volatility in the trading session. We’ll also get some high-profile earnings reports after the closing bell, which could shake up tomorrow’s premarket.
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Premarket Highlights 🔎
🚗 Tesla's Market Position Takes a Detour
Tesla Motors [TSLA] has begun its day with a slight downturn in premarket trading, hinting at a continuation of its recent challenges on the stock market.
This latest dip is part of a broader trend that has seen the electric vehicle (EV) pioneer drift from its high-flying market standings.
🏆 Out of the Top 10
Wednesday's trading session saw Tesla's stock fall by 2.3%, dragging its market capitalization down to $562.2 billion. This shift resulted in Tesla being overtaken by Visa in terms of market size, a significant marker since Tesla had not fallen out of the top-10 biggest U.S. companies by market cap since January 2023, as per Dow Jones Market Data.
💸 A Costly Year
Last year was been marked by financial upheaval for Tesla, with the company witnessing a shrinkage of nearly $238 billion in its market cap.
This downturn in valuation is reflective of investor reactions and market adjustments in response to a myriad of factors influencing the EV sector and broader stock market sentiments.
🍏 A Comparative Perspective
While Tesla's reduction in market cap is noteworthy, it is not the largest loss experienced by a U.S. company this year. Apple holds that dubious honor, having seen its market valuation decrease by nearly $383 billion.
Tesla's recent movements in the stock market underscore the volatile nature of tech and EV stocks in the current economic landscape, setting a stage for potential strategic shifts and investor recalibrations.
Featured Earnings 💰️
Kroger [KR] ... Am
Burlington Stores [BURL] ... AM
BJ's Wholesale Club Holdings [BJ] ... AM
Toro [TTC] ... AM
Broadcom [AVGO] ... PM
Costco Wholesale [COST] ... PM
MongoDB [MDB] ... PM
Samsara [IOT] ... PM
DocuSign [DOCU] ... PM
Guidewire Software [GWRE] ... PM
Economy 🏗
Initial jobless claims [Mar] ... 8:30a
U.S. productivity (revision) [Q4] ... 8:30a
U.S. trade balance [Jan] ... 8:30a
Fed Chair Jerome Powell testifies to Congress ... 9:40a
Cleveland Fed President Loretta Mester speaks ... 11:30a
Consumer credit [Jan] ... 3:00p
Running Hot 🔥
Gainers
Beneficient [BENF] >> +66.5%
Immunoprecise [IPA] >> +36.0%
Honest Company [HNST] >> +40.3%
Decliners
Avid Biosciences [CDMO] >> (32.7%)
Solowin [SWIN] >> (33.7%)
Victoria’s Secret [VSCO] >> (30.1%)
CERo Therapeutics [CERO] - Last Close: $2.55
This tiny biotech is skyrocketing after publishing promising clinical research supporting CER-1236 as a treatment for leukemia patients.
CERo outlined its findings in a paper titled Therapeutic Targeting of TIM-4-L With Engineered T Cells for Acute Myeloid Leukemia (AML) published in Clinical Cancer Research medical journal.
The study found that CER-1236 “ effectively eliminated leukemic cells in the company’s experiments.“
CERo says its findings support a Phase 1 trial for AML and, potentially, additional therapeutic options for the drug.
CERO is up 668.2% on almost a million shares traded.
My Take: CERO is seeing enormous gains as a result of this news, but it almost seems too good to be true. Watch for a pull back.
Lytus Technologies [LYT] - Last Close: $2.31
After Wednesday’s close, Lotus Technologies announced the launch of a suite of cloud infrastructure services it’s calling the Lytus Cloud.
The company says the announcement marks their entrance into the “$326 billion data center market.”
LYT is soaring in today’s premarket. It’s up 208.2% on roughly 5 million shares traded.
My Take: LYT has a very high short ratio, so I suspect this move is more the result of a short squeeze than the aforementioned news.
Brera Holdings [BREA] - Last Close: $1.02
A recent regulatlory disclosure revealed that Brera’s executive chairman and veteran investment banker Daniel McClory has acquired a majority stake.
According to the filing, McClory recently acquired 4.6 million shares of stock, bringing his total ownership stake to nearly 55%.
He also controls 84% of the company’s total votes.
BREA is up 124.5% on over 15 million shares traded.
My Take: McClory’s buying spree could indicate he has plans for BREA. Investors could be positioning themselves for a potential buyout or take-private deal sometime in this stocks future.
Immuron [IMRN] - Last Close: $1.65
Positive interim top-line data from a Phase 2 trial of IMM-124E (Travelan®) is lifting shares of this tiny biotech this morning.
Immuron said the trial produced statistically significant results in several key categories, and the data supports advancement to a Phase 3 trial.
The company will now hold an end-of-Phase 2 meeting with the FDA to discuss the pivotal Phase 3 registration strategy and clinical trial plans.
IMRN is a top mover with a 94.2% gain on roughly 6 million shares traded.
My Take: IMRN looks like it’s on its way to an approval, but it could take a while for the next catalyst to develop.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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