The #1 Green Energy Play for Q3 🚀

Author

Chris Dinello
April 11, 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 turned south after a stronger-than-expected inflation read on March’s CPI report. Small-caps and the Dow underperformed.

  • Dow [-1.0%]

  • S&P 500 [-0.9%]

  • Nasdaq [-0.8%]

  • Russell 2K [-2.5%]

Futures are down again in early trading, indicating stocks are likely to continue their slide in today’s session. S&P 500 contracts are down by about a half-point in early trading.

What to Watch Today:
After yesterday’s disappointing inflation read, investor sentiment is beginning to swing negative, and I expect the market will be very sensitive to inflation concerns in the coming days and weeks. Today’s PPI report could garner extra attention from investors as a result, so it’s probably worth keeping an eye on.

Copper is surging toward US$4 per pound as we kick off 2024, signaling the start of a long-term bull market for the red metal.

Best of all, it’s still early-innings in the copper space… so you haven’t missed the coming profit windfall. Not by a longshot!

You see, copper is “THE” metal of electrification… making it absolutely essential to the global energy transition.

We’re talking everything from wind and solar power generation and the much needed revamping of electrical grids to EVs, 5G, and consumer electronics.

It ALL requires millions of tonnes of copper.

This small-cap copper stock is currently flying just below Wall Street’s radar… giving you the early-entry opportunity around US$0.25 per share.

You’re only a moment away from learning the name and trading symbol.

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Premarket Highlights 🔎

💹 Yen's Historic Low Triggers Intervention Speculation

The Japanese yen's plunge to its weakest point since 1990 has stirred speculation among foreign-exchange traders about potential government intervention. With the yen hitting 153.24 against the dollar, marking its lowest since June 1990, Japan's finance ministry has issued warnings, indicating a readiness to counteract excessive currency movements.

Sharp Rise 📈
This depreciation comes on the heels of a strong U.S. inflation report, which has tempered expectations for a Federal Reserve rate cut in June, thereby bolstering the dollar. Historical precedents, including Japan's intervention in 2022 to curb the yen's rapid decline, suggest possible forthcoming actions to stabilize the currency.

Government's Watchful Eye 👀
Finance Minister Shunichi Suzuki's recent statements underscore the government's vigilance over the yen's fluctuations, hinting at a proactive stance against undue market volatility. With continuous monitoring and the possibility of engaging in currency intervention, Japan signals its commitment to maintaining financial stability.

Future Prospects 📊
Amidst falling stock prices and anticipation of further rate hikes by the Bank of Japan, the yen finds some footing. However, the overarching market dynamics and government responses remain key factors to watch as Japan navigates through these turbulent financial waters.

Featured Earnings 💰️ 

  • Constellation Brands [STZ] ... AM

  • Fastenal Company [FAST] ... AM

  • CarMax [KMX] ... AM

  • The LoveSac [LOVE] ... AM

  • Hooker Furnishings [HOFT] ... AM

  • Northern Technologies International [NTIC] ... AM

  • Conn's [CONN] ... AM

  • KORE Group Holdings [KORE] ... AM

  • Argan [AGX] ... PM

  • Applied Digital [APLD] ... PM

Economy 🏗

  • Initial jobless claims [Apr] ... 8:30a

  • Producer price index [Mar] ... 8:30a

Running Hot 🔥

Gainers

  • Meiwu Tech [WNW] >> +102.9%

  • Nano Labs ADR [NA] >> +39.8%

  • iCoreConnect [ICCT] >> +20.5%

Decliners

  • Ascent Solar [ASTI] >> (49.1%)

  • Via Optronics [VIAO] >> (34.7%)

  • FutureFuel [FF] >> (30.2%)

Alpine Immune [ALPN] - Last Close: $47.04

Vertex Pharma [VRTX] has entered into a deal to acquire this mid-cap biotech company in a $4.9 billion all-cash deal.

ALPN investors will receive $65 per share under the terms of the agreement, representing a 67% premium to Wednesday’s closing price.

The companies said the deal is expected to close sometime in Q2, pending customary closing conditions.

ALPN is up 36.5% on over 5 million shares trade.

My Take: The deal premium is already priced into ALPN, so I don’t see any upside here.

Rent the Runway [RENT] - Last Close: $1.13

Earnings result published after Wednesday’s closing bell are rocketing shares of Rent the Runway higher in today’s premarket.

The second-hand fashion app posted a wider-than-expected loss of $(7.02) per share, but revenues of $75.8 million topped the Street’s consensus.

RENT is up 32.9% on almost half a million shares traded in response to the news.

My Take: RENT has an absurdly high short ratio, and I am guessing a short squeeze is the real reason for the stock’s sudden move; more so than its minor revenue beat, at least.

Eliem Therapeutics [ELYM] - Last Close: $2.67

Tiny biotech Eliem Therapeutics has agreed to merge with Tenet Medicines in an all-stock deal.

Eliem also announced a $120 million concurrent private placement in connection with the transaction.

ELYM is up 53.9% with over 10 million shares traded in the premarket.

My Take: This deal gives ELYM access to Tenet’s pipeline, which could deliver some clinical catalysts down the road. Might be worth watching. .

Rallybio [RLYB] - Last Close: $1.63

Micro-cap biotech firm Rallybio announced a collaboration with Johnson & Johnson [JNJ] to develop therapeutics for pregnant women at risk of FNAIT.

In support of the partnership, Johnson & Johnson Innovation made a $6.6 million equity investment in Rallybio.

RLYB is up 101.2% with over 20 million shares traded in response to the news.

My Take: RLYB just landed itself a heavy-hitting partner in JNJ and that could bode very well for its future. I’m adding this one to my watchlist.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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