Monday Blues: Stocks Edge Lower 🎷

The Dow was the lone gainer among U.S. indexes on Monday, extending last week's slide into a new trading week.

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

A slight gain from the Dow saved the market from a shutout on Monday. Stocks edged lower as markets continued to reel from Friday’s stronger-than-expected hiring report.

  • DJIA [+0.1%]

  • S&P 500 [-0.1%]

  • Nasdaq [-0.4%]

  • Russell 2K [-0.7%]

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Market-Moving News 🔎 

 🛫 Alaska Airlines Incident Sparks DOJ Probe

The Boeing [BA -3.0%] 737 MAX blowout on an Alaska Airlines [ALK +2.1%]  flight has caught the Justice Department's attention, leading to the initiation of a criminal investigation.

This inquiry follows an alarming incident on January 5, where a fuselage panel detached midair, forcing an emergency landing in Portland, Oregon. Federal agents have since reached out to passengers and crew members for interviews, underscoring the seriousness of the situation.

🛬 Emergency Landing
The focus of the investigation is not only on the specifics of the January incident but also on its implications for Boeing's compliance with a previous settlement.

This settlement was part of a federal probe into two tragic 737 MAX crashes in 2018 and 2019. The Justice Department's current inquiry could shine a light on whether Boeing has met its regulatory obligations and commitments to safety improvements.

✈️ Second Opinions 
Alaska Airlines has expressed its cooperation with the investigation, emphasizing its belief that it is not the target of the probe.

Meanwhile, the Transportation Department's Inspector General is also conducting its own set of interviews, particularly targeting Federal Aviation Administration officials responsible for overseeing Boeing's manufacturing practices.

This parallel inquiry suggests a comprehensive review of Boeing's operations and regulatory compliance.

📉 Turbulence Ahead
This investigation into the Alaska Airlines incident and its connections to Boeing's broader safety and manufacturing practices could pose challenges for the aviation giant.

With the Justice Department and Transportation Department both taking active roles in scrutinizing the event, Boeing may face renewed scrutiny over its safety protocols and adherence to regulatory standards.

The ongoing probe could influence both public perception and the company's stock performance in the coming months.

Top Winners and Losers 🔥

Power & Digital Infrastructure II SPAC
[XPDB] $29.27 (+181.4%)
merger target Montana Technologies closed on a 50-50 joint venture deal with General Electric’s [GE] Verona unit. XPDB is set to close on its Montana Tech deal and begin trading as AIRJ later this month.

ASLAN Pharma [ASLN] $1.63(+160.8%)
began enrollment in the US under an updated protocol for its TREK-DX and shared new data highlighting the drug’s therapeutic potential.

Solidon Technology [STI] $1.75 (+125.7%)
rallied despite a lack of specific news. Last week, a company press release highlighted the potential of its lithium-sulfur batteries.

CERo Therapeutics [CERO] $2.90 (26.5%)
continued to pullback after a big rally last week following its release of new clinical data on CER-1236 in AML patients.

Lantern Pharma [LTRN] $6.32 (23.5%)
announced it would publish its Q4 and fiscal 2023 financial results after the closing bell next Monday on March 18th.

Eltek [ELTK] $10.66 (23.3%)
reported weaker-than-expected earnings on its Q4 financial report published this morning.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open! 

Best Regards,
Adam G.
Elite Trade Club

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