The Rebound Rally rolls on...

Stocks continued to climb on Thursday, extending a rebound rally from the previous trading day.

Good Afternoon! 

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

Here’s what moved the market today.

Markets 📈

Stocks extended their rebound rally on Thursday with another day of gains. The Russell 2K outperformed with a two-point rally, while the Dow led the large-cap indexes.

  • DJIA [+0.8%]

  • S&P 500 [+0.4%]

  • Nasdaq [+0.1%]

  • Russell 2K [+2.3%]

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Market-Moving News 🔎 

🚜 Deere's Dilemma: Fading Pricing Power

Deere [DE (5.2%)], known for its iconic green-and-yellow tractors, is staring down some stifling headwinds.

The agricultural giant has seen its ability to hike prices on tractors and harvesters dwindle amidst a tough climate for farmers.

In a stark shift, price increases contributed $202 million to profits from large farm machinery sales in the January quarter, a sharp fall from $729 million in the previous quarter.

This decline signals a tough road ahead, not just for Deere, but for the agriculture sector at large.

📉 Quarterly Profits Dip
The squeeze on pricing power has taken a toll on Deere's bottom line. The company reported an 11% fall in quarterly profit and has trimmed its annual earnings outlook.

This adjustment reflects the broader challenges in the agriculture futures markets, which have been on a downward trend for months.

🌾 Agriculture Braces for Impact
With the U.S. Agriculture Department predicting a steep 25% drop in net farm income for 2024, Deere is bracing itself for significant sales declines across its divisions.

The forecast includes a 20% sales dip in its large ag equipment sector, a 10% to 15% fall in small agriculture and landscaping equipment, and a 5% to 10% decrease in its construction and forestry unit.

📉 Shares Fall
This downturn reflects growing concerns over the agricultural sector's future and Deere's place within it as farmers tighten their belts for potentially leaner times ahead.

Top Winners and Losers 🔥

Tevogen Bio [TVGN] $8.98 (+510.8%)
disclosed a new agreement to sell $8 million worth of Series A Preferred Stock to investors.

Childrens Place [PLCE] $1.31 (+187.9%)
said Mithaq Capital has built a controlling 54% stake in the company.

MultiSensor AI [MSAI] $3.51 (+65.5%)
unveiled its new SmartIR 2.0 software platform.

Beamr Imaging [BMR] $10.00 (37.8%)
pulled back after gaining through the first three days of the trading week.

Telomir Pharma [TELO] $8.06 (32.2%)
pulled back after completing its initial public offering on the NASDAQ-NMS earlier this week.

Herbalife [HLF] $8.03 (31.6%)
posted weaker than expected earnings on its Q4 earnings report after Wednesday’s closing bell.

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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