Cosing Bell Report: Nov. 13th, 2023

Good Afternoon! 

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

Happy Monday! It's November 13th. I hope you had an excellent weekend.

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Here's what moved the market today:  

Markets 📈

Stocks stumbled out of the gate on Monday. The Dow [+0.1%], Nasdaq [-0.1%] and S&P 500 [<0.1%] ended the day close to where they started, as did the small-cap Russell 2K [+0.1%].

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Today's Market-Moving News 🔎 

📉 Alphabet Dumps Meme Stock Magnate Robinhood

Alphabet [GOOGL -0.3%], the parent company of Google, has officially let go of its remaining shares of Robinhood [HOOD +0.9%], according to a recent securities filing.

A Gradual Goodbye

This isn't a sudden break-up. Alphabet had already trimmed its Robinhood romance by almost 90% back in the second quarter, reducing its stake from a hefty 4.9 million shares to just about 600,000 by the end of June.

Meme Stock Mania Begins to Fizzle

Adding context to Alphabet's decision, Robinhood itself reported a decline in monthly active users, dropping from 12.2 million last year to 10.3 million in the latest quarter.

One for the Haters 

Despite the sell-off and user decrease, Robinhood's stock still managed a sprightly jump of about 1.8% on Monday afternoon.

As Alphabet closes this chapter with Robinhood, the investment story takes a turn, reflecting the ever-shifting dynamics in the tech and financial trading landscapes.

Mainz Biomed [MYNZ] $1.20 (46.4%) registered for a $5.0 million direct offering of its common shares.

Verve Therapeutics [VERV] $9.35 (40.4%) fell after publishing preliminary data from an ongoing heart-1 phase 1b trial of VERVE-101.

Golden Heaven Group [GDHG] $15.63 (34.1%) fell after famous short seller Hindenburg Research announced a new short position against the company, which referred to the company as a “China Hustle”.

Tivic Health [TIVC] $2.16 (+81.5%) rallied despite no company-specific news. Its Q3 earnings report will drop after tomorrow’s close. 

Montauk Renewables [MNTK] $8.73 (+34.8%) rebounded from a post-earnings sell-off after several analysts upgraded the stock. 

Singing Machine [MICS] $1.05 (+34.8%) rallied after Ascendiant Capital initiated coverage on it with a “buy” rating and a $4 price target.

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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