Closing Bell Roundup: Nov. 22nd, 2023

Good Afternoon! 

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

Today is Wednesday, November 22nd. Markets are closed tomorrow for Thanksgiving.

Enjoy the holiday, and have a piece of pie for me! 🥧

Here’s what moved the market today.

Markets 📈

Stocks went into the holiday strong. The Nasdaq [+0.4%], Dow [+0.5%] and S&P 500 [+0.4%] gained around half a point. The small-cap Russell 2K [+0.6%] managed to keep pace with its large-cap cohorts.

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Market-Moving News 🔎 

🦌 Investors Get Buck Fever as Deere Forecasts Slowdown

Nothing runs like a Deere, but the farming giant might be running out of track.

The iconic American farm equipment manufacturer reported a strong fourth quarter, but its forecast for a profit and sales dip in tractors and other machinery sent shares tumbling.

🌾 Harvest of Highs Turns to Lows: It's been a good run for American farmers recently. High crop and livestock prices fattened many farmers’ wallets this year, fueling a shopping spree for John Deere's equipment.

However, despite its recent hot streak, the Illinois-based giant said it’s bracing for slower times ahead.

💵 Fiscal Forecast: Looking at fiscal 2024, Deere's aiming for earnings between $7.75 billion and $8.25 billion.

That's a step down from the $10.17 billion it earned in the year-ended Oct. 29, and it's well short of Wall Street’s $9.31 billion target.

🎷 Blue-Chip Blues: As Deere gears up for a less lucrative year, it's a reminder that even industry stalwarts aren't immune to economic ebbs and flows.

Investors and industry watchers alike are keeping a close eye on how this agricultural titan will navigate the changing landscape.

Reliance Global [RELI] $1.30 (+52.9%) dropped its planned public offering and announced a letter of intent to acquire an unnamed benefits enrollment company.

Marpai [MRAI] $2.08 (+43.4%) continued to rally after an SEC disclosure published Monday revealed director Yaron Eitan executed a $123K insider buy.

MoneyHero [MNY] $2.02 (+40.2%) is on an absolute tear. Shares are up 121.9% over the past five trading sessions.

Alpha Technology [ATGL] $13.80 (32.6%) announced the exercise of the underwriter’s over-allotment option stemming from its IPO earlier this month.

Entrada Therapeutics [TRDA] $11.36 (31.8%) said the FDA has declined to lift its previously-disclosed clinical hold on ENTR-601-44 for Duchenne Muscular Dystrophy.

Alterity Therapeutics [ATHE] $1.66 (30.2%) said it raised $4.8 million via a two-tranche placement of its shares.

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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