Stocks pullback after early breakout 📉

Closing Bell Roundup

Author

Adam Garcia
November 29, 2023

Good Afternoon! 

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

Today is Wednesday, November 29th. I hope you had a great trading session.

Before we get to today’s market-moving news, here’s a word from today’s partner.

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Markets 📈

U.S. indexes ended the day close to flat after a somewhat choppy trading session. The Dow [<0.1%] barely closed in the green, while the Nasdaq [-0.1%] and S&P 500 [<0.1%] took small losses. The small-cap Russell 2K [+0.6%] outperformed its large-cap cohorts.

Market-Moving News 🔎 

📈 Copper Climbs as Panama Court Rocks the Market

Copper prices are shining bright, reaching their highest since early September. Why? A Panama court ruling just threw a curveball at one of the world's key copper mines.

📊 Price Surge Details:

Copper's trading at around $3.86 a pound. It's up 2.4% in the past two days and a solid 5.4% this month.

Even before the court's decision, copper was on an upward trajectory, buoyed by falling interest rates, a softer dollar, and China's efforts to tackle its real estate troubles.

🏭 Mine in the Spotlight:

The Panama quarry, run by Canada's First Quantum Minerals, is no small player – it accounts for about 1.5% of global copper production.

As Panama's government tries to calm protests against the mine, First Quantum's shares have taken a nosedive, plummeting over 60% in just five weeks.

📜 Legal Tangle:

Panama's top court has struck down a recently passed law that provided the legal backing for First Quantum to operate the mine, calling it unconstitutional.

As copper prices react sharply to this legal twist, it's clear that the metal's market dynamics are closely intertwined with global events. With one of the world's largest copper mines now in legal limbo, the ripple effects are being felt across commodities markets.

Top Winners and Losers 🔥

Vivos Therapeutics [VVOS] $41.00 (+833.9%) received 510(K) clearance for its CARE oral device treatment for severe obstructive sleep apnea. It was only up 146% when we sounded the alert this morning.

Yoshiharu Global [YOSH] $9.25 (+93.1%) implemented a 1-for-10 reverse stock split on Monday to regain compliance with Nasdaq’s $1 minimum bid price requirement.

Proof Acquisition Corp I [PACI] $32.01 (+148.3%) shareholders voted to approve the SPAC’s business combination with aviation firm Volato.

BioVie [BIVI] $1.96 (60.7%) published disappointing data from a Phase 3 trial of NE3107 for Alzheimer’s disease.

Seelos Therapeutics [SEEL] $1.25 (47.4%) announced a $5.55 million public offering of its common stock.

View [VIEW] $1.10 (33.3%) has fallen out of compliance with Nasdaq’s minimum stockholders’ equity rule and has 45 days to submit a plan to regain compliance to the exchange.

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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