Weak PCE report sinks stocks 📉

Closing Bell Roundup

Author

Adam Garcia
November 30, 2023

Good Afternoon! 

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

Today is Thursday, November 30th. I hope you had a great trading session.

Here’s what moved the market today.

Markets 📈

The Dow [+1.4%] rallied on Thursday, while the S&P 500 [+0.3%] underperformed and the Nasdaq [-0.2%] fell. The small-cap Russell 2K [<0.1%] ended the day close to flat.

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Market-Moving News 🔎 

📦 Cardboard Costs Creep Up, Shaking Up the S&P 500

It's a big day for the big box makers of America as they climb the S&P 500 ladder, thanks to their own price hikes. It's the first time we've seen such a move since March 2022, and the market is taking notice.

💵 Cardboard's Comeback: After a hiatus, International Paper and Packaging Corp. of America are raising the price tag on corrugated shipping boxes' essential components. Packaging Corp's stocks are soaring, eyeing a record high with a 3% jump, while IP and WestRock aren't far behind, each upping over 2.5%.

🔍 What's Driving the Rise?

  • Demand Dynamics: According to Truist Securities' analyst Michael Roxland, it's a classic tale of supply and demand. As inventories shrink and demand perks up, prices are naturally following suit.

  • Pandemic Peak and Post-Peak Adjustments: Remember when online shopping was all the rage during the pandemic? That's when linerboard and corrugated medium prices skyrocketed. But as borrowing costs rose, demand dipped, leading to a market overflow. Now, with leaner stockpiles, prices are on the upswing again.

So, as cardboard prices make their upward mark, it's a sign of changing tides in the commodity world and a hint that the e-commerce boom's impact is still unfolding.

Top Winners and Losers 🔥

Minim [MINM] $4.48 (+392.3%) notched big gains for the day, but closed well off its intraday highs.

Ampio Pharmaceuticals [AMPE] $5.76 (+193.8%) rallied a week after Jefferson Research upgraded its rating on AMPE from “hold” to “buy.”

ImmunoGen [IMGN] $29.35 (+82.7%) agreed to be acquired by AbbVie [ABBV +2.8%] in a $10.1 billion deal that pays $31.26 per share.

Yoshiharu Global [YOSH] $5.42 (41.4%) pulled back after rallying 93% on Wednesday, following the implementation of a reverse stock split.

Vivos Therapeutics [VVOS] $24.50 (40.2%) retreated after its shares skyrocketed 833% in yesterday’s trading session.

Proof Acquisition Corp I [PACI] $20.00 (37.5%) corrected following a 148% rally on Wednesday that began when shareholders approved its merger with aviation firm Volato.

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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