Futures wobble in early trading 🎢

Good Morning! 

It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.

Let’s get ready to trade!

Markets 📈

Stocks opened the trading week with a mixed performance yesterday. The Nasdaq sold off for more than a point, while the Dow and Russ2K notched modest gains.

S&P 500 futures are up by about 0.1% in early trading, while Dow futures are showing a 0.1% loss.

What to Watch Today:
FedEx [FDX] will report its latest earnings results after the closing bell. As one of the world’s leading shipping firms, FedEx has their finger on the pulse of the global economy in a way few other companies can match. The company’s earnings reports regularly include valuable insights into both domestic and international economic trends. I recommend keeping an eye out for this report after the close.

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Premarket Highlights 🔎

Nvidia's Stock Drops 13% After Briefly Holding Top Market Value Spot 📉

Nvidia's [NVDA] stock has declined by 13% over the past three trading days after briefly becoming the world's most valuable company last week. Monday's 6.7% drop to $118.11 marked the chipmaker's second steepest fall of the year, leading to a broader decline among tech companies linked to the AI boom.

Ripple Effect 💧
Nvidia's stock decrease impacted other tech firms. Super Micro Computer, which sells servers with Nvidia’s AI chips, fell 8.7%, while Dell dropped 5.2%. Chip designer Arm and semiconductor giants Qualcomm and Broadcom experienced declines of 5.8%, 5.5%, and 3.7%, respectively. These companies had previously seen significant gains due to anticipated AI-related spending.

Investor Activity 💼
Despite the recent slump, Nvidia's value has nearly tripled over the past year. Last week, it surpassed Apple and Microsoft to become the most valuable U.S. company with a market capitalization exceeding $3 trillion, though it later lost some of these gains. Investors appear to be locking in profits after several months of strong performance.

Sustained Demand 🖥️
Nvidia reports continued high demand for its AI graphics processing units (GPUs), with major companies like Microsoft, Google, Amazon, Oracle, and Meta purchasing billions of dollars worth of chips for their data centers and cloud services.

Future Growth 🚀
Nvidia plans to start shipping its next-generation AI chips, called Blackwell, later this year. Analysts expect these new chips could spark another growth cycle for Nvidia and its partners, potentially boosting the company's performance and market value once again.

Featured Earnings 💰️ 

• Carnival [CCL] ... AM

• TD Synnex [SNX] ... AM

• FedEx [FDX] ... PM

• Worthington Enterprises [WOR] ... PM

• Progress Software [PRGS] ... PM

Economy 🏗

• S&P Case-Shiller home price index (20 cities) [Apr] ... 9:00a

• Consumer confidence [May] ... 10:00a

Gainers

• Senti Bio [SNTI] >> +36.6%

• Kaival Brands [KAVL] >> +23.9%

• Netcapital [NCPL] >> +16.8%

Decliners

• Faraday Future [FFIE] >> (29.0%)

• Concord Medical [CCM] >> (28.3%)

• Beyond Air [XAIR] >> (22.4%)

Regis Corp [RGS] - Last Close: $5.07

Salon-chain owner Regis Corp just announced a new refinancing credit facility that will reduce its total outstanding debt by more than $80 million.

The new facility will also save the company roughly $7 million a year in cash interest annually, accelerating its investment in long-term growth.

Regis accomplished this by entering into a $105 million term loan and a $25 million revolving credit facility with TCW Asset Management.

RGS is this morning’s top mover with a 124% gain on roughly 8 million shares traded in the premarket.

Wave Life Sciences [WVE] - Last Close: $5.21

New data shows Wave Life’s WVE-003 treatment for Huntington’s Disease produced promising results in a Phase 1b/2a SELECT-HD trial.

According to a company press release, the drug produced statistically significant results and was generally safe & well-tolerated among patients.

Wave Life said it plans to engage with regulators on a clinical development path of WVE-003 that would support accelerated approval.

WVE initially spiked on this news, but the rally is beginning to calm down. It’s only up by 7.2% at the moment, but volume is strong at 5 million shares.

Volcon [VLCN] - Last Close: $3.88

Electric off-road vehicle manufacturer Volcon is surging in what appears to be a short squeeze rally.

The company hasn’t reported any specific news since June 14th, when it revealed it had received a non-compliance notice from Nasdaq.

However, shares jumped 6.3% on Monday, and the trend is continuing to build steam in today’s premarket.

Fidelity lists VLCN with a short percentage of 591.82% as of May 31st, 2024, and now it appears the market may have caught the shorts in a trap.

VLCN is up 43.8% on just shy of 3 million shares traded.

GlycoMimetics [GLYC] - Last Close: $0.2666

A late Monday Form 4 filing revealed GlycoMimetics CMO Edwin Rock had purchased 305K shares of GLYC common stock at $0.26 per share.

The insider spent about $79K to enter into this position, which brought his total stake in the company to 680,403 shares.

Last week, CFO Brian Hahn also disclosed the purchase of 17.5K shares of common stock, bringing his position to 70,643 shares.

GLYC is a top mover with a 66.1% gain, and it’s one of this morning’s most active stocks with over 33 million shares traded.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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