Friday Finale: What to Watch Today 👀

We could be in for a volatile trading session, as wobbly market conditions persist in the wake of this week's hotter-than-expected CPI report.

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 sank on Thursday, as the hangover caused by strong inflation data earlier in the week continues. The Russ2K sold off, while large-caps fell by less than half a point.

  • Dow [-0.3%]

  • S&P 500 [-0.2%]

  • Nasdaq [-0.3%]

  • Russell 2K [-1.9%]

Futures are nosing higher in early trading. Dow and S&P 500 contracts are currently up by about 0.1%.

What to Watch Today:
Stocks have been on an uncertain path since the February CPI dropped. As we head into the weekend break, I’ll be watching closely to see how stocks perform today. There seems to be an ongoing battle between the bulls and bears, and how stocks perform today could be a reliable indicator of which side has the upper hand in the stand-off.

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Premarket Highlights 🔎

📈 Hot Stocks to Watch in Friday’s Session

🔻 Adobe Faces Investor Skepticism 
Adobe (ADBE) revealed earnings that exceeded expectations, yet the company's outlook for the upcoming quarter left investors wanting, leading to an 11% drop in its share price in premarket trading. This shift underscores concerns over future growth prospects and the broader impact on the software giant's valuation.

🔻 Ulta Beauty Signals Industry Slowdown 
Ulta Beauty (ULTA) issued a cautionary note regarding the deceleration of growth within the beauty sector, accompanying this with full-year earnings guidance that fell short of analyst forecasts. This announcement triggered a premarket share price decline of over 6%, reflecting investor apprehension about the retailer's performance amidst changing market dynamics.

🔻 Crypto-Linked Companies See a Dip 
In the wake of bitcoin's retreat from record highs above $73,000, shares of Coinbase (COIN), MicroStrategy (MSTR), and Marathon Digital (MARA) each tumbled by 4% or more in premarket activity. This downturn highlights the volatile nature of crypto-related stocks and their sensitivity to fluctuations in cryptocurrency valuations.

🔺 Fisker Rallies Amid Bankruptcy Rumors 
Contrary to the downward trend, Fisker (FSR) saw its shares leap nearly 40% after dispelling bankruptcy speculation. The EV manufacturer emphasized its ongoing efforts to secure additional capital and potential partnerships, bolstering investor confidence and propelling the stock upwards.

🔺 Geron's Breakthrough Prompts Surge Geron (GERN) witnessed an 80% surge in its share price following favorable feedback from an FDA advisory panel on its blood disorder treatment. With a regulatory decision expected in June, investor optimism is high regarding the drug's market potential and Geron's future prospects.

Featured Earnings 💰️ 

  • Jabil [JBL] ... AM

  • RLX Technology [RLX] ... AM

  • Buckle [BKE] ... AM

  • GigaCloud Technology [GCT] ... AM

  • Soho House [SHCO] ... AM

  • EHang Holdings [EH] ... AM

  • Hibbett [HIBB] ... AM

  • Groupon [GRPN] ... AM

  • Summit Midstream Partners [SMLP] ... AM

  • AlTi Global [ALTI] ... PM

Economy 🏗

  • Empire State manufacturing survey [Mar] ... 8:30a

  • Import price index [Feb] ... 8:30a

  • Industrial production [Feb] ... 9:15a

  • Consumer sentiment (prelim) [Mar] ... 10:00a

Running Hot 🔥

  • JetAI [JTAI] >> +69.4%

  • American Vanguard [AVD] >> +20.6%

  • BYND Cannasoft [BCAN] >> +14.0%

  • LianBio [LIAN] >> (94.7%)

  • Lucy Scientific [LSDI] >> (25.0%)

  • C3is [CISS] >> (66.0%)

Madrigal Pharma [MDGL] - Last Close: $243.57

This small-cap pharma firm just received FDA approval for Rezdiffra as a treatment for live fibrosis in adults, according to a late Thursday press release.

Madrigal said the drug was approved based on Phase 3 trial data, and it should be available to US patients as soon as April.

MDGL is up 25.1% on roughly 100K shares traded.

My Take: Big break through for MDGL, but most of the good news is probably priced into the stock by now.

Geron [GERN] - Last Close: $1.75

After yesterday’s close, Geron said an FDA oncology committee voted in favor of imetelstat for the treatment of transfusion-dependent anemia.

The committee voted 12-to-2 in favor of the drug after extensive analysis of Merge Phase 3 trial data.

The FDA has assigned a Prescription Drug User Fee Act target action date of June 16, 2024 for Geron's (GERN.NaE) New Drug Application for imetelstat.

GERN is up 75.4% on over 6 million shares traded.

My Take: GERN had a big sell-off this week, so this rally might be a bit exaggerated. It also has an elevated short rate, which could also be accelerating today’s move.

Cardalytics [CDLX] - Last Close: $8.19

Yesterday, Cardalytics published its Q4 earnings report in the after-market, and the market is showing its approval in today’s premarket.

Cardalytics reported stronger-than-expected earnings of $0.14 per share, but its top-line revenues of $89.167 million just missed the consensus.

Needham maintained a “buy” rating on the stock and raised its price target to $5 in response to the upbeat report.

CDLX is up 43.5% on roughly half-a-million shares traded.

My Take: CDLX has an elevated short rate, but it has been facing stiff resistance around $8.25 per share. This rally has already blasted through that mark, and it could put the stock into a new trading range.

Fisker [FSR] - Last Close: $0.1549

The besieged EV firm is rebounding from a steep sell-off that began yesterday, after The Wall Street Journal reported the company was nearing bankruptcy.

Shares fell 51.9% in response to the bearish news, but shares are rallying on early-morning reports claiming Fisker has hired bankruptcy advisors.

FSR is up 26.8% on roughly 17 million shares traded.

My Take: I am not sure what to make of FSR’s sudden rebound, but there are always big risks at play when it comes to bankruptcy stocks. If I was you, I’d steer clear of this one, unless you have an ace up your sleeve.

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

Best Regards,

— Chris D.
Elite Trade Club

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