Top stocks to watch today 🔥

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 returned to form on Wednesday thanks to dovish comments from Fed Chair Jerome Powell during his testimony to Congress.

  • Dow [+0.2%]

  • S&P 500 [+0.5%]

  • Nasdaq [+0.5%]

  • Russell 2K [+0.7%]

Futures are up in early trading. S&P 500 contracts are showing a 0.2% gain.

What to Watch Today:
Jerome Powell will head to Congress for a second day of testimony today. The Fed Chairman boosted the market on Wednesday when he indicated that there is a path ahead for rate cuts this year.

Powell’s comments today could drive more volatility in the trading session. We’ll also get some high-profile earnings reports after the closing bell, which could shake up tomorrow’s premarket.

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Premarket Highlights 🔎

🚗 Tesla's Market Position Takes a Detour

Tesla Motors [TSLA] has begun its day with a slight downturn in premarket trading, hinting at a continuation of its recent challenges on the stock market.

This latest dip is part of a broader trend that has seen the electric vehicle (EV) pioneer drift from its high-flying market standings.

🏆 Out of the Top 10 
Wednesday's trading session saw Tesla's stock fall by 2.3%, dragging its market capitalization down to $562.2 billion. This shift resulted in Tesla being overtaken by Visa in terms of market size, a significant marker since Tesla had not fallen out of the top-10 biggest U.S. companies by market cap since January 2023, as per Dow Jones Market Data.

💸 A Costly Year
Last year was been marked by financial upheaval for Tesla, with the company witnessing a shrinkage of nearly $238 billion in its market cap.

This downturn in valuation is reflective of investor reactions and market adjustments in response to a myriad of factors influencing the EV sector and broader stock market sentiments.

🍏 A Comparative Perspective 
While Tesla's reduction in market cap is noteworthy, it is not the largest loss experienced by a U.S. company this year. Apple holds that dubious honor, having seen its market valuation decrease by nearly $383 billion.

Tesla's recent movements in the stock market underscore the volatile nature of tech and EV stocks in the current economic landscape, setting a stage for potential strategic shifts and investor recalibrations.

Featured Earnings 💰️ 

  • Kroger [KR] ... Am

  • Burlington Stores [BURL] ... AM

  • BJ's Wholesale Club Holdings [BJ] ... AM

  • Toro [TTC] ... AM

  • Broadcom [AVGO] ... PM

  • Costco Wholesale [COST] ... PM

  • MongoDB [MDB] ... PM

  • Samsara [IOT] ... PM

  • DocuSign [DOCU] ... PM

  • Guidewire Software [GWRE] ... PM

Economy 🏗

  • Initial jobless claims [Mar] ... 8:30a

  • U.S. productivity (revision) [Q4] ... 8:30a

  • U.S. trade balance [Jan] ... 8:30a

  • Fed Chair Jerome Powell testifies to Congress ... 9:40a

  • Cleveland Fed President Loretta Mester speaks ... 11:30a

  • Consumer credit [Jan] ... 3:00p

Running Hot 🔥

  • Beneficient [BENF] >> +66.5%

  • Immunoprecise [IPA] >> +36.0%

  • Honest Company [HNST] >> +40.3%

  • Avid Biosciences [CDMO] >> (32.7%)

  • Solowin [SWIN] >> (33.7%)

  • Victoria’s Secret [VSCO] >> (30.1%)

CERo Therapeutics [CERO] - Last Close: $2.55

This tiny biotech is skyrocketing after publishing promising clinical research supporting CER-1236 as a treatment for leukemia patients.

CERo outlined its findings in a paper titled Therapeutic Targeting of TIM-4-L With Engineered T Cells for Acute Myeloid Leukemia (AML) published in Clinical Cancer Research medical journal.

The study found that CER-1236 “ effectively eliminated leukemic cells in the company’s experiments.“

CERo says its findings support a Phase 1 trial for AML and, potentially, additional therapeutic options for the drug.

CERO is up 668.2% on almost a million shares traded.

My Take: CERO is seeing enormous gains as a result of this news, but it almost seems too good to be true. Watch for a pull back.

Lytus Technologies [LYT] - Last Close: $2.31

After Wednesday’s close, Lotus Technologies announced the launch of a suite of cloud infrastructure services it’s calling the Lytus Cloud.

The company says the announcement marks their entrance into the “$326 billion data center market.”

LYT is soaring in today’s premarket. It’s up 208.2% on roughly 5 million shares traded.

My Take: LYT has a very high short ratio, so I suspect this move is more the result of a short squeeze than the aforementioned news.

Brera Holdings [BREA] - Last Close: $1.02

A recent regulatlory disclosure revealed that Brera’s executive chairman and veteran investment banker Daniel McClory has acquired a majority stake.

According to the filing, McClory recently acquired 4.6 million shares of stock, bringing his total ownership stake to nearly 55%.

He also controls 84% of the company’s total votes.

BREA is up 124.5% on over 15 million shares traded.

My Take: McClory’s buying spree could indicate he has plans for BREA. Investors could be positioning themselves for a potential buyout or take-private deal sometime in this stocks future.

Immuron [IMRN] - Last Close: $1.65

Positive interim top-line data from a Phase 2 trial of IMM-124E (Travelan®) is lifting shares of this tiny biotech this morning.

Immuron said the trial produced statistically significant results in several key categories, and the data supports advancement to a Phase 3 trial.

The company will now hold an end-of-Phase 2 meeting with the FDA to discuss the pivotal Phase 3 registration strategy and clinical trial plans.

IMRN is a top mover with a 94.2% gain on roughly 6 million shares traded.

My Take: IMRN looks like it’s on its way to an approval, but it could take a while for the next catalyst to develop.

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

Best Regards,

— Chris D.
Elite Trade Club

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