4 Stocks to Watch on Friday 🔥

The market looks choppy in early trading, thanks to interest rate uncertainty, inflation fears, and rising tensions in the Middle East.

Author

Chris Dinello
April 19, 2024

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 stumbled again on Thursday, extending their losing streak another day. The Dow squeaked out a small gain, while other U.S. indexes posted fractional losses.

  • Dow [<0.1%]

  • S&P 500 [-0.2%]

  • Nasdaq [-0.5%]

  • Russell 2K [-0.2%]

Futures are pointing down in the premarket. S&P 500 contracts are down by 0.1% in early trading.

What to Watch Today:
Markets appear to be somewhat volatile following last nights fireworks. Israel’s overnight strike on Iran appears to have shaken up the oil market and raised concerns among investors about rising geopolitical tensions. However, the effect has only been mild so far, with oil prices up by less than a point.

Today is also the market’s last chance to post a win for the trading week. The S&P 500 and Nasdaq are on pace for a shutout this week if it cannot eke out a gain today.

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Premarket Highlights 🔎

🚀 Top Stocks to Watch This Friday

  • Netflix (NFLX): Despite outperforming earnings forecasts, Netflix shares dropped over 5% in premarket trading due to less optimistic future revenue projections. This decline follows a significant 25% rise earlier in the year, hinting at investor concerns over the company's short-term growth outlook.

  • Paramount Global (PARA): Shares of Paramount soared by 9% premarket after reports surfaced about potential acquisition talks involving Sony's movie studio and Apollo Global Management. This news signals a possible strategic shift in the entertainment industry, drawing considerable investor interest.

  • Bentley Systems (BSY): The engineering-software firm is currently under the spotlight as Schneider Electric (FR:SU) is reportedly negotiating a takeover deal potentially worth over $15 billion, highlighting the growing value and strategic importance of engineering software solutions.

  • Tesla (TSLA): Tesla's stock experienced a 2% drop in premarket trading, continuing a five-day losing streak. Recent developments include a regulatory mandate for Tesla to recall 3,878 Cybertrucks due to issues with accelerator pedals, raising concerns about potential impacts on the automaker's brand reputation and financial performance.

  • American Express (AXP): Despite reporting a quarterly profit that exceeded expectations, driven by an uptick in cardholder spending, shares of American Express fell about 2% in premarket trading, possibly reflecting broader market trends or investor expectations.

  • Procter & Gamble (PG): P&G reported that price hikes boosted its international sales and profits, though U.S. growth was primarily volume-driven. Shares declined by approximately 1% before the market opened, suggesting mixed reactions to its growth strategy.

  • SLB (formerly Schlumberger): Although the oil services giant posted quarterly revenues that surpassed analyst expectations, its stock fell more than 2% in premarket trading, possibly due to broader sectoral challenges or profit-taking by investors.

  • Frontier Communications Parent (FYBR): Shares of the Dallas-based fiber provider dipped following reports of a potential cybercrime incident affecting its IT systems, highlighting the increasing risks associated with cybersecurity in the telecommunications sector.

Featured Earnings 💰️ 

  • Procter & Gamble [PG] ... AM

  • American Express [AP] ... AM

  • Schlumberger [SLB] ... AM

  • Fifth Third Bancorp [FITB] ... AM

  • Huntington Bancshares Incorporated [HBAN] ... AM

  • Regions Financial [RF] ... AM

  • Lakeland Bancorp [LBAI] ... AM

  • ACME [ACU] ... AM

  • Senstar Technologies [SNT] ... AM

Economy 🏗

  • None.

Running Hot 🔥

Gainers

  • Next eGo BV [EGOX] >> +27.7%

  • Zhongchao [ZCMD] >> +89.5%

  • Wang Lee [WLGS] >> +20.2%

Decliners

  • Tritium Dcfc [DCFC] >> (64.4%)

  • BioNexus Gene Lab [BGLC] >> (23.1%)

  • Advanced Energy [AEIS] >> (26.1%)

Redwoods Acquisition [RWOD] - Last Close: $8.00

In a late Thursday 8k filing, the blank-check firm revealed that shareholders approved its merger agreement with Anew Medical.

The transaction was approved at an April 12th meeting of shareholders, and it clears the way for the SPAC to close on the business combination.

RWOD s a top mover with a 78.2% gain on over 2 million shares traded.

My Take: SPAC rallies tend to pullback after the business combination as of late, so be careful with this one. 3

Ault Alliance [AULT] - Last Close: $0.2421

Ault Alliance says it has $44 million to date under a securities purchase agreement announced in November 2023.

Ault & Company has purchased an aggregate of 44,000 shares of Series C convertible preferred stock and warrants, and it has the option to purchase up to $75 million.

AULT is up 56.0% on over 12 million shares traded.

My Take: AULT’s chart looks pretty rough, and I think it will take more than this to get it back on track.

Trio Petroleum [TPET] - Last Close: $0.3279

Tensions in the Middle East have seemingly sparked a rally in shares of this micro-cap oil stock.

Shares soared on April 12th, a day after the company announced an operational update and said its producing 75 barrels of oil day.

Shares have been volatile since, but, presumedly, the overnight spike in oil prices is sending TPET higher in the premarket.

TPET is up 27.0% on over 10 million shares traded in the premarket.

My Take: TPET appears to be in a positive trend line, but I am not sure the trend is sustainable. It might be wise to wait for a pullback if you want in on this one.

SuperCom [SPCB] - Last Close: $0.24

SuperCom is rebounding after an announcement of a $2.9 million direct offering sparked a sell-off of its shares on Thursday.

The company is also scheduled to report its Q4 and full-year 2023 financial results on Monday, which could explain some of the recent volatility.

SPCB is up 16.6% on over 3 million shares traded.

My Take: With its earnings report set for Monday, SPCB could be very volatile today, and it has potential to gap down over the weekend, given the uncertainty.

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

Best Regards,

— Chris D.
Elite Trade Club

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