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- Big day for earnings 💰
Big day for earnings 💰
Stocks are hoping to stay hot after notching big gains and snapping a six-day losing streak on Monday.
Chris Dinello
April 23, 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 📈
The market posted a gain on Monday after closing in the red everyday last week. The Nasdaq led with a sharp rally, whiled the Dow lagged behind.
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S&P 500 futures are up by 0.2% in early trading, so we could be headed for a higher open.
What to Watch Today:
Earnings will likely be the big item on today’s agenda. This morning, we’ll hear from PepsiCo, GE Aerospace, RTX, and UPS. These major reports will likely set the tone for the trading session, and they could dictate whether or not the market continues along the track of its Monday rally.
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Premarket Highlights 🔎
☕️ World's Largest Wealth Fund Notes Tech Sector “Froth”
As major tech companies like Tesla gear up to release their earnings following a significant 5.5% drop in the Nasdaq Composite last week, attention is focusing on the sector's stability. This decline, marking the worst weekly performance since November 2022, saw companies like Nvidia, known for its AI innovations, experiencing substantial losses.
Fund Insights 🌐
Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which operates the Norwegian Government Pension Fund Global—the world's largest sovereign wealth fund—shared his perspectives with CNBC’s “Squawk Box Europe.” Tangen emphasized the importance of social psychology in investment decision-making, particularly in assessing risk and bias within market sectors.
Tech Bubble? 🚀
Tangen remarked on the current state of the technology sector, suggesting that there is "a lot of froth" indicating potential overvaluation or excessive speculative activity. However, whether this froth represents a bubble about to burst is yet to be determined. The upcoming earnings results later in the week are expected to provide clearer insights into whether these valuations are justified.
The Norwegian Wealth Fund 🇳🇴
Established in the 1990s to manage Norway's oil and gas revenues, the NBIM today boasts a portfolio worth approximately $1.6 trillion. With investments in over 8,800 companies across more than 70 countries, the fund is a major player on the global stage, influencing a wide array of sectors including technology.
Investor Implication 📊
Investors and market watchers are keenly awaiting the tech sector's earnings reports, which will help clarify the current market dynamics Tangen described. These results will be crucial for assessing the sustainability of high valuations in tech and determining the strategic moves for one of the world’s most influential investors.
Featured Earnings 💰️
Pepsico [PEP] ... AM
Danaher [DHR] ... AM
GE [GE] ... AM
Philip Morris International [PM] ... AM
RTX [RTX] ... AM
NextEra Energy [NEE] ... AM
United Parcel Service [UPS] ... AM
Visa [V] ... PM
Tesla [TSLA] .. PM
Texas Instruments [TXN] ... PM
Economy 🏗
S&P flash U.S. services PMI [Apr] ... 9:45a
S&P flash U.S. manufacturing PMI [Apr] ... 9:45a
New home sales [Mar] ... 10:00a
Running Hot 🔥
Gainers
HWH Intl. [HWH] >> +44.5%
Boxlight [BOXL] >> +23.4%
Tiziana Life Sci. [TLSA] >> +21.2%
Decliners
Abeona Therapeutics [ABEO] >> (46.6%)
Greenwave Tech [GWAV] >> (44.5%)
FSD Pharma [HUGE] >> (18.1%)
Immunity Bio [IBRX] - Last Close: $4.94
Early this morning, this tiny biotech announced that the FDA has approved Immunity Bio’s bladder cancer therapy, ANKTIVA.
The drug, which was designated a breakthrough therapy by the FDA, produced “clinically meaningful” results and durable responses at 12 and 24 months.
The FDA has approved ANKTIVA in combination with BCG as a maintenance therapy for up to 37 months.
IBRX is up 20.0% on over 2.5 million shares traded so far.
My Take: IBRX is running into stiff resistance at the $6 mark. If it fails to break through, it could pullback in the coming days.
Cyngyn [CYN] - Last Close: $0.1210
Tiny industrial supply firm Cyngyn just announced a deal to supply its DriveMod Tuggers to John Deere’s facility in Dubuque, Iowa.
Chairman & CEO Lior Tai said, “we are thrilled to be working with Deere,” and said he deal achieves “immense validation” for Cyngyn.
Financial details of the order weren’t disclosed, but CYN is leading the premarket with a 114.3% gain on over 26 million shares traded.
My Take: CYN had a rough run prior to announcing this deal, which could explain the seemingly exaggerated trajectory of the rally. .
Pineapple Holdings [PEGY] - Last Close: $0.0458
A late Monday Form 8-K filing revealed the Nasdaq has granted Pineapple an extension to regain compliance with its $1 minimum bid price requirement.
According to the disclosure, the company requested an extension on April 12th, and Nasdaq granted the request on April 19th.
Pineapple now has until July 24th to regain compliance.
Shares of PEGY are up 53.0% with premarket volume over 61 million.
My Take: PEGY plans to implement a reverse stock split to satisfy the Nasdaq requirement, which could cause a negative reaction in the market, so it might be wise to watch and wait on this one.
AGBA Acquisition [AGBA] - Last Close: $2.50
AGBA continues to run hot after announcing the closing of a definitive merger agreement with Triller Corp late last week.
Upon closing, the combined company will be valued at $4 billion, and Triller will become a wholly-owned subsidiary of AGBA.
AGBA is up 15.5% on over 5 million shares trading in today’s premarket, adding to its 100% rally in Monday’s session.
My Take: AGBA has been red-hot since Friday, but this stock could get dumped at any time, so be cautious if you’re planning on getting in this late in the game. .
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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