Stocks are off to hot start 🔥

The Nasdaq rallied 2% on Friday, and futures are currently pointing to more gains in today's session.

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 ended last week on a high note. A broad rally powered American indexes to sharp gains, with the Nasdaq leading the charge.

  • Dow [+1.1%]

  • S&P 500 [+1.2%]

  • Nasdaq [+1.9%]

  • Russell 2K [+0.9%]

Today, stocks are trying to keep up their positive momentum. S&P 500 futures are up 0.3% in early trading.

What to Watch Today:
Today’s earnings & economic schedules are pretty thin, so the biggest question mark on my radar is whether the market can carry last week’s momentum into a new trading week. The rally indicates investors have accepted the Fed’s case for postponing rate cuts, but the market’s patience could have its limits.

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Premarket Highlights 🔎

💵 Treasury Yields Slip As Rate Cut Hopes Fade

U.S. Treasury yields continued their downward trend on Monday, extending the losses observed on Friday following the release of the April jobs report, which revealed weaker-than-expected payrolls growth.

Jobs Report Highlights 💼
The Bureau of Labor Statistics reported that U.S. payrolls increased by only 175,000 in April, falling short of economists' estimates of 240,000. Additionally, the unemployment rate rose to 3.9%, exceeding expectations for it to remain stable at 3.8%. Wage growth also missed projections.

Rate Expectations 📕
The disappointing labor report has increased uncertainty regarding the number and timing of potential rate cuts by the Federal Reserve this year. Many investors now anticipate fewer cuts and a later start to any rate adjustments. The weak jobs data could prompt the Fed to consider rate cuts sooner than previously expected.

The Fed Speaks 🗯️
Richmond Fed President Tom Barkin and New York Fed President John Williams are scheduled to speak, which could provide further insights into the Fed's thinking regarding monetary policy adjustments in light of the recent economic data.

Featured Earnings 💰️ 

  • BioNTech [BNTX] ... AM

  • Vertex Pharmaceuticals [VRTX] ... PM

  • Palantir Technologies [PLTR] ... PM

  • Microchip Technology [MCHP] ... PM

  • Realty Income [O] ... PM

  • Williams Companies [WMB] ... PM

  • Simon Property Group [SPG] ... PM

  • Fidelity National Information Services [FIS] ... PM

  • Axon Enterprise [AXON] ... PM

  • International Flavors & Fragrances [IFF] ... PM

Economy 🏗

  • Richmond Fed President Tom Barkin speaks ... 12:50p’

  • New York Fed President Williams speaks ... 6:00p

Running Hot 🔥

  • Duos Tech [DUOT] >> +28.6%

  • American Realty [ARL] >> +16.1%

  • Graphex ADR [GRFX] >> +16.6%

  • GlycoMimetics [GLYC] >> (77.6%)

  • Acutus Medical [AFIB] >> (37.8%)

  • Eyepoint Pharma [EYPT] >> (28.8%)

Perficient [PRFT] - Last Close: $48.11

This micro-cap IT services firm just announced a buyout deal with EQT AB [EQBBF] as part of its Q1 earnings release.

The del will pay PRFT shareholders $76 for each share of common stock they own, representing a 57% premium to the stock’s closing bid on Friday.

Perficient missed the consensus estimate for revenues, but its earnings were in-line with Wall Street’s consensus.

PRFT is up 52.8% on more than 250K shares traded.

My Take: PRFT was trading for just under $75 at the start of February, but it’s fallen 30.3% since that time, so this deal must be a major relief for beleaguered shareholders.

XBP Europe [XBP] - Last Close: $2.12

XBP is resuming its swing higher after a brief setback on Thursday.

The stock rallied on Thursday, after the company landed a $40 million contract with His Majesty’s Passport Office, a UK government agency.

Shares nearly doubled on Thursday in light of the news, but XBP closed Friday with a 2.7% decline.

Today, it’s returning to form with a 74.5% gain in today’s premarket, with nearly 10 million shares passing hands.

My Take: There hasn’t been any recent news to explain XBP’s sudden move, so I assume its a continuation of last week’s catalyst..

Strong Global Entertainment [SGE] - Last Close: $1.14

The specialty video equipment company made a deal with FG Acquisition Corp [FGAC] to spin off its Strong/MDI Systems subsidiary.

Upon closing, FGAC will rename itself Saltire Holdings, and the combined company will offer a “private equity investments that would not otherwise be available to public market investors.”

The deal values MDI at $30 million, and Strong Global will hold a 29.6% stake in the new company upon closing.

SGE is up 44.3% on roughly 3.5 million shares traded.

My Take: This deal sounds like a winner for SGE shareholders. The stock also saw a big volume boost on Friday, so it could be beginning a swing higher after a long drawdown.

Beneficient [BENF] - Last Close: $6.82

Beneficient is running hot in the premarket, extending its eye-popping 255% rally from Friday’s trading session.

The move began after the company announced its stock had regained compliance with Nasdaq’s minimum bid price requirement.

The positive catalyst combined with a 208.5% short percentage (as of April 15th) sparked a short-squeeze rally that sent shares skyrocketing.

Apparently, the squeeze hasn’t run out of steam just yet. BENF is up 14.4% on more than 2 million shares traded.

My Take: BENF has seen enormous gains since Friday, but it’s late in the game and I don’t expect this stock to hold onto its earnings. If I had a position here, I’d be looking to exit soon.

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

Best Regards,

— Chris D.
Elite Trade Club

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