4 Hot 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 opened the holiday-shortened trading week with a mixed performance on Tuesday. The Dow fell, while the Nasdaq closed at a new record high for the second session in a row.

Futures are edging lower as we approach the opening bell. S&P 500 contracts are down by about 0.6%.

What to Watch Today:
It’s a quiet day for earnings & economy, so it could be a quiet session for stocks. However, the Nasdaq and S&P 500 are hovering around record highs, so the next days and weeks could be crucial for their long-term trajectory. If stocks can keep pushing higher, they could find new support at higher trading ranges.

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Premarket Highlights 🔎

ConocoPhillips to Acquire Marathon Oil in $17.1 Billion Deal 💼

ConocoPhillips has agreed to purchase Marathon Oil in an all-stock transaction valued at $17.1 billion, a move aimed at bolstering its shale assets amid a major wave of consolidation in the oil and gas industry.

Strategic Acquisition 📈
“This acquisition of Marathon Oil further deepens our portfolio and fits within our financial framework, adding high-quality, low-cost of supply inventory adjacent to our leading U.S. unconventional position,” said ConocoPhillips CEO Ryan Lance in a statement.

Expanding Reach 🌍
The deal will add 2 billion barrels of resources to ConocoPhillips’ portfolio, significantly extending its reach across key shale fields in Texas, New Mexico, and North Dakota. This acquisition is expected to enhance the company's operational footprint and resource base in these critical regions.

Immediate Impact 💰
Lance highlighted that the acquisition would immediately boost ConocoPhillips’ earnings, cash flow, and shareholder returns once it closes in the fourth quarter.

The company plans to execute share buybacks worth $7 billion in the first year after the deal is completed and $20 billion over the first three years, indicating strong confidence in the financial benefits of the merger.

Market Reaction 📊
Following the announcement, ConocoPhillips’ stock fell by 3.3% in early trading, while Marathon Oil shares surged 7.3%. This contrasting market reaction reflects investor sentiments on the strategic value and financial impact of the acquisition.

Industry Consolidation 🌊
ConocoPhillips' acquisition of Marathon Oil marks the latest in a series of significant mergers within the U.S. oil sector. Recently, Exxon Mobil's $60 billion acquisition of Pioneer Natural Resources received approval from the Federal Trade Commission, and Hess Corporation shareholders voted to proceed with a $53 billion merger with Chevron.

These moves signify a broader trend of consolidation as major players seek to strengthen their positions in a transforming industry.

Featured Earnings 💰️ 

• Dick's Sporting Goods [DKS] ... AM

• Abercrombie & Fitch [ANF] ... AM

• Salesforce [CRM] ... PM

• Agilent Technologies [A] ... PM

• HP [HP] ... PM

• Pure Storage [PSTG] ... PM

• Nutanix [NTNX] ... PM

• Okta [OKTA] ... PM

• U-Haul Holding Company [UHA] ... PM

• UiPath [PATH] ... PM

Economy 🏗

• Fed Beige Book ... 2:00p

Gainers

• Cheche Group [CCG] >> +51.1%

• New Horizon Aircraft [HOVR] >> +16.5%

• Banzai Intl. [BNZI] >> +31.2%

Decliners

• Cue Health [HLTH] >> (42.6%)

• Sharps Technology [STSS] >> (37.7%)

• Aerwins Tech [AWIN] >> (39.8%)

Siyata Mobile [SYTA] - Last Close: $1.50

Siyata Mobile won a deal to supply Ohio’s City of Lancaster Public Utilities Dept. with its SD7 push-to-talk over cellular devices system.

The deal includes handsets, as well as VK7 vehicle kits and related accessories. Financial terms weren’t disclosed.

SYTA is up 62.0% on more than 12 million shares traded in response to the news.

ReShape Lifesciences [RSLS] - Last Close: $0.2078

This micro-float biotech just received a notice of allowance for its U.S. patent application titled “INTRAGASTRIC DEVICE (FOR TREATING OBESITY)”

The approval is contingent on the company paying a fee by Aug. 26th, 2024.

RSLS is up 139.9% on over 30 million shares traded.

Brand Engagement Network [BNAI] - Last Close: $1.27

This micro-cap AI company is surging after appointing a new co-CEO and closing a $4.95 million public placement.

Brand Engagement Network completed its private placement priced at a premium to the market, and promoted Paul Chang to co-CEO.

BNAI is up 46.4% on 2 million shares traded.

Scorpius Holdings [SCPX] - Last Close: $0.1119

An upbeat financial update is rallying shares of contract development & manufacturing company Scorpius Holdings.

Scorpius reported a 359% YoY spike in revenues in Q1 while reducing operating expenses by 34% over the same time last year.

It also reported a $10.8 million revenue backlog as of March 31st, 2024.

SCPX is up 40.9% on more than 50 million shares traded.

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

Best Regards,

— Chris D.
Elite Trade Club

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