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Monday's hottest premarket stocks 🔥
Futures are pointing higher and meme stocks are making big gains in early trading.
Chris Dinello
June 03, 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 closed out last week on a high note. The Dow notched a sharp rally, with the S&P 500 trailing close behind. The Nasdaq ended the session close to flat.
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Futures are up slightly in early trading. S&P 500 contracts are up 0.2%.
What to Watch Today:
Stocks will return from the weekend with a quiet start to the trading week. Earnings are pretty slim, but we’ll hear from GitHub after the closing bell. The economic schedule is also pretty uneventful, so the biggest story of the day will be whether the market can continue to march higher in spite of stubborn inflation & and high rates.
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Premarket Highlights 🔎
Boeing’s Starliner spacecraft saw two scheduled launches canceled over the weekend.
Boeing Takes Another ‘L’ as Starliner Launch Scrubbed Again
Boeing's[BA] highly anticipated Starliner launch, slated for Saturday, was called off in the final minutes, with the backup launch date on Sunday also canceled, leaving both Boeing and NASA assessing the situation.
Ongoing Investigation 🔍
An investigation into the cause of the malfunction is underway, with potential hardware or network issues being examined. Crew members have been working non-stop to troubleshoot the problem since the failure.
Launch Rescheduling 🗓️
NASA has postponed the launch to provide the team with additional time for assessment. A back-up launch data set for Sunday was also canceled, but planners are considering rescheduling to June 5th or June 6th, pending resolution of the issues.
Significance of Starliner 🛰️
Starliner's first launch is a crucial milestone for Boeing, but the project has suffered many setbacks and delays over the past several years. Boeing has a contract in place with NASA to make several supply trips to the International Space Station, but it could risk losing the deal and significant damage to its reputation if Starliner quite literally fails to get off the ground.
Featured Earnings 💰️
Science Applications International Corporation [SAIC] ... AM
Smart Share Global Limited [EM] ... AM
GitLab [GTLB] ... PM
HealthEquity [HQY] ... PM
Bark [BARK] ... PM
Economy 🏗
S&P flash U.S. manufacturing PMI [May] ... 9:45a
Construction spending [Apr] ... 10:00a
ISM manufacturing [May] ... 10:00a
Auto sales [May] ... TBA
Running Hot 🔥
Gainers
Crown Electrokinetics [CRKN] >> +23.1%
Faraday Future [FFIE] >> +25.9%
MarineMax [HZO] >> +18.8%
Decliners
MFS Multimarket [MMT] >> (59.6%)
Galera [GRTX] >> (20.9%)
Ault Disruptive Tech [ADRT] >> (32.5%)
GameStop [GME] - Last Close: $23.14
Meme stock mania is back in full force after an account associated with Keith ‘Roaring Kitty’ Gill posted a screenshot of a $116 million position in GME.
According to the alleged portfolio screenshot, Gill holds roughly $115.7 million worth of the game retailer’s shares.
GME is up 74.1% on the news, with nearly 20 million shares changing hands this morning.
My Take: The Roaring Kitty screenshot has reignited the rally in GME and other meme stocks, but these run-ups can collapse quickly so tread lightly. Also, as much as I hate to be a party pooper, there’s no way we know for sure Roaring Kitty’s screenshot was legit.
Biopath Holdings [BPTH] - Last Close: $2.06
Newly presented interim data from a Phase 2 study of prexigebersen (BP1001) in leukemia patients is rallying shares of Biopath.
Biopath called the interim results “promising” and said it expects to continue enrollment for Cohorts 1 and 2.
BPTH is up 56.3% on over 5.5 million shares traded in response to the news.
My Take: BPTH’s data is promising, but the trial is still in its interim phase. If the drug advances to Phase 3, it could provide another catalyst for the stock.
AMC Entertainment [AMC] - Last Close: $4.33
AMC is also getting a boost from Roaring Kitty’s return to Reddit.
A screenshot implying the famed social media user had amassed a $116 million position in GME sparked a broad move higher among leading meme stocks.
AMC is also benefitting from the news, with shares taking off ahead of the opening bell.
AMC is up 25.6% on over 27 million shares traded.
My Take: AMC is still sitting above where it was when the meme stock resurgence kicked off a couple of weeks ago, and this latest catalyst could be enough to extend the move to new heights.
MingZhu Logistics [YGMZ] - Last Close: $0.3402
Late Friday, MingZhu Logistics announced an agreement to acquire digital asset firm Oxylus Global in an all-stock transaction.
Oxylus Global is developing the world's first virtual Starlink and space-based supercomputing and optical communications network, according to MingZhu.
The company expects to complete the transaction by year end. Financial details weren’t disclosed.
YGMZ is up 50.7% on over 7 million shares traded.
My Take: NOVO saw a huge volume spike yesterday, and it could find support at $0.75 if it can hold on through the closing bell.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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