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- Stocks hover in early trading 📡
Stocks hover in early trading 📡
Futures are sitting close to flat as investors await new jobless claims data and tomorrow's May jobs report.
Chris Dinello
June 06, 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 rallied on Wednesday after the ADP Employment report showed fewer-than-expected jobs created in April. The Nasdaq led the way, thanks to a big gain from NVDA, with the S&P 500 following closely behind.
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Futures are sitting close to flat in early trading. S&P 500 contracts are up by less than 0.1%.
What to Watch Today:
Thursday’s jobless claims report will give investors more insights into the labor market, and it could set the tone for the trading session’s. Yesterday’s ADP report showed the labor market may be tightening, which, in turn, strengthens the case for rate cuts in the near future. Jobless claims will also provide some valuable insights ahead of tomorrow’s headline BLS Employment report for May.
This unknown $11 crypto could be poised to skyrocket as AI and blockchain converge.
With partnerships already in place with Google, Apple, Microsoft, Disney, and HBO, this coin is perfectly positioned to ride the wave of two massive bull markets.
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Premarket Highlights 🔎
Robinhood Moves to Acquire Bitstamp 🤝
Robinhood Markets [HOOD] makes a bold move into the cryptocurrency space with a landmark $200 million deal to acquire Bitstamp, signaling its commitment to accelerating growth in digital assets. This strategic acquisition marks Robinhood's largest-ever deal and underscores its ambition to diversify beyond traditional trading offerings.
A Key Addition 🔄
Founded in 2011, Bitstamp brings a wealth of experience and regulatory compliance with its 50 active licenses and registrations worldwide. As Robinhood's inaugural institutional business within its crypto division, Bitstamp's robust spot exchange, renowned for its extensive asset offerings and innovative products like staking and lending, positions Robinhood as a formidable competitor to industry giants like Binance and Coinbase.
Global Expansion 🌍
With plans to leverage Bitstamp's established presence in Europe and Asia, Robinhood aims to accelerate its global footprint. However, the acquisition comes amid regulatory scrutiny, particularly in the U.S., where Robinhood's crypto business faces challenges from regulatory authorities. Despite regulatory hurdles, Robinhood remains committed to engaging with regulators and navigating the evolving landscape of cryptocurrency regulation.
Navigating Regulatory Waters ⚖️
Robinhood's crypto business has been a significant driver of its financial performance, evidenced by a robust first-quarter earnings beat. However, regulatory uncertainties loom large, exemplified by the SEC's issuance of a 'Wells' notice to Robinhood, signaling potential enforcement actions. The ongoing debate over the regulatory classification of crypto tokens underscores the complex regulatory environment facing crypto firms.
Investor Confidence 📈
Despite regulatory headwinds, Robinhood's stock has surged 69% this year, fueled by its commitment to pursuing "profitable growth." Analysts anticipate further gains for Robinhood amid a resurgence in retail trading activity and increasing adoption of cryptocurrencies.
As Robinhood continues to navigate regulatory challenges and expand its crypto offerings, investor confidence remains high in its long-term growth prospects.
Featured Earnings 💰️
The J.M. Smucker Company [SJM] ... AM
Nio [NIO] ... AM
Toro [TTC] ... AM
Ciena [CIEN] ... AM
ABM Industries [ABM] ... AM
G-III Apparel Group [GIII] ... AM
Samsara [IOT] ... PM
Docusign [DOCU] ... PM
Vail Resorts [MTN] ... PM
Braze [BRZE] ... PM
Economy 🏗
Initial jobless claims [Jun] ... 8:30a
U.S. productivity (final revision) [Q1] ... 8:30a
U.S. trade deficit [Apr] ... 8:30a
Running Hot 🔥
Gainers
Logistics Properties [LPA] >> +61.1%
iSpecimen [ISPC0] >> +59.0%
Nauticus Robotics [KITT] >> +39.2%
Decliners
Actellis Networks [ASNS] >> (37.9%)
Jowell Global [JWEL] >> (31.2%)
Moving Images Tech [MITQ] >> (29.5%)
Novavax [NVAX] - Last Close: $20.97
The FDA has completed a review of Novavax’s biologics license application for its Covid-19 vaccine, according to a late Wednesday press release.
The FDA set a PDUFA review goal date in April 2025 for the biologics application.
Novavax is expected to deliver an updated vaccine targeting the JN.1 COVID variant in August under its existing EUA.
NVAX is a up 15.3% on more than 4 million shares traded.
My Take: NVAX has been on an absolute tear the past few weeks. Shares are up 325% over the past month, and the train is showing no signs it will slow down anytime soon.
Freight Technologies [FRGT] - Last Close: $0.6250
An upbeat company update is rallying shares of Freight Technologies in Thursday’s premarket.
This morning, the company announced it has on-boarded 26 new customers and 149 new carriers to its platform in 2024, year to date.
The roster of new customers extends Fr8Tech’s footprint across its core markets and its service offerings, especially in the US and Mexico.
FRGT is up 98.4% on over 23 million shares traded.
My Take: FRGT has had not performed well as of late, but this swing could help it pivot into a new positive trend, although today is the first day it has seen a significant uptick in t rating volume.
Aethlon Medical [AEMD] - Last Close: $0.4386
Aethlon Medical is breaking out in a rebound rally that could be getting an extra boost from a short squeeze.
On June 3rd, Aethlon provided an update on a planned Phase 1 study of its Hemopurifier® in patients with certain types of solid tumors.
The company said it would finalize its clinical trial agreements once it received Ethics Committee approvals.
Shares initially jumped on the news, but they pulled back the very next day. Now, they’re rebounding from Wednesday’s pullback.
AEMD is up 78.9% on over 27 million shares traded.
My Take: AEMD has a float of just $2.21 million and its short percentage was 35.94% as of May 15th. There’s a good chance its buyers are attempting to take advantage of the over-leveraged shorts.
Virax Biolabs [VRAX] - Last Close: $1.07
Virax is moving higher amid a massive spike in trading volume this week, although there has been no obvious news to explain the move.
Shares of VRAX are up 25% over the past five days, and it has experienced a significant uptick in trading volume since last Thursday.
VRAX is a top mover with a 116% gain on more than 17 million shares traded.
My Take: VRAX’s sudden uptick in trading volume makes me believe its recent downtrend may have passed its bottom, and prices could find support at $1 per share.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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