Don’t Miss Out on the 2024 Gold Rush 📈

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 to open the new trading week on Monday, with the Nasdaq leading the push higher.

Index futures are edging lower in early trading. S&P 500 contracts are currently sitting just below flat.

What to Watch Today:
Today’s May retail sales report will give investors a glimpse at the state of U.S consumer spending. Consumers are a critical component of the U.S. economy, so any downturns in retail sales could have wide-reaching implications for both the market and the economy.

Don’t Miss Out on the 2024 Gold Rush

While most investors flock to traditional gold stocks & ETFs, the real opportunity lays in a little-known industry—gold royalty companies.

One up-and-coming company stands out from the rest, but most investors haven't caught on to this hidden gem yet.

You have a rare opportunity to get in on the ground floor of a company that could be the next big success story in the gold royalty space.

Get the Details on this Under-the-Radar Gold Stock Here »

» Want an Ad-Free Experience + Top Growth Stock Picks? Upgrade Now!

Premarket Highlights 🔎

EV Startup Fisker Files for Bankruptcy 🚗

Fisker filed for bankruptcy protection late Monday, seeking to sell assets and restructure debt after depleting cash reserves while trying to ramp up production of its Ocean SUVs. The EV market's intense competition has seen several companies, including Proterra, Lordstown, and Electric Last Mile Solutions, also file for bankruptcy in recent years due to declining demand, fundraising difficulties, and supply chain challenges.

Operational Challenges 💸
Founded by automotive designer Henrik Fisker, the company had expressed doubts about its viability in February and failed to secure investment from a major automaker, reportedly Nissan.

This collapse prevented Fisker from obtaining $350 million in contingent funding, leading to its current financial predicament. In its Chapter 11 filing in Delaware, Fisker Group Inc. reported assets of $500 million to $1 billion and liabilities between $100 million and $500 million.

Fall From Grace 📉
Fisker went public in late 2020 via a merger with a blank-check firm, valuing it at $2.9 billion. This listing provided a second chance for Henrik Fisker, whose first venture, Fisker Automotive, went bankrupt in 2013. Fisker's strategy to become the "Apple of the auto industry" involved outsourcing manufacturing to reduce development times and costs. However, the Ocean SUV faced significant software and hardware issues, and regulatory investigations have compounded its troubles.

Inventory Issues 🚙
Despite producing over 10,000 vehicles last year, Fisker delivered less than half of them and faced substantial inventory issues. In January, the company shifted to a dealership-based distribution model, signing agreements for 15 dealer locations in the U.S. and 12 partners in Europe, but it still struggled to clear over 5,000 unsold cars.

Path Forward 📜
Fisker concluded that selling assets under Chapter 11 bankruptcy is the most viable path forward. "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds," Fisker stated. This move is aimed at salvaging what remains of the company and addressing its significant financial challenges.

Featured Earnings 💰️ 

• Patterson Companies [PDCO] ... AM

• Cognyte Software [CGNT] ... AM

• America's Car-Mart [CRMT] ... AM

• Vince Holding [VNCE] ... AM

• KB Home [KBH] ... PM

Economy 🏗

• U.S. retail sales [May] ... 8:30a

• Retail sales minus autos [May] ... 8:30a

• Industrial production [May] ... 9:15a

• Capacity utilization [May] ... 9:15a

• Business inventories [May] ... 10:00a

Gainers

• NLS Pharma [NLSP] >> +156%

• Qualigen Therapeutics [QLGN] >> +23.8%

• Silk Road Medical [SILK] >> +23.1%

Decliners

• Solution Tech [STI] >> (74.0%)

• DermTech [DMTK] >> (56.3%)

• Aerwins Tech [AWIN] >> (53.5%)

Actellis Networks [ASNS] - Last Close: $1.15

This tiny IoT solutions provider is surging after landing a partnership with Carahsoft that aims to broaden its access to IoT for U.S. government agencies.

Carahsoft will serve as the Public Sector distributor for Actelis and make its connectivity solutions available to federal, state, and local agencies.

ASNS is up 140% on more than 16 million shares traded.

Sonoma Pharma [SNOA] - Last Close: $0.1685

Sonoma Pharma disclosed its fiscal Q4 financial results after Monday’s close, and shares are moving higher in response to the release.

The company’s quarterly loss narrowed to just $(0.07) per share, marking a 77% improvement from the year-earlier quarter’s loss of $(0.31) per share.

Revenues of $3.44 million missed the Street’s $3.98 consensus, but marked an increase of 14.1% compared to last year’s numbers.

SNOA is up 79.6% on over 35 million shares traded.

MicroAlgo [MLGO] - Last Close: $3.55

MicroAlgo is breaking out after suffering from a pullback on Monday.

The China-based IT services stock hasn’t made an announcement since June 6th, when it unveiled a convertible note purchase agreement.

Shares sunk in the wake of the news, losing 70.4% over the past 10 days.

However, the sell-off may have been overdone because shares are rebounding in Tuesday’s premarket.

MLGO is up 58.0% on roughly 6 million shares traded.

Mustang Bio [MBIO] - Last Close: $0.75

Mustang Bio just announced favorable efficacy and safety data from a Phase ½ trial of MB-106, a CD20-targeted, autologous CAR-T cell therapy.

The company reported an overall response rate of 90% in the cohort, with one patient remaining in complete remission at 31 months.

Mustang presented the data in a poster session at the European Hematology Association 2024 Hybrid Congress.

The presenter, Dr. Brian Hill, said, “We are very encouraged by the safety and efficacy data generated.”

MBIO is up 42.6% on more than 40 million shares traded.

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

Best Regards,

— Chris D.
Elite Trade Club

Text ELITE to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.

A.I. Pioneer Issues Urgent Warning to Americans

According to one early A.I. pioneer:

“You can either use this as an unfair advantage to grow your wealth, or you can let it ravage your retirement savings. There’s no middle option.”

Click here to learn more while there’s still time.

*Alternative investments are speculative and possess a high level of risk. No assurance can be given that investors will receive a return of their capital. Those investors who cannot afford to lose their entire investment should not invest. Investments in private placements are highly illiquid and those investors who cannot hold an investment for an indefinite term should not invest. Private credit investments may be complex investments and they are subject to default risk.