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- A Big Day for Corporate Earnings 💰
A Big Day for Corporate Earnings 💰
Futures are mixed with a jam-packed earnings schedule on deck. Here are today's top premarket stocks...
Chris Dinello
January 23, 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 📈
Large-cap indexes extended their gains on Monday, and the small-cap Russell 2K outperformed with a two-point rally.
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Futures are mixed in early trading. Dow contracts are down by about 0.1%, while S&P 500 contracts are holding into a thin gain.
MarketBeat has just released its list of 20 stocks to Sell NOW.
Wall Street analysts hate these companies. Some might appear to have good fundamentals, but top analysis smell something seriously rotten.
Owning just one of these stocks could have disastrous consequences for your portfolio, so don’t wait.
Premarket Highlights 🔎
🎬 Netflix Earnings Preview
Ahead of revealing its latest quarterly earnings after today's closing bell, Netflix stands as the streaming colossus with over 247 million paying subscribers globally.
💹 Earnings Expectations
Earnings are projected to hit $2.22 per share, a significant leap from last year's 12 cents — affected then by a rocky currency hedge.
Revenue is anticipated to rise to $8.72 billion, up from the previous year's $7.85 billion.
Subscriber growth is forecasted to see an addition of 8.7 million, potentially pushing the total base beyond 256 million.
🚀 Beyond the Screen
As Netflix continues to reign supreme in streaming, it's also venturing into new territories.
The platform is actively strategizing to capture a slice of the children's entertainment market, currently dominated by YouTube, and is further expanding into the gaming industry.
It also landed a huge deal to bring WWE Entertainment to its platform as well, starting in 2025. The deal includes RAW, SmackDown! and other widely-viewed programs. More on that shortly.
📈 Stock Movement
Netflix shares witnessed a slight increase of 0.6% on Monday, reaching $485.71. This uptick is part of a substantial 36% growth over the past year, indicating a robust confidence among investors in Netflix's enduring appeal and growth potential.
What to Watch Today 👀
Earnings
Several prominent companies will report their latest earnings results today, and the reports could significantly influence the trading session. Netflix will report after the close in what will likely be the day’s biggest report, but we’ll also hear from J&J, 3M, GE, and other big industrial conglomerates before the opening bell.
Featured Earnings 💲
Johnson & Johnson [NJ] ... AM
Procter & Gamble (The) [PG] ... AM
Verizon Communications [VZ] ... AM
General Electric [GE] ... AM
RTX [RTX] ... AM
Lockheed Martin [LMT] ... AM
3M [MMM] ... AM
Netflix [NFIX] ... PM
Texas Instruments [TXN] ... PM
Intuitive Surgical [ISRG] ... PM
Economy 🏗
None scheduled
Running Hot 🔥
Gainers
Gamer Pakistan [GPAK] >> +43.2%
Cyngn [CYN] >> + 33.9%
vTv Therapeutics [VTVT] >> +26.8%
Decliners
Vroom [VRM] >> (43.5%)
ATIF Holdings [ATIF] >> (26.2%)
Newcourt Acquisition [NCACI] >> (15.6%)
TKO Group [TKO] - Last Close: $77.41
The parent company of World Wrestling Entertainment has signed an agreement to bring WWE programming to Netflix [NFLX] starting in 2025.
TKO Group said the deal has an initial 10-year term for an aggregate rights fee in excess of $5 billion, according to an early-morning 8-K filing.
The deal makes Netflix the official home of weekly shows like Raw and SmackDown!, plus premium events such as WrestleMania.
TKO is a top mover with a 19.4% gain on 350K shares traded.
My Take: TKO landed a smoker with this one, and the market is showing its approval. This catalyst could spark a new up-trend for this struggling stock.
Rail Vision Unit [RVSN] - Last Close: $2.25
This rail systems safety tech stock continues to run hot after its Main Line system received crucial safety certifications for the European market.
Shares jumped out to a 64.2% gain on Monday, and the rally continued through the closing bell.
RVSN is a top mover again this morning with a 28.0% gain and nearly 4.5 million shares traded in the premarket thus far.
My Take: RVSN is on our list again today, but be cautious if you’re going in for a trade. This rally could reverse course during today’s trading session if a lot of traders decide to take profits off the table.
Ensysce Biosciences [ENSC] - Last Close: $1.14
The FDA has awarded a breakthrough therapy designation for this tiny biotech’s next-gen opioid drug candidate, PF614-MPAR.
Ensysce said regulators approved the designation in light of data generated in a Phase 1 study of the drug.
ENSC is up 35.9% on roughly 2.25 million shares traded in the premarket.
My Take: ENSC could find new support at $1.40 if it can hold onto its gains, and its 7.61% short ratio could come into play if the rally continues to push upward.
FaZe Holdings [FAZE] - Last Close: $0.1545
A newly-unveiled eSports sponsorship deal is skyrocketing shares of this tiny stock to the top of charts in today’s premarket.
Faze has signed Rollbit to a new multimillion-dollar sponsorship deal that will make it a global partner of the company’s Counter-Strike team.
Details are scant in early trading, but FAZE is a top performer with a 70.15 gain on more than 23 million shares traded.
My Take: FAZE got a big boost from this sponsorship deal, but it will take more than a story like this to get this stock back on the right track.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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