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- Futures pause with more earnings on deck📉
Futures pause with more earnings on deck📉
The open could go either way, but futures are currently leaning towards the green...
Chris Dinello
January 25, 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 📈
It was another mixed day for the stock market on Wednesday. The Dow and Russell 2K edged lower, while the Nasdaq and S&P 500 notched modest gains.
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Futures are hovering close to flat in early trading. S&P 500 contracts are currently up by 0.1%.
Today, we are inviting you to take a free peek at MarketBeat's proprietary, exclusive list of 7 Stocks to Buy and Hold Forever.
Many of these companies might appear to be nothing special at first glance.
Others might be names you had heard of before and decided to pass on, but financials don't lie.
The companies on this list print billions of dollars of cash each year in profit showing no sign of slowing down.
If you haven't given these companies strong consideration for your portfolio, now is the time to take a look.
Premarket Highlights 🔎
🚗 Tesla's Slowdown Sparks Market Jitters
Tesla Motors [TSLA] is getting the cold shoulder from the market in the wake of its after-market earnings report on Wednesday. Shares are down about 8% in premarket trading.
In its earnings call, the company set expectations for a slower growth in 2024, but the market is concerned the EV giant's is easing up on its push for high-octane growth.
🎯 Shifting Targets:
Tesla's keeping its cards close when it comes to 2024 growth targets. After a 38% jump in vehicle deliveries in 2023, they're playing it coy this year.
emember the days of aiming for 50% annual growth? Those might be taking a backseat for now.
📊 A Mixed Quarter:
Let's peek under Tesla's hood for Q4:
Net income's more than doubled, hitting a sweet $7.9 billion, thanks to a juicy tax benefit.
But operation income? That's taken a 47% nosedive.
Revenue's a smidge shy of what Wall Street was hoping for.
And adjusted EPS at 71 cents? Not quite hitting the mark.
🇨🇳 China Demand:
Tesla's news has sent ripples across the pond, shaking up shares of Chinese EV makers. The word on the street? A slowdown in EV demand in China.
🔍 Musk's Musings:
Elon Musk, Tesla's frontman, had some pearls of wisdom to share:
He's tipping his hat to Chinese automakers, calling them top-tier competitors.
Musk's eyeing more control over AI and robotics tech.
And there's buzz about a new low-cost Tesla on the horizon.
💡 The Takeaway:
Tesla's ride into 2024 might not be as fast-paced as before, and the market's taking note. But with Musk at the wheel, talking up new tech and affordable rides, it's still a journey worth watching.
Featured Earnings 💲
Comcast [CMCSA] ... AM
Union Pacific [UNP] ... AM
Blackstone [BX] ... AM
NextEra Energy [NEE] ... AM
Marsh & McLennan [MMC] ... AM
Sherwin-Williams [SHW] ... AM
Visa [V] ...PM
Intel [INTC] ... PM
T-Mobile US [TMUS] ... PM
KLA [KLAC] ... PM
Economy 🏗
Weekly jobless claims [Jan] ... 8:30a
Durable-goods [Dec] ... 8:30a
Advanced U.S. trade balance in goods [Dec] ... 8:30a
Advanced retail inventories [Dec] ... 8:30a
Advanced wholesale inventories [Dec] ... 8:30a
New home sales [Dec] ... 10:00a
Running Hot 🔥
Gainers
Charge Enterprises [CRGE] >> +20.7%
Cyngn [CYN] >> + 21.0%
Catheter Precision [VTAK] >> +11.0%
Decliners
VS Media [VSME] >> (32.3%)
Akoustis Tech [AKTS] >> (29.0%)
MarineMax [HZO] >> (19.5%)
Intl. Business Machines [IBM] - Last Close: $173.93
Networking giant IBM posted stronger-than-expected earnings and revenues on its Q4 earnings report following Wednesday’s close.
The company generated EPS of $3.87 on revenues of $17.4 billion, while analysts expected $3.80 EPS on $17.3 billion in revenues.
Jefferies, RBC, Evercore, and others raised their price target on the stock in response to the strong quarter.
IBM is one of today’s top S&P 500 stocks, with a 6.5% gain on more than 250K shares traded.
My Take: IBM is this morning’s most notable large-cap mover, but shares are already at all-time highs so it might be advisable to wait for a pullback if you want to buy into this one.
Lava Therapeutics [LVTX] - Last Close: $1.56
A new deal with Merck [MRK] to collaborate on the development of LAVA-1207 in combination with Keytruda is rallying this micro-cap pharma stock.
Under the terms of the deal, Merck will provide pembrolizumab for the next phases of LAVA's ongoing Phase 1/2a study of LAVA-1207.
LVTX is up by 54.4% on more than 12 million shares traded.
My Take: LVTX’s partnership with Merck could open the door to more collaboration between the companies, and we could even see a buyout down the road if this deal proves fruitful.
C3is [CISS] - Last Close: $0.1326
Maritime shipper C3is is rallying after a late Wednesday Form SC 13D/A filing showed Imperial Petroleum has amassed a controlling stake in the company.
According to the filing, Imperial Petroleum now controls roughly 67.9% of the C3is’s common stock.
CISS is up 39.9% on more than 39 million shares traded in response to this catalyst.
My Take: CISS is coming off a huge pullback, and it has a very small share float. The stock could experience significant volatility in the coming weeks.
Acutus Medical [AFIB] - Last Close: $0.2220
This tiny health care supplies stock has been awarded a new European patent for “Determination Of Electrical Dipole Densities On A Cardiac Surface.”
According to a summary, it covers “devices and methods for dipole density mapping, as well as methods for diagnosing tissue health.”
AFIB is up 28.7% on about 7 million shares traded.
My Take: AFIB saw a huge volume spike yesterday, accompanied by a 30% gain. Momentum appears to be on its side at the moment.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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