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The Gold Trade Nobody Told You About
Investors flock to gold during times of uncertainty, instability, and geopolitical crisis...
Chris Dinello
February 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 slid on Monday in response to hawkish comments from Federal Reserve Chairman Jerome Powell. Over the weekend, Powell appears on 60 Minutes and said caution was needed on rate cuts.
Small-caps were hit the hardest by the news, and the Dow also underperformed.
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Futures are treading water in the premarket. S&P 500 contracts are currently down by less than 0.1%.
What to Watch Today:
We’ll get a few more notable earnings reports today, but several regional Fed presidents will also make public appearances during the trading session.
Investors will be listening closely for hints on the central bank’s willingness to cut rates in the months ahead. However, more hawkish comments could provoke another negative reaction in the market.
Investors flock to gold during times of uncertainty, instability, and geopolitical crisis.
We saw this with the COVID-19 pandemic, the Russia-Ukraine war, and now the Israel-Hamas conflict.
While analysts are increasingly bullish on the yellow metal, new gold discoveries are urgently needed to meet the projected future demand.
Premarket Highlights 🔎
🚀 Today's Hot Stocks: Keeping Tabs on Tuesday's Movers 📈
🔥 Palantir Powers Up [PLTR]:
A smashing profit record for 2023 sends Palantir Technologies soaring, with a 17% premarket uplift. The CEO touts its AI platform as a key growth engine.
🌟 Coherent Catches a Wave [COHR]:
Surpassing expectations, Coherent's latest quarterly showcase sends shares climbing 11% premarket. The laser and semiconductor maker shines bright early on.
🎵 Spotify Sings a Happier Tune [SPOT]:
Narrowing losses, Spotify sees its shares bump up by 5% premarket, tuning into a positive vibe.
💰 BP Boosts Buybacks [BP]:
Despite a profit dip from last year's highs, BP pumps up its share buyback program, with shares in both New York and London lifting over 5%.
📉 UBS Under Pressure [UBS]:
Navigating through its Credit Suisse integration costs, UBS dips more than 3% in U.S. trading despite a dividend hike and buyback resumption.
🚗 Toyota Hits High Gear [TM]:
Toyota Motor races to a record close in Tokyo, revving up its full-year earnings outlook.
💊 Eli Lilly Leaps Forward [LLY]:
With its diabetes and weight-loss drugs in high demand, Eli Lilly's quarterly performance boosts its stock over 4%.
💼 KKR Climbs on Earnings [KKR]:
The investment giant KKR reports a robust earnings quarter, nudging its shares up by 1% premarket.
🔍 Earnings Watch:
Eyes are peeled for post-bell earnings from heavy hitters like Gilead Sciences [GILD], Snap [SNAP], Chipotle Mexican Grill [CMG], and Ford [F], setting the stage for potential market shifts.
Featured Earnings 💰️
Eli Lilly and Company [LLY] ... AM
Linde PLC [LIN] ... AM
Fiserv [FI] ... AM
KKR [KKR] ... AM
Amgen [AMGN] ... PM
Gilead Sciences [GILD] ... PM
Chipotle Mexican Grill [CMG] ... PM
Edwards Lifesciences [EW] ... PM
Fortinet [FTNT] ... PM
Ford [F] ... PM
Economy 🏗
Cleveland Fed President Loretta Mester speaks ... 12:00p
Minneapolis Fed President Neel Kashkari speaks ... 1:00p
Boston Fed President Susan Collins speaks ... 2:00p
Philadelphia Fed President Patrick Harker speaks ... 7:00p
Running Hot 🔥
Gainers
InVivo Therapeutics [NVIV] >> +45.7%
Chengue Acquisition [CHEA] >> +15.2%
U Power [UCAR] >> +21.4%
Decliners
Sunworks [SUNW] >> (52.7%)
Solidon Tech [STI] >> (49.8%)
BioRestorative Therapeutics [BRTX] >> (54.4%)
Palantir [PLTR] - Last Close: $16.72
The tech giant reported a record profit on its Q4 earnings report after Monday’s closing bell, thanks to strong growth in several key businesses.
Revenues jumped 20% from last year to $608.4 million in Q4, topping the Street’s forecast. EPS was in-line with expectations.
In a letter to shareholders, Palantir CEO Alex Karp said the company’s expansion and growth “have never been greater.”
PLTR is a top large-cap mover with an 18.3% gain on almost 10 million shares traded.
My Take: PLTR has more exposure to military technology that most tech companies, so widespread geopolitical instability could actually prove to be a tailwind for this shady tech titan.
Helius Medical Tech [HSDT] - Last Close: $7.05
In an early press release, Helius said it has reached a consensus with FDA regulators on a development plan for its PoNS Therapy in stroke patients.
According to the statement, the drug will undergo a randomized, controlled, double-blinded instigator-initiated trial with approximately 100 subjects.
Management said the deal provides “the best course toward potential FDA authorization under PoNS’s breakthrough designation for stroke.”
HSDT is up 47.3% on nearly 3 million shares traded.
My Take: HSDT is down big from its 52-week high, but this news could put it right on the back track. However, expect volatility if you make a play in this micro-cap.
Agrify [AGFY] - Last Close: $0.6401
Shares of this AgTech stock are soaring after the company announced the successful installation of its PX-30 extraction system in a Michigan facility.
The PX-30 Hydrocarbon Extraction system is the largest Agrify offers, and it reinforces to state-of-the art cannabis solutions.
Agrify said Lume Cannabis upgraded to the new machine after its previously model couldn’t keep up with growing demand.
AGFY is up 49.7% on almost 8 million shares traded in response to the company’s operational milestone.
My Take: AGFY is locked into a gnarly downtrend, and I don’t think this news will be enough for the stock to get its groove back.
Exicure [XCUR] - Last Close: $0.5597
Late Monday, Exicure and Bluejay Therapeutics [BJDX] announced a new patent license agreement for the development of cavrotolimod for hepatitis.
Under the terms of the deal, Bluejay paid a “small, one-time payment” upon signing, and Exicure will be entitled to “modest royalties” on future net sales of all licensed technology during the term of the license patents.
In turn, Exicure will lead preparation, filing, prosecution, and maintenance for each patent and patent application included within the licensed patents.
XCUR is up 31.2% on nearly 3 million shares traded.
My Take: XCUR is coming off a mid-January pullback, but it could find a new support level after this rally. Worth keeping an eye on.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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