Friday's most active premarket stocks

The bulls are looking to keep the part going after blockbuster NVDA earnings sparked a massive rally on Thursday.

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 📈

The market returned to form on Thursday with a sharp rally that began with a blowout earnings report from Nvidia.

  • Dow [+1.1%]

  • S&P 500 [+2.1%]

  • Nasdaq [+2.9%]

  • Russell 2K [+0.9%]

Futures indicate the rally could continue at the open. Currently, S&P 500 contracts are up by less than 0.1%.

What to Watch Today:
Today’s earnings schedule is pretty thin, although the Warner Bros. Discovery report could be interesting, so the real question is, can the market sustain its upward momentum into the weekend?

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Premarket Highlights 🔎

🛢️ Oil's Unflappable Zen Amid Global Dramas

Two years into Russia's "uninvited tour" of Ukraine and amid a geopolitical telenovela featuring Israel, Lebanon, and a cameo by Hamas, you'd expect oil prices to be throwing a major tantrum.

Instead, they're lounging about 12% lower than before the fireworks started. It's like the oil market decided to binge-watch Netflix instead of keeping up with the news.

 🧊 Cool Under Pressure
Bob McNally, the wise sage at Rapidan Energy Group, reckons the oil market has been hitting the geopolitical gym, bulking up its resilience to global scuffles.

This new chill vibe means that even when the geopolitical kettle is whistling, oil prices are more "meh" than "mayday."

📉 Betting Against the Drama
Back in the day, a hint of trouble meant oil prices sprinted like they were late for a flight. Fast forward, and the playbook has changed.

Nowadays, betting on oil prices to spike on bad news seems as outdated as flip phones. It appears the market has learned to swipe left on drama, keeping traders on their toes and rewriting the old "buy on the sound of cannons, sell on the sound of trumpets" strategy.

So, as global tensions simmer, the oil market's message is clear: "Keep calm and carry on." Who knew commodities could be so Zen? 🧘‍♀️

Featured Earnings 💰️ 

  • Coca-Cola Europacific Partners [CCEP] ... AM

  • Warner Bros. Discovery [WBD] ... AM

  • AerCap Holdings [AER] .. AM

  • Lamar Advertising Company [LAMR] ... AM

  • Luckin Coffee [LKNCY] ... AM

  • Frontier Communications Parent [FYBR] ... AM

  • Bloomin' Brands [BLMN] ... AM

  • Sunstone Hotel Investors [SHO] ... AM

  • Federal Agricultural Mortgage [AGM] ... AM

  • Northwest Natural Holding [NWN] ... AM

Economy 🏗

  • None.

Running Hot 🔥

  • SU Holdings [SUGP] >> +54.5%

  • Maraval Lifesciences [MRVI] >> +27.0%

  • Beneficient [BENF] >> +45.1%

  • Sequans Communications [SQNS] >> (45.5%)

  • Charge Enterprises [CRGE] >> (32.5%)

  • Applied Out [AAOI] >> (31.3%)

Carvana [CVNA] - Last Close: $52.41

The high-tech used car seller is revving up its engines after a reporting a narrowing operating loss and other signs of improvement on its Q4 report.

In Thursday’s aftermarket, Caravana’s topped the EPS consensus with a Q4 loss of $(1.00) per share, but missed the consensus for revenues.

Despite the revenue miss, the market is bullish on the improving growth trends and efficiencies the company achieved in 2023.

CVNA is a top mover with a 28.8% gain on nearly 900K shares traded.

My Take: CVNA still has a lot of work ahead of it, but it looks like the market is starting to believe that the beleaguered used-car seller can make a comeback in 2024.

Intuitive Machines [LUNR] - Last Close: $8.28

Tiny space stock Intuitive Machines just made history by becoming the first private firm ever to land a spacecraft on the moon.

The Odysseus lander landed roughly 300 kilometers from the Moon’s south pole on Thursday, marking the first U.S. lunar landing in more than 50 years.

LUNR is up 41.1% on nearly 11 million shares traded in the premarket.

My Take: LUNR earned a lot of notoriety with this move. Even Elon Musk shouted out them out on twitter. This could be a top space stock to watch in the weeks ahead.

AXTI [AXTI] - Last Close: $2.28

A double-line earnings beat on its Q4 earnings report in Thursday’s aftermarket is lifting shares of this tiny biotech stock to sharp premarket gains.

AXTI posted a $(0.09) operating loss against the $(0.15) consensus, and revenues of $20.43 million topped The Street’s $17.57 million estimate.

B. Riley upgraded AXTI to “buy” from “neutral” on the news, and Needham reiterated its “buy” rating and a $5 price target on the stock.

AXTI is up 32.4% on more than 6.5 million shares traded.

My Take: AXTI executives say the company is beginning to see signs that market conditions are improving, which could bode well for the stock’s 2024 outlook.

Telesis Bio [TBIO] - Last Close: $0.4581

Regulators in the European Union have issued a new patent to this tiny biotech company for genetic technologies and techniques.

In a late Thursday announcement, Telesis Bio said it had been granted a new EUR patent titled: "Genetically Engineered Vibrio Natriegens (Host Organism For Cloning And Manipulating DNA)."

You can read the complete patent filing here.

TBIO is a top mover with a 30.2% gain on more than 7 million shares traded.

My Take: TBIO’s chart looks abysmal from a long-term perspective, but it could be on the verge of a rebound if it can keep the good vibes rolling after this press release.

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

Best Regards,

— Chris D.
Elite Trade Club

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