Friday Finale: Can Stocks Stay Hot?

The Nasdaq is coming off a new record-high, but futures are treading water in the premarket.

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 📈

Investors overlooked January’s PCE setback and rallied the Nasdaq to a new record high on Thursday. The small-cap Russ2K also performed well.

  • Dow [+0.1%]

  • S&P 500 [+0.5%]

  • Nasdaq [+0.9%]

  • Russell 2K [+0.7%]

S&P 500 futures are nearly flat in early trading. Currently, they’re showing a loss of less than 0.1%.

What to Watch Today:
Can the Nasdaq follow up its record-breaking performance with more gains? That’s the questions on investors’ minds heading into Friday’s trading session.

Stocks have faced stiff resistance over the past few weeks, and there was no obvious catalyst to justify Thursday’s breakout. Its performance in today’s session could set the tone for next week.

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Premarket Highlights 🔎

🔍 Stocks to Watch Friday: Market Movers and Shakers

↘️ NYCB Tumbles 
New York Community Bancorp (NYCB) is on a bit of a rollercoaster, and not the fun kind. After announcing a CEO shuffle, admitting to some "material weaknesses" in its internal checks and balances, and swallowing a hefty $2.4 billion impairment charge, investors hit the panic button. The result? A nearly 20% nosedive in premarket trading. It's like watching a financial drama unfold in real time, but without the popcorn.

↗️ Dell Rides the Wave 
Dell Technologies (DELL) is surfing on high demand for its AI-optimized servers, showing us all how it's done with a double-digit profit spike in its latest quarterly report. Shares shot up more than 20% premarket, proving that Dell's not just about your office PC anymore. It's like they've found the golden ticket in the tech candy shop.

↗️ Autodesk's Optimistic Outlook 
Autodesk (ADSK) is painting a rosy picture for its fiscal future, with sales projections looking brighter than expected. This optimism has its stock climbing more than 8% before the morning bell. It's like Autodesk is telling us to expect more colors in its palette, and investors are here for the art show.

↗️ AMD Hits a High Note 
Advanced Micro Devices (AMD) is the band everyone's talking about, hitting a valuation high note at $300 billion. The semiconductor scene is buzzing, and AMD's stock is riding the wave with a 3% premarket gain. It's the latest hit in the semiconductor symphony, and the crowd is loving it.

↘️ Plug Power Hits a Bump 
Plug Power (PLUG) seems to have hit a bit of turbulence, sliding about 10% premarket. Despite its cool hydrogen fuel cell tech, the startup's 2023 projections didn't quite meet the market's high notes, leaving some investors singing the blues.

↗️ FuboTV Scores Big 
FuboTV (FUBO) is breaking records, not just on the screen but in its subscriber count, ending the quarter on a high note with impressive revenue growth. Shares leaped more than 11% premarket, as if FuboTV just scored the winning goal in the streaming league.

↘️ Fisker Faces a Storm 
Fisker (FSR) is navigating through rough waters, with shares plunging by more than a third premarket. A late-night confession of a going-concern warning and plans to trim its team by 15% has the EV startup on a bumpy road. It's a stark reminder that the electric dream isn't always a smooth ride.

📈 The Bottom Line
Friday's lineup is a mix of triumphs and trials, with each stock telling its own story of tech marvels, financial hurdles, and the relentless pursuit of innovation. As the market opens, all eyes will be on these players, each vying for their moment in the financial spotlight.

Featured Earnings 💰️ 

  • EchoStar [SATS] ... Am

  • RadNet [RDNT] ... Am

  • Amneal Pharmaceuticals [AMRX] ... Am

  • Plug Power [PLUG] ... Am

  • Atlantica Sustainable Infrastructure [AY] ... Am

  • Morgan Stanley Direct Lending Fund [MSDL] ... Am

  • FuboTV [FUBO] ... Am

  • McEwen Mining [MUX] ... Am

  • CSICompressco [CCLP] ... Am

  • Mammoth Energy Services [TUSK] ... Am

Economy 🏗

  • S&P U.S. manufacturing PMI (final) [Feb] ... 9:45a

  • ISM manufacturing [Feb] ... 10:00a

  • Construction spending [Jan] ... 10:00a

  • Consumer sentiment (final) [Feb] ... 10:00a

  • U.S. auto sales [Mar] ... TB

Running Hot 🔥

  • Minim [MINM] >> +43.4%

  • MMTEC [MTC] >> +49.2%

  • Everbridge [EVBG] >> +24.7%

  • Gigcapital5 [GIA] >> (61.6%)

  • Fisker [FSR] >> (39.4%)

  • Scilex [SCLX] >> (33.9%)

Dell [DELL] - Last Close: $94.66

Even legacy PC maker Dell is getting a boost from the AI boom. The stock is soaring after publishing earnings early this morning.

Dell reported a 22% increase in Q4 earnings, and, although its revenues fell, the decrease was less than analysts’s anticipated.

COO Jeff Clarke cited “strong AI-optimized server momentum” the reason for the beat.

Dell also boosted its cash dividend by 20% to $1.78 per share.

DELL is a top mover with a 25.6% gain on over 1 million shares traded.

My Take: Honestly, I’m not a big fan of DELL. This report was okay, but I don’t think it justifies a 25% run-up. This seems like an AI hype rally.

NetApp [NTAP] - Last Close: $89.12

This mid-cap cloud stock is powering ahead this morning after a strong fiscal Q3 earnings report in Thursday’s after market.

NetApp posted earnings and revenues that surpassed the consensus estimate, and its fiscal 2024 guidance also topped expectations.

The company also maintained its quarterly dividend at $0.50 per share, and several analysts upgraded the stock in the wake of the quarterly report.

NTAP is the top S&P 500 stock with an 18.7% gain on roughly 40K shares traded.

My Take: NTAP had a good quarter, but this move doesn’t have a lot of volume behind it.

Adial Pharma [ADIL] - Last Close: $2.04

Tiny pharma firm Adial Pharma is soaring after landing a new patent for covering AD04 as a potential treatment for Opioid Use Disorder.

The company said the patent was awarded by the U.S. Patent & Trademark Office on February 20th.

ADIL is up 54.4% on more than 8.5 million shares traded.

My Take: ADIL is benefitting from a growing hype surrounding these types of drugs. In fact, WSJ had a featured story on these “next gen” opiates today. This trend could be worth watching.

NXU [NXU] - Last Close: $0.7992

NXU is gaining after it announced the achievement of a “historical NACS charing milestone” with the Tesla Cybertruck in Thursday’s aftermarket.

According to the press release, the company performed “the first-ever successful Cybertruck NACS (North American Charging Standard) charging session performed on a non-Tesla DC fast charging station.”

The development could give Tesla Cybertruck owners another charging option for the electric trucks, which are building a cult-like following.

NXU is up 65.0% on nearly 16 million shares traded.

My Take: NXU saw its trading volume skyrocket yesterday, which could mean this move has some momentum behind it.

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

Best Regards,

— Chris D.
Elite Trade Club

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