Premarket Report - Nov. 17th, 2023

Good Afternoon! 

Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.

Happy Friday! It’s November 17th. I hope you have a great weekend.

Now, let's get ready to trade!

Markets 📈

Stocks posted a lackluster performance on Thursday, with U.S. large-cap indexes ending the day close to flat. The Dow lost 0.1%, while the S&P 500, and Nasdaq posted a 0.1% gain. The small-cap Russell 2K sold off for a 1.5% loss.

Futures are edging higher in early trading. Dow and S&P 500 contracts are up 0.2%. .

Sponsored

The #1 Uranium Stock for the New Bull Market

Investors are lining up for gains in the New Uranium Bull Market.

One tiny uranium company controls one of the largest land positions in the hotbed of global uranium production.

Best of all, the vast majority of the firm's projects are being funded by MUCH LARGER companies.

It’s currently flying under Wall Street’s radar and trading around US$0.40 per share, but a big breakout could be in the cards.

Do not miss this profit opportunity.

Premarket Highlights 🔎

💵 Foreign Buyers Back Off U.S. Treasury Bonds

The days of foreign frenzy over U.S. government debt are fading, and it could be quite the quagmire for policymakers.

This developing trend could spell potential trouble for Uncle Sam, as overseas buyers, especially China and Japan, are losing their taste for U.S. Treasury bonds.

💼 Fed’s Portfolio Pivot: 

On one side, the Federal Reserve is downsizing its bond holdings by about $60 billion monthly. This move is part of the broader effort to normalize its balance sheet after years of aggressive buying.

💣 Supply Surge: 

Meanwhile, the supply of U.S. debt has skyrocketed. We're talking a net issuance of $2 trillion in new debt this year alone. That's a record high if you set aside the pandemic-induced borrowing binge of 2020.

📉 The Bigger Picture: 

This changing landscape in the Treasury market could have significant implications. With a major reduction in foreign investment in U.S. debt, the dynamics of financing the government's borrowing needs might see a major shift.

What to Watch Today 🔍

Housing Data

New numbers on housing starts and building permits will give investors a peak into the state of U.S. housing development. High interest rates have thrown a wrench into the real estate rally, but prices are remaining stubbornly high due to a lack of inventory. High rates could have the unintended consequences of further restricting inventories by discouraging borrowing & development.

Featured Earnings 💲

• BJ's Wholesale Club Holdings [BJ] ... AM

• Spectrum Brands Holdings [SPB] ... AM

• Buckle [BKE] ... AM

• Twist Bioscience Corporation [TWST] ... AM

• CI&T [CINT] ... AM

• Destination XL Group [DXLG] ... AM

• Huize Holding Limited [HUIZ] ... AM

• BIT Mining Limited [BTCM] ... AM

Economy 🏗

• Housing starts [Oct] ... 8:30a

• Building permits [Oct] ... 8:30a

Gainers

• Wang Lee Group [WLGS] >> +141.6%

• Modular Medical [MODD] >> +23.8%

• C3is [CISS] >> +19.0%

Decliners

• Bone Biologics [BBLG] >> (39.7%)

• ChangePoint [CHPT] >> (29.5%)

• Alpha Technology [ATGL] >> (12.8%)

Ross Stores [ROST] - Last Close: $120.15

An earnings beat is boosting shares of Ross Stores.

The discount retailer reported stronger-than-expected Q3 results after and raised its full-year guidance after Thursday’s closing bell.

Ross generated EPS of $1.33 per share, up 33% from last year, on $4.92 billion, marking a 7.6% growth rate compared to the year-ago quarter.

Both figures beat Wall Street’s consensus estimates of $1.22 EPS on $4.84 billion in revenues.

Ross also hiked its fiscal Q4 and 2024 EPS guidance to levels that surpassed analysts’ expectations.

ROST is leading the S&P 500 with a 5.9% gain.

Gap [GPS] - Last Close: $13.67

Gap is also getting a boost from its latest quarterly report.

The apparel retailer published its Q3 results early this morning, and the market likes what it sees.

Gap’s EPS grew to $0.59 per share in Q3, but sales fell 6.6% YoY to $3.77 billion. However, both figures beat Wall Street’s consensus by a sizeable margin.

Gap subsidiary Old Navy was the star of the show, as efforts to improve inventory control and bring trendier clothing to the brand began to pay off.

GPS is one of this morning’s top movers with a 19.6% gain on strong premarket trading volume.

Syntec Optics [OPTX] - Last Close: $5.15

A promising unit of Syntec Optics just landed its first big deal.

The advanced optics company just landed its first contract for ultra-precision biomedical optics.

It’s the second big win for the company since its SPAC merger in late October. Syntec also landed a big deal for nightvision optic lenses earlier this month.

Under the new purchase order, Syntec will supply 20 ultra-precision biomedical optics to be delivered in 2023, plus 2,400 more in early 2024.

"This order that is expected to lead to follow-on orders shows the excellent work performed by our engineers and operations team,” said a company rep.

OPTX is up 21.3% in early premarket trading with decent trading volume.

Safe and Green Development [SGD] - Last Close: $3.03

Safe and Green Development is on an absolute tear.

Shares began to soar on Thursday, after the company requested the SEC’s consent to withdraw from a previously issues S-1 registration statement.

Safe and Green says it will not issue or sell any shares of common stock as described in the registration statement.

Shares soared 531% on Thursday after this announcement hit the market, but SGD’s epic rally didn’t stop at the closing bell.

SGD is this morning’s top-performing stock’s with a 154.1% gain, and it’s one of the highest-volume movers in today’s premarket.

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

Best Regards,

— Chris D.
Elite Trade Club

Text ELITE to 47121 or click here to get our alerts on your mobile device, and never miss another fast-moving stock!

P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP.