Premarket Report - Nov. 21st, 2023

Good Afternoon! 

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

Today is Tuesday, November 21st. I hope you have a great trading session.

Now, let's get ready to trade!

Markets 📈

The Nasdaq rallied 1.1% on Monday in a strong performance for U.S. stocks. The S&P 500 added 0.7%, while the Dow and small-cap Russell 2K both gained half a point.

Index futures are down slightly in early trading. S&P 500 contracts are currently down 0.1%.

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The White House is pushing hard for electric cars, and many European countries will phase out gas vehicles entirely in the next decade.

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Rumor has it, it could be inching closer to landing a deal with a massive partner that could help it become the next big breakout EV stock.

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Premarket Highlights 🔎

📈 MSFT Moves Fast to Snatch Up Sam Altman

Former OpenAI CEO Sam Altman, a rock star in the AI world, just signed on with Microsoft [MSFT], and the market is giving the move a hearty endorsement.

How hearty? Try a 2% stock surge in premarket trading, which is no small feat for a tech titan like Microsoft, whose market cap measures in the trillions.

📉 OpenAI to Microsoft: 

Altman's jump to Microsoft comes right after his exit from OpenAI (yep, the folks behind ChatGPT and DALL-E), which already had a cozy relationship with the legacy tech giant.

💰 Market Math: 

With Microsoft's hefty market cap of over $2.75 trillion, this Altman effect, if it sticks, translates to a whopping $55 billion boost.

🔍 Why It Matters: 

Altman isn't just any hire – he's a major player in the AI game. His presence at Microsoft could signal bigger, bolder AI moves from the company. For a market that loves innovation, that's like catnip.

So, what's in store with Altman wearing Microsoft's badge? If the market's reaction is anything to go by, we might just be at the cusp of some exciting AI-driven developments.

What to Watch Today 🔍

NVIDIA Earnings

It’s no secret that the AI boom has been key to the market’s surprisingly strong performance in 2023, and NVDA’s after-hours earnings report will set investors’ expectations for the thriving sector’s Q4 outlook. Investors are bullish but expectations are rising precipitously, and it will only become more difficult for NVDA to justify its high valuation and deliver on analysts’ ambitious targets.

Featured Earnings 💲

• Lowe's Companies [LOW] ... AM

• Medtronic [MDT] ... AM

• Analog Devices [ADI] ... AM

• Baidu [BIDU] ... AM

• Jacobs Solutions [J] ... AM

• Best Buy [BBY] ... AM

• DICK'S Sporting Goods [DKS] ... AM

• Burlington Stores [BURL] ... AM

• NVIDIA Corporation [NVDA] ... PM

• Autodesk [ADSK] ... PM

Economy 🏗

• Existing home sales [Oct] ... 10:00a

Gainers

• Mountain Crest SPAC [MCAF] >> +62.2%

• LQR House [LQR] >> +31.8%

• NXU [NXU] >> +22.0%

Decliners

• Gain Therapeutics [GANX] >> (21.8%)

• MorphoSys [MOR] >> (24.0%)

• Sibanye Gold [SBSW] >> (22.8%)

Agilent Technologies [A] - Last Close: $113.98

Agilent Technologies is rallying after an earnings beat.

The health care diagnostics firm released its fiscal Q4 earnings results after Monday’s closing bell, and the results surpassed expectations.

Agilent’s Q4 EPS fell to $1.38 from $1.53 a year earlier. Wall Street was looking for $1.34 per share.

Revenues also decreased to $1.69 billion, down from $1.85 billion a year ago, and narrowly beat the $1.68 billion consensus estimate.

A is leading the S&P 500 with a 6.7% gain.

Symbotic [SYM] - Last Close: $37.16

Another strong earnings report is lifting shares of Symbotic.

The robotics company reported its fiscal Q4 results late Monday, and its performance was stronger than expected.

Symbotic reported a fiscal Q4 loss narrowed by 20% YoY to $(0.08) per share for the quarter, outpacing the Street’s estimate of a $(0.13) per share loss.

Revenues jumped 60% from last year to $391.9 million for the quarter, which beat the consensus of $306.9 million by a huge margin.

SYM is one of this morning’s top performers with a 25.1% gain.

Anghami [ANGH] - Last Close: $1.58

Anghami just landed a major deal.

The company has agreed to combine its business with OSN Group, one of the leading streaming platforms in the Middle East-North Afirca (MENA) region.

Under the terms of the deal, OSN Group will invest $50 million in Anghami at a valuation of $3.65 per share, marking a 131% premium to Monday’s close.

The deal will combine Anghami, the MENA region’s leading music streamer, with its leading video content streaming platform, OSN+.

ANGH is one of this morning’s top movers with a 43.0% game on huge volume.

Tracon Pharma [TCON] - Last Close: $0.1735

Tracon Pharma is rallying after landing a lucrative deal.

Yesterday morning, the tiny biotech firm announced a deal to license its proprietary product development platform for a $3 million upfront payment.

Tracon was hush-hush about the details. The identity of the company who purchased the license wasn’t revealed.

The license is non-exclusive and non-transferable. It covers the design, conduct and administration of trials and related research and projects.

TCON up 22.5% and it’s one of this morning’s most actively-traded stocks.

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

Best Regards,

— Chris D.
Elite Trade Club

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