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- Uranium Boom Could SKYROCKET This Stock 🚀
Uranium Boom Could SKYROCKET This Stock 🚀
This stock could see enormous gains from uranium's recent run up...
Chris Dinello
December 07, 2023
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
I hope you have a great day in the market. Now, let's get ready to trade!
Markets 📈
U.S. benchmarks recovered from a shaky open to post modest gains for the trading session, led by the Nasdaq’s 1.3% rally.
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Futures are are mixed in early trading. S&P 500 contracts are currently hovering around even.
Sponsored
Uranium is on its biggest run since 2005, with no signs of slowing down.
One small publicly-traded company who just partnered with the world's second largest uranium producer could be particularly compelling.
This tiny stock could be positioning for a massive breakout that could deliver enormous windfalls for early movers.
And there’s still time to get in near the ground floor.
Premarket Highlights 🔎
🇯🇵 Yen Soars as Japan Nears Interest Rate Shift
The Japanese yen soared to a three-month peak against the dollar, reaching 144.55 yen, after markets interpreted Bank of Japan Governor Kazuo Ueda's remarks as a signal for an upcoming rate hike.
The currency's rally comes amid growing expectations of an end to Japan's era of negative interest rates.
📉 Market Reactions:
Stocks Dip: Japan's benchmark stock index felt the heat, dropping 1.8%.
Bond Yields Leap: The yield on 10-year Japanese government bonds saw a significant jump, reflecting the shift in investor sentiment.
🔍 Ueda's Pivotal Comments:
Speaking in Parliament, Ueda noted the challenges facing Japan's economy, particularly as the year ends and into the next. His words have added fuel to the speculation about the Bank of Japan's (BOJ) potential move away from negative interest rates.
📆 January's Key Update:
BOJ observers are eyeing January for the central bank to scrap negative rates, coinciding with its updated inflation outlook. Ueda's comments seem to allude to the complexities of transitioning to a new rate regime.
📈 Inflation and Monetary Easing:
Deputy Governor Ryozo Himino also contributed to the speculations by indicating the BOJ's readiness for a smooth exit from monetary easing once a sustainable 2% inflation rate is achieved – a target that has been surpassed since last year.
As the yen strengthens and markets adjust, Japan is on the cusp of a significant monetary policy shift, moving away from the negative rates that have long defined its approach to inflation and economic growth.
What to Watch Today 👀
After-Market Earnings
Earnings season is winding down, but there are still some stragglers reporting. Today, we’ll hear from a couple of big names in the aftermarket, including Broadcom and Lululemon. These reports could set the tone for Friday’s premarket, so it’s worth sticking around after the close to see what these companies have to say about the third quarter.
Featured Earnings 💲
Dollar General Corporation [DG] ... AM
Ciena Corporation [CIEN] ... AM
Broadcom [AVGO] ... PM
Lululemon Athletica [LULU] ... PM
The Cooper Companies [COO] ... PM
DocuSign [DOCU] ... PM
Guidewire Software [GWRE] ... PM
Vail Resorts [MTN] ... PM
Smartsheet [SMAR] ... PM
RH [RH] ... PM
Economy 🏗
Initial jobless claims [Dec] ... 8:30a
Wholesale inventories [Oct] ... 10:00a
Consumer credit [Oct] ... 3:00p
Running Hot 🔥
Gainers
Hempacco [HPCO] >> +60.7%
Altisource Asset Mgmt. [AAMC] >> +25.2%
AerSale [ASLE] >> +17.4%
Decliners
Troika Media Grp. [TRKA] >> (73.7%)
Zyversa Therapeutics [ZVSA] >> (42.0%)
Sprinklr [CXM] >> (30.6%)
MicroAlgo [MLGO] - Last Close: $9.58
The tiny algorithmic solutions stock continues to soar in today’s premarket after adding 295.8% in Wednesday’s session.
MicroAlgo began to rally after it announced plans to launch a postgraduate training center in China to recruit new talent from local universities.
The stock has already seen enormous gains in the aftermath of the announcement, but it’s not slowing down today.
MLGO is one of this morning’s top stocks, with a 60.1% gain, and more than 3.65 million shares have been traded in the premarket.
My Take: Not sure what’s going on here, but it doesn’t seem organic. MLGO had an 8.54% short percentage as of Nov. 15th, which may have played a role in its dramatic rise over the past few days.
WiMi Hologram Cloud [WIMI] - Last Close: $0.7190
The Chinese augmented reality firm has been on a hot streak after publishing several notable press releases over the past few days.
In its latest release from this morning, the company says it has developed “explainable artificial intelligence (XAI)-based fNIRS neuroimage classification.”
The system uses sophisticated AI to process, analyze, and interpret data for accurate measurement & analysis of brain activity.
Shares of WIMI are up 30.7% and 6.81 million shares have been traded in today’s premarket.
My Take: There’s been a lot of activity in WIMI lately. Plus we saw a big volume spike on Wednesday, backed by a 15% gain. This stock could be in the early phases of a run up, but the downside risk could be significant.
Barnes & Noble Education [BNED] - Last Close: $1.05
A strong quarterly report is giving the educational textbook vendor a boost in today’s premarket.
Barnes & Noble Ed. posted fiscal Q2 EPS of $0.46 after Wednesday’s close, topping the Street’s $0.43 estimate.
However, sales of $610.4 million narrowly missed analysts’ $616.31 million consensus forecast.
The company also maintained its fiscal 2024 guidance of consolidated non-GAAP Adjusted EBITDA from continuing operations.
After the reports release, analysts from Needham reiterated their “buy” rating on the stock and maintained a $4 price target.
BNED is up 23.3% with 1.05 million shares traded.
My Take: BNED has struggled for some time, but it’s showing signs of life lately. I’m not bullish on this stock’s long-term outlook, but it’s showing decent support at the $1 mark, so there could be some upside potential here.
Cyngn [CYN] - Last Close: $0.2439
The autonomous vehicle pioneer is soaring this morning after announcing its 17th U.S. patent for its self-driving tech.
Cyngn said it was awarded patent US-11,837,089-B2 for “autonomous vehicle and driving solutions.”
CEO Lior Tal said in a press release, “These novel inventions help to set us apart by enabling automation solutions with unique value propositions to our customers.”
CYN is this morning’s top mover with a 99.9% gain on over 21.5 million shares traded.
My Take: CYN has already pulled back a bit from its premarket peak, so I think this rally may have already topped out. However, there’s a lot of shares trading, so there could be short-term opportunities here.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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