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4 Booming stocks to watch today 👀
Premarket Report
Chris Dinello
December 11, 2023
Good Morning!
It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.
Happy Monday! I hope you have a great day in the market. Now, let's get ready to trade!
Markets 📈
U.S. markets closed out last week on a high note, with benchmark indexes notching solid gains in Friday’s trading session.
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S&P 500 futures are flat in early premarket trading.
Sponsored
A tiny stock with a growing position in a high-octane growth industry could be on the verge of a massive move higher.
In-depth technical analysis determined this stock has potential to achieve intermediate target gains of up 113.3% from its current position!
There are also signs that volume is beginning to release from the accumulation phase, so a big breakout could be coming soon.
With increasing volatility and enormous upside potential, this stock could be on course for an explosive rally higher in the coming days.
Premarket Highlights 🔎
📉 TikTok’s New Acquisition Doesn’t Impress Investors
It was a rough start to the week for GoTo, with shares plunging 20% following the announcement of its e-commerce arm Tokopedia merging with TikTok's local operations in Indonesia.
💰 TikTok's Big Bet:
The social media titan TikTok, under the umbrella of China's ByteDance, is pumping over $1.5 billion into this venture, aiming for a major e-commerce play in Indonesia.
However, GoTo will only hold a minority stake in this new merged entity.
🛍️ TikTok's E-Commerce Comeback:
This move marks TikTok's re-entry into Indonesia's retail market. The company had to shutter its online shopping operations in the country following a government ban on social media-based shopping.
🌏 GoTo's Market Woes:
GoTo, a Southeast Asian juggernaut in ride-hailing, e-commerce, and financial services, has seen better days.
After its public debut in April 2022, which valued it among the region's tech elites, its market cap has now dwindled to about $5.8 billion, a steep fall from its $30+ billion peak.
📈 A Rollercoaster for GoTo:
Just last Friday, GoTo's shares had surged by 14%, but Monday's announcement triggered a stark sell-off, reflecting investor skepticism over the TikTok deal.
🔍 Looking Ahead for GoTo:
Amidst this tumult, GoTo is sharpening its focus on profitability, including workforce reductions and appointing a new CEO earlier this year.
The company's strategic maneuvers and partnerships will be closely watched as it navigates these turbulent market waters.
What to Watch Today 👀
Bond Yields
Falling bond yields have lifted the market in recent weeks, but will the trend continue when yields bottom out? This question will be one of the primary items on my radar this week, especially since this week is pretty light for notable earnings and economic data.
Featured Earnings 💲
Inotiv [NOTV] ... PM
Oil-Dri Corporation of America [ODC] ... PM
Oracle Corporation [ORCL] ... PM
Casey's General Stores [CASY] ... PM
Economy 🏗
None
Running Hot 🔥
Gainers
Assure Holdings [IONM] >> +56.5%
Rail Vision Unit [RVSN] >> +25.6%
Wavedancer [WAVD] >> +19.0%
Decliners
Dawson Geophysical [DWSN] >> (38.3%)
Green Giant [GGE] >> (41.0%)
Near Intelligence [NIR] >> (25.2%)
Cigna [CI] - Last Close: $258.80
The health insurance firm is rallying after it announced its withdraw from a previously-announced merger with Humana [HUM] early this morning.
Multiple media outlets are reporting that Cigna pulled out of the deal after a series of disagreements over financial arrangements.
Yesterday, Cigna also said it will add $10 billion to its share buyback program because its stock is so undervalued. Shares are down 22.0% over 12 months.
CI is leading the S&P 500 with a 13.3% gain on the news, and 258K shares have been traded in the premarket, so far.
My Take: CI is beginning to look like an excellent value. This merger wasn’t popular with the market, so Cigna’s decision to pullout could provide the catalyst it needs to pivot into a new positive trend.
Macy’s [M] - Last Close: $17.39
The embattled department store is rallying on reports that an investor group has offered to buyout the company for $5.8 million.
The offer was submitted by Arkhouse Management and Brigade Capital Management on Dec. 1st, and proposed acquiring all shares for $21 apiece.
The offer represents a 32% premium from the stock’s recent closing price.
M is up 15.5% on news of the buyout interest, and over 2.73 million shares have passed hands in today’s premarket.
My Take: M has been building momentum as of late. Shares are up 58.5% over the past 30 days, and the buyout news could kick the trend into overdrive. M’s 14.23% short percentage could also be a nice setup for a short squeeze.
Poseidon Therapeutics [PSTX] - Last Close: $3.16
Early results from a Phase 1 trial of CAR-T BCMA-ALLO1 in relapsed refractory myeloma patients are rallying shares of this tiny biotech.
The company presented the data over the weekend at the 65th American Society of Hematology annual meeting over the weekend.
The drug produced a 82% overall response rate in “heavily pretreated patients,” and it showed a favorable safety and reliability profile.
Poseidon will host a conference call today, at 11 a.m. Pacific, to discuss the data in more detail, but shares are already rallying on the news.
PSTX is one of this morning’s top stocks, with a 25.8% gain on 1.24 million shares traded.
My Take: PSTX has been on a tear as of late. Shares are up 44.2% over the past 30 days, and this catalyst could help it close the gap between its current price point and its previous 52-week high of $8.82.
NextPlay Technologies [NXTP] - Last Close: $0.42
A spat with Nasdaq over a missed deadline for filing its financial reports is shaking up shares of NextPlay Technologies.
Last week, the exchange notified NextPlay that it failed to meet the deadline for filing financial reports for several periods in 2023.
NextPlay had until Dec. 7th to appeal to avoid suspension of its securities, but the company has reportedly made accommodations to file the appeal.
The company believes it can regain compliance before its appeal hearing date with Nasdaq, which hasn’t been officially announced just yet.
Shares of NXTP are up 45.2% with over 6 million shares traded in the pre-bell session.
My Take: NXTP has been on a major slide lately, but the sell off may have been overdone. Today’s rally could be a sign that the market sees value here, and it could mark the beginning of a potential price correction.
That's it for today! Thanks for reading, and good luck out there!
Best Regards,
— Chris D.
Elite Trade Club
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