Premarket Report - Nov. 20th, 2023

Author

Chris Dinello
November 20, 2023

Good Afternoon! 

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

Happy Monday! It’s November 20th. I hope you had a great weekend.

Now, let's get ready to trade!

Markets 📈

U.S. indexes notched modest gains on Friday and closed out the trading week in the green. The Dow, Nasdaq, and S&P 500 all posted gains of 0.1% or less, while the small-cap Russell 2K rallied for a 1.3% gain.

Today, futures are hovering near flat in early trading. S&P 500 contracts are currently holding onto a slim fractional gain.

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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 🔍

Zoom Earnings

The top event on my radar today is Zoom earnings. The videoconferencing stock got an enormous boost from the so-called work-from-home revolution, but many companies have since reconsidered their generous policies for remote workers. It will be interesting to see if this shift in the market negatively impacted Zoom’s earnings last quarter, and, if so, it could be a warning for similar stocks.

Featured Earnings 💲

  • Legend Biotech Corporation [LEGN] ... AM

  • Full Truck Alliance [YMM] ... AM

  • Agilent Technologies [A] ... PM

  • Keysight Technologies [KEYS] ... PM

  • Zoom Video Communications [ZM] ... PM

  • BellRing Brands [BRCR] ... PM

  • Symbotic [SYM] ... PM

  • Golub Capital [GBDC] ... PM

  • Central Garden & Pet Company [CENT] ... PM

  • Fidelis Insurance Holdings Limited [FIHL] ...PM

Economy 🏗

  • U.S. leading economic indicators [Oct] ... 10:00a

Running Hot 🔥

Gainers

  • Nogin [NOGN] >> +83.7%

  • Blue Star Foods [BSFC] >> +36.4%

  • LogicMark [LGMK] >> +23.3%

Decliners

  • Intelligent Bio [INBS] >> (22.8%)

  • Captivision [CAPT] >> (18.2%)

  • Wang Lee Group [WLGS] >> (21.4%)

YPF SA [YPF] - Last Close: $10.73

YP SA is surging on political news out of Argentina.

The Argentinian oil & gas giant is rallying after Javier Milei, a self-styled anarcho-capitalist libertarian, won the country’s presidential election over the weekend.

Milei has promised to take on the country’s political establishment and tame Argentina’s skyrocketing inflation rate.

The new president’s commitment to economic development over political & social issues is giving regional stocks like YP SA a boost today.

YPF is one of the morning’s top movers with a 19.2% gain.

My Take: Milei plans to cut a lot of bureaucratic and regulatory red tape. Regardless of your feelings towards his politics, these policies are probably going to be very favorable for businesses operating in the country, especially for YPF and others in high-regulation industries like oil & gas.

MediciNova [MNOV] - Last Close: $1.78

MediciNova just published a promising clinical update.

The tiny biotech said a Phase 2 trial of a MN-166 & TMZ combination therapy in glioblastoma patients improved progression-free survival.

MediciNova said the data shows the treatment produced a 44% increase in progression-free survival after six months of treatment.

The combo therapy was safe & well tolerated, plus, it produced no unexpected adverse events among the patient population.

MNOV is a top mover with 16.5% gain on elevated premarket volume.

My Take: MNOV has had a rough few months, but it was trading for $2.50 per share not too long ago. This catalyst could provide the pivot point it needs to snap out of its funk.

Alzamend Neuro [ALZN] - Last Close: $1.69

Alzamend Neuro is rallying after a regulatory breakthrough.

The tiny biotech received a “study may proceed” notice from the FDA for its mid-stage trial of AL001, a lithium therapeutic for major depressive disorder.

Alzamend recently completed a Phase IIA study of the drug in Alzheimer’s patients & health subjects, and the treatment was safe & well tolerated.

The FDA “study may proceed” notice clears the way for Alzamend to begin a Phase IIA study of patients with MDD.

CEO Stephan Jackman said, “a next-generation lithium product (AL001) that would not routinely require therapeutic drug monitoring… would constitute a major improvement over current lithium-based treatments.”

Shares of ALZN are up 9.4% on elevated trading volume.

My Take: There has been a lot of trading in ALZN over the past couple of week. It experienced a big volume spike on Friday, accompanied by a 14.1% gain. It could be a signal that its recent slide might be bottoming out.

Bruush Oral Care [BRSH] - Last Close: $0.1690

Bruush Oral Care is soaring after several recent announcements.

On Friday, the Canadian personal care products company announced an offering of 15.75 million shares furnished by certain selling shareholders.

Around the same time, Bruush also announced an update regarding its pending $5.01 million take-private deal with Generating Alpha Ltd.

Finally, the company also unveiled that it had officially fallen out of compliance with Nasdaq’s minimum bid price requirement.

BRSH is one of the most actively-traded stocks in the premarket, and it’s leading the pack with a 171.0% gain.

My Take: I’m not really sure what to make of the BRSH rally. I think it has something to do with the pending take-private deal, but the truth is anyone’s guess.

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

Best Regards,

— Chris D.
Elite Trade Club

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