| | | September 21, 2023 Hey traders! It's Michael here with the Stock Dork Cheat Sheet: Premarket Report, your go-to guide for the day's biggest trading news and hottest premarket stocks! Today is Thursday, September 21st. I hope you have a great day in the market. Now, let's get ready to trade! |
| Stocks closed Wednesday's session in the red, with the Nasdaq's 1.5% loss leading the way lower. The S&P 500 fared slightly better, with a 0.9% decline, while the Dow fell by just 0.2%. The Russell 2K tied the S&P 500's 0.9% loss. S&P 500 futures are currently down 0.8%, indicating a lower open is likely. #1 AI Stock in The World Wall Street first discovered artificial intelligence in a big way when ChatGPT burst onto the scene this year. Suddenly, Nvidia, the biggest AI chipmaker, surged 191%. But our Weiss stock ratings identified Nvidia as a "Buy" way back in 2011. Investors who bought it then could have seen gains of 9,624%. Now, we're among the first moving on to the next phase of the AI revolution, which could be even bigger. Get all the Deails on this Promising AI Stock Here 🏛 Fed Holds Rates SteadyCentral bankers maintained their benchmark rate steady at 5.25% to 5.5% at their September meeting. However, post-meeting comments from Fed Chair Jerome Powell indicated policymakers might have one more rate hike up their sleeve to use before the end of the year. Stocks fell on the news. |
| FedEx Corp [FDX] - Last Close: $48.59 FedEx is taking off after a strong earnings report. After Wednesday's close, the shipping giant reported stronger-than-expected fiscal Q1 earnings results. FedEx reported adjusted net income of $4.55 per diluted share for the quarter, up from $3.44 a year ago, and crushed the consensus estimate of $3.75. Revenues of $21.7 billion were down 6.4% from last year and fell just short of analysts' $21.83 billion estimate. FedEx also raised its fiscal 2024 EPS guidance to reflect improved profitability. FDX is leading the S&P 500 with a 5.3% gain. My Take: FDX is a classic stock that could be a great addition to many portfolios. However, it's a slow mover, so don't expect to see any explosive moves higher. Calliditas Therapeutics [CALT] - Last Close: $16.38 Calliditas Therapeutics is heating up ahead of a big event. Earlier this week, the micro-cap pharma firm said it would present new drug data at an upcoming conference in Tokyo running from Sept. 25th to 27th. Calliditas will share new data for its nefecon treatment at the event, called the 17th International Symposium on IgA Nephropathy. Shares of CALT have been trading somewhat erratically since the announcement, but it's up 16.0% in today's premarket. My Take: There might be more to this story, but it seems like CALT is moving higher in anticipation of this upcoming conference, which could prove to be a catalyst for this low-float stock. Murphy Canyon Acquisition [MURF] - Last Close: $12.84 Shareholders just voted to approve Murphy Canyon's merger plan. Wednesday morning, the SPAC announced shareholders had voted to approve its pending merger with Conduit Pharmaceuticals. Murphy Canyon SPAC says it expects to close on the deal "as soon as possible." Upon closing, the combined company will change its name to Conduit Pharmaceuticals and trade under the ticker symbol CDT. MURF is one of the morning's top stocks with a 32.7% gain. My Take: I don't know enough about Conduit Pharma to gauge its long-term outlook, but I'd wager that most of the good news regarding the merger approval is already priced into MURF at this point. Near Intelligence [NIR] - Last Close: $0.2090 Near Intelligence is climbing after an early-morning press release. The company published a note highlighting its involvement in the global commercial real estate (CRE) industry. Near Intelligence said its CRE clients account for a combined revenue of nearly $87 billion, with upwards of $200 billion in assets under management. The press release also included several company resources regarding its CRE business, as well as case studies exploring cutting-edge CRE trends. NIR is up 48.8% in the wake of the announcement. My Take: NIR's latest press release seems like a puff piece with not a lot of substance to it. I'm not sure why the market is reacting so strongly to this news. GainersNeptune [NEPT] >> +49.1%MSP Recovery [LIFW] >> +37.8%TradeUp Acquisition [UPTD] >> +22.2%Safe Green Holding [SGBXV] >> +253.3% DeclinersTravere Therapeutics [TVTX] >> (31.6%) Leafly Holdings [LFLY] >> (30.4%)Avinger [AVGR] >> (15.3%)Seelos Therapeutics [SEEL] >> (13.7%) Darden Restaurants, Inc. [DRI] ... AM
Factset Research Systems Inc. [FDS] ... AM
Tritium Dcfc Limited [DCFC] ... AM
Phaxiam Therapeutics S.A. Dr [PHXM] ... AM
Scholastic Corporation [SCHL] ... PM
Flux Power Holdings, Inc. [FLUX] ... PM Initial jobless claims [Sep] ... 8:30aPhiladelphia Fed manufacturing survey [Sep] ... 8:30aU.S. current account deficit [Q2] ... 8:30aU.S. leading economic indicators [Aug] ... 10:00aExisting home sales [Aug] ... 10:00a |
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