It could get bumpy today 🚧

U.S. indexes notched modest gains in their second day of trading this week, although the small-cap Russ2K posted a sleight loss.

Dow [+0.1%]
S&P 500 [+0.2%]
Nasdaq [+0.2%]
Russell 2K [-0.2%]

Futures are down in early trading, with S&P 500 contracts showing a 0.1% loss at the time of writing.

NVIDIA’s earnings report is the big item on Wall Street’s radar today, but the numbers won’t drop until after the closing bell. Regardless, we could see some volatility in the tech sector leading up to the after-market earnings release.

We’ll also get minutes from the latest Federal Reserve Open Markets Committee meeting this afternoon, which could shed light on the central bank’s outlook for the economy and interest rates. The minutes release could also create widespread volatility in today’s session, depending on its tone.

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Rezolute [RZLT] - Last Close: $3.00

Micro-cap biotech firm Rezolute is surging after reporting positive toppling results from a Phase 2 study of Rz402 for diabetic macular edema.

The company said the study met its primary endpoints for safety and reduction of symptoms, according to an early morning statement.

RZLT is up 21.2% on over 3 million shares traded.

My Take: RZLT was facing stiff resistance at $3.50 per share prior to this rally, but it’s currently on pace to smash through this barrier. If it can hold on, it could find new support at this price point.

Buzzfeed [BZFD] - Last Close: $2.50

Left-wing media site Buzzfeed is surging today in what appears to be the latest short-squeeze rally to come out of Meme Stock Mania.

Shares have performed well in May, despite a dismal earnings report on in the aftermarket on the 13th, but the rally is kicking into overdrive today.

BZFD had a 19.86% short percentage as of April 30th, and it looks like the shorts are feeling the pressure with today’s move.

BZFD is up 48.4% on 8.5 million shares traded.

My Take: BZFD is up 187% over the past three months, but hell if I know why. I am long-term bearish on this one.

Akoustis [AKTS] - Last Close: $0.1377

This morning, Akoustis announced it has completed the rollout of its XBAW design updates in its manufacturing process.

The changes will remove any patented features claimed by Qorvo after a it won an infringement lawsuit against Akoustis.

AKTS is up 233.3% on over 126 million shares traded.

My Take: The AKTS rally could also be the result of a short squeeze. Its short percentage was only at 10.67% as of April 30th, but the ratio may have gone up since then.

Barnes & Noble Education [BNED] - Last Close: $0.5401

Rumors of a potential strategic transaction are rallying shares of Barnes & Noble Education this morning.

At the beginning of May, activist investors Outerbridge and Greenhaven brought a $114.5 million recapitalization proposal to BNED’s board.

Outerbridge informed the company on May 6th that it didn’t intend to participate further in discussions, but talks with Greenhaven are ongoing.

Shares have been experiencing volatility in the wake of this news, and the rumor could explain the stock’s recent gains.

BNED is up 74.2% on 25 million shares traded.

My Take: BNED is getting a ‘buy the rumor’ boost here. It makes me wonder if the people buying know something about this deal that we don’t. Watch out for big news in the coming days.

Gainers
Mustang Bio [MBIO] >> +55.2%
MGO Global [MGOL] >> +30.4%
PetCo Health [WOOF] >> +15.1%

Decliners
Tantech [TANH] >> (20.7%)
Edible Garden [EDBL] >> (31.4%)
Euronav [EURN] >> (21.4%)

PDD Holdings [PDD] ... AM
TJX Companies [TJX] ... AM
Analog Devices [ADI] ... AM
Target [TGT] ... AM
Williams-Sonoma [WSM] ... AM
Vipshop Holdings Limited [VIPS] ... AM
Nvidia [NVDA] ... PM
Synopsys [SNPS] ... PM
Snowflake [SNOW] ... PM
V.F. [VFC] ... PM