| | 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! Let's get ready to trade! |
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The market stumbled on Tuesday despite a hot start to the trading week. The Nasdaq was the day’s loan gainer with a minimal advance. - S&P 500 [-0.1%]
- Dow [-0.4%]
- Nasdaq [<0.1%]
- Russell 2K [-1.0%]
Futures are down again this morning, albeit by a thin margin. S&P contracts are holding steady with a loss of less than 0.1% at the moment.Stocks opened the trading week on a high note, with most U.S. benchmarks rallying by a point or more. 🤣 AMATUER HOUR: SEC’s X Account Gets Hacked
An unauthorized user gained access to the Securities Exchange Commission’s X account late Tuesday, and hilarity ensued.
The hack became obvious after the SEC account published a post claiming it had approved Bitcoin ETFs for “all registered national security exchanges.”
BTC prices jumped past $43,000 on the news, but SEC Commissioner Gary Gensler quickly intervened on X and put the rumor to rest.
Gensler called the post “unauthorized” and reiterated the regulator had yet to approve any form of Bitcoin ETF.
Trolled 👺
X’s Safety team also chimed in on the matter, noting that the hack wasn’t the result of a failure in its systems.
An official representative from the SEC confirmed that their X account experienced unauthorized access for a short duration post-4 p.m.
The agency said its working with law enforcement to investigate the breach and determine appropriate actions.
Following the SEC's rectification, Bitcoin's value dipped under $46,000.
Bitcoin ETF on Deck? 🚀
Investors in the cryptocurrency market have been keenly awaiting the SEC's approval for spot bitcoin ETFs from major asset management firms like BlackRock and Fidelity Investments.
This anticipation has built up over more than ten years, and the regulator is expected to announce a key decision on spot Bitcoin ETFs as soon as today.
Many market watchers and crypto enthusiasts are optimistic about the likelihood of approval, citing recent intense interactions involving SEC staff, ETF providers, and exchanges to finalize operational aspects of these funds.
Yesterday’s “announcement” wasn’t legit, but the real thing could be coming soon.
Until then, the SEC should probably activate 2FA on its X account. 😆
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Clearmind Medicine [CMND] - Last Close: $2.07 | The psychedelic pharma stock just announced the completion of a Type A meeting with the Food & Drug Administration for CMND-100. | In the meeting, the two sides discussed a regulatory path forward for the drug candidate as a treatment for Alcohol Use Disorder. | Clearmind CEO Adi Zuloff-Shani said the meet was “informative and productive,” and his company is “eager to advance the regulatory process.” | CMND is a top mover with a 47.8% gain on more than 10 million shares traded this morning, so far. | My Take: CMND was riding high a few months ago, but it’s down big since then. Howver, shares could rebound quickly if this drug candidate gets back on the right track. |
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| Exicure [XCUR] - Last Close: $0.6201 | This morning, this early-stage biotech announced it was granted a broad U.S. patent for one of its drug developments. | The title of the newly issued patent is, “"Liposomal Nucleic Acid Constructs Presenting Antisense Oligonucleotides For Knockdown Of Interleukin 17 mRNA (For Inflammation From Cancer, Obesity, Diabetes, Alzheimer's)" | News of the patent is quickly boosting the tiny stock. It’s currently up 29.6% on nearly 5 million shares traded. | My Take: XCUR is a tiny stock with an elevated short ratio, so I suspect we could seee a pullback soon. |
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| iCoreConnect [ICCT] - Last Close: $1.30 | This healthcare technology stock landed a deal to acquire Verifi Dental for an undisclosed amount. | CEO Robert McDermott said, “This strategic acquisition signifies positive momentum for the Company and the advancement of our growth strategy.” | Over the past few weeks, iCoreConnect has also announced deals to acquire Teamworx Dental and FeatherPay. | ICCT is a top mover with an 11.5% gain on more than 4 million shares traded. | My Take: ICCT appears to be on a shopping spree, but only time will tell if this strategy will pay off. |
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| Amarin Corp. [AMRN] - Last Close: $0.9709 | This pharma stock is heating up after publishing preliminary Q4 2024 financials and outlining its key priorities for 2024. | Most notably, the company announced plans to launch a $50 million share buyback program in the coming months. | Amarin also said it expects to post revenues in the range of $72 million to $74 million in Q4, beating its previously issued guidance of $62 million. | AMRN is up 15.3% on nearly a million shares traded in the premarket. | My Take: AMRN has been locked in a clear up-trend since the start of December, although it has seen some volatility within its trading range. Share prices could find support at the $1 mark if it can hold onto its gains. |
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Gainers
NVNI Grp. [NVNI] >> +58.5%
Jin Medical [ZJYL] >> +25.6%
Spruce [SPRB] >> +13.3%
Decliners
Aehr Test Systems [AEHR] >> (18.4%)
Aclaris Therapeutics [ACRS] >> (17.9%)
Sensei Biotherapeutics [SNSE] >> (11.2%) |
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- KB Home [KBH] ... PM
- Richardson Electronics [RELL] ... PM
- Wholesale inventories [Nov] ... 10:00a
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