Stocks look to stay HOT 🔥

A dovish Federal reserve and strong performances from the tech sector could lift the market to new highs today.                                                                                                                                                                                                                                                                                                                                                                                                                 March 21, 2024 | [Read Online]( Good Morning! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Let’s get ready to trade! Markets 📈 Stocks continued their upswing on Wednesday after Fed chairman Jerome Powell said the central bank still has three rate cuts penciled in for 2024. The Nasdaq and Russ2K outperformed in the trading session. - Dow [+1.0%] - S&P 500 [+0.8%] - Nasdaq [+1.2%] - Russell 2K [+1.9%] Futures are pointing higher again in today’s premarket. S&P 500 contracts are currently up by about half a point. What to Watch Today: Today’s after-market earnings schedule features several noteworthy names, including Nike, Lululemon, and FedEx. However, they probably won’t have much of an impact on today’s trading session until the after-hours, since they’re reporting after the closing bell, but they’re definitely worth keeping an eye on. [Get of Cash…. RIGHT NOW]( (Ad) “Safe” investors who don’t get out of cash now could lose everything over the next six months. For the first time that I’ve ever heard of… a bubble is about to burst on a schedule. Yes, we know the exact date when everything is going to change in the financial markets. When the $6 trillion bubble pops, you want to be with them. The good news is, there’s a simple 3-step process to insulating yourself from this bubble. [Get Instant Access to the Cash Bubble Playbook HERE]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 Reddit's IPO: A Comeback for Tech Stocks? 🚀 Reddit's IPO is set at a robust $34 per share, hitting the top of its anticipated range and pegging the company's value at a solid $6.5 billion. This pricing reflects investor enthusiasm, eagerly awaiting Reddit's public debut under the ticker "RDDT" after a lull in tech IPOs. A Return to the Public Eye 🌐 Making its market entrance with 15.28 million shares, Reddit's move marks the first major social media IPO since Pinterest in 2019, breaking the ice in what has been a tech IPO drought. Despite a valuation trim from its 2021 peak, Reddit's offering underscores a cautious optimism in tech ventures amid shifting market conditions. Navigating Choppy Waters ⛵ With a backdrop of economic shifts pushing investors away from high-risk assets, Reddit's journey to IPO underscores the broader tech industry's recalibration towards sustainability over unchecked growth. Yet, amid this cautious market, some tech names like Astera Labs have seen remarkable debut performances, hinting at selective investor appetite for innovative tech. Competitive Landscape and Growth Prospects 🌳 Facing off against giants in online advertising and a diverse set of competitors across social media and tech, Reddit aims to carve its niche while eyeing growth in revenue and narrowing its loss margins. With a strategic eye on data licensing and a fresh partnership with Google, Reddit is gearing up for new revenue streams in the evolving digital ecosystem. Featured Earnings 💰️ - Accenture [ACN] ... AM - Darden Restaurants [DRI] ... AM - FactSet Research Systems [FDS] ... AM - Academy Sports And Outdoors [ASO] ... AM - Winnebago Industries [WGO] ... AM - Lufax Holding [LU] ... AM - Nike [NKE] ... PM - FedEx [FDX] ... PM - Lululemon Athletica [LULU] ... PM - AAR [AIR] ... PM Economy 🏗 - Initial jobless claims [Mar] ... 8:30a - Philadelphia Fed manufacturing survey [Mar] ... 8:30a - S&P flash U.S. services PMI [Mar] ... 9:45a - S&P flash U.S. manufacturing PMI [Mar] ... 9:45a - U.S. leading economic indicators [Feb] ... 10:00a - Existing home sales [Feb] ... 10:00a Running Hot 🔥 Gainers - Kaival Brands [KAVL] >> +65.4% - Cullman Bancorp [CULL] >> +28.0% - Blue Ocean SPAC [BOCN] >> +27.6% Decliners - Movella [MVLA] >> (56.3%) - Tourmaline Bio [TRML] >> (33.9%) - Waldencast [WALD] >> (21.4%) Micron [MU] - Last Close: $96.25 After Wednesday’s close, chip giant Micron reported an unexpected profit and a huge revenue spike on its fiscal Q2 earnings report. Micron generated EPS of $0.42 after posting a $(1.91) loss a year earlier. Analysts expected a loss of $(0.24) per share. Revenues jumped 57% to $5.82 billion for the quarter, also beating the consensus of $5.35 billion. Its Q3 guidance also topped expectations. MU is leading the S&P 500 with a 17.3% gain on over 2 million shares traded. My Take: MU’s earnings beat could be a catalyst for the entire chip sector. I wouldn’t be surprised if we saw other chipmakers perform well today. In fact, I’m already seeing several chip stocks rising in the premarket. Lufax Holdings ADS [LU] - Last Close: $3.37 China-based FinTech stock Lufax is rallying after announcing a special dividend as part of its early-morning Q4 earnings release. Lufax had a dismal quarter, posting sales and EPS that fell well below Wall Street’s estimates, but the special dividend is still boosting the stock. LU will pay a special dividend of $2.42 for each ADS, subject to approval by shareholders at its upcoming May 30th general meeting. LU is up 45.0% on more than 8 million shares traded. My Take: LU had a weak quarter but the special dividend announcement is saving the stock right now. However, the dividend still hasn’t been approved, so take this news with a grain of salt. Asset Entities [ASST] - Last Close: $0.5050 A newly-announced agreement with Zendrop is rallying shares of Asset Entities in today’s premarket. Under the arrangement, the company will provide Zendrop with services through its Ternary SaaS platform for payment processing and Stripe Verified Partner for Discord communities. Financial terms of the arrangement weren’t disclosed. ASST is up 75.0% on over 11 million shares traded. My Take: I’m not sure why ASST is reacting so strongly to this news. Maybe there’s more to the story but I am not seeing it at the moment. CuriosityStream [CURI] - Last Close: $0.5815 This documentary-focused streaming service provider is rallying after publishing strong Q4 earnings results this morning. CuriosityStream’s $14.8 revenue figure missed the $15.8 million consensus, but it saw its gross profit jump to $6.7 million from $1.4 million a year ago. It also posted a thinner-than-expected loss of $(0.09) per share, against the Wall Street consensus of $(0.15) per share. The company also announced a new quarterly cash dividend of $ 0.025 per share that will payout on April 30th to shareholders of record on April 12th. CURI is up 40.1% on over 3 million shares traded. My Take: CURI is showing signs of progress, and it plans to make the dividend a regular thing. This catalyst could help the stock extend its recent up-swing. That's it for today! Thanks for reading, and good luck out there! Best Regards, — Chris D. Elite Trade Club Text ELITE to 47121 or [click here]( to get our alerts on your mobile device, and never miss another fast-moving stock! P.S. Just like this newsletter, it's 100% free*, and you can stop at any time by replying STOP. 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