4 Wild rallies to watch today 🦁

GME and AMC may be down, but meme stock mania is still pushing several micro-float stocks to enormous gains in today's premarket.                                                                                                                                                                                                                                                                                                                                                                                                                 May 17, 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 drifted lower on Thursday, reversing course after the S&P 500’s record-close on Wednesday. The Russ2K underperformed, while large-cap indexes posted minor losses. - Dow [-0.1%] - S&P 500 [-0.2%] - Nasdaq [-0.2%] - Russell 2K [-0.6%] Futures are edging higher in early trading, but they’re still sitting relatively close to flat. S&P 500 contracts are up by less than 0.1%. What to Watch Today: Stocks are at a crossroads after the S&P 500’s new record high earlier in the week. The next few days will show us whether or not the rally will hit a wall or continue rolling higher. [Game-Changing Tech Could Skyrocket this Overlooked Biotech]( A little-known NYSE-traded stock could be positioned to disrupt the industry with a game-changing nanomedicine breakthrough. The Smart Money is watching this one closely, and the momentum could be building towards a massive breakout. [Get the Ticker & See Why a Big Breakout Could Be Coming Soon >>]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 ✅ Microsoft-Mistral Partnership Cleared by U.K. Regulators The U.K.'s Competition and Markets Authority (CMA) has concluded its review of Microsoft's [MSFT] AI partnership with Mistral, ruling out regulatory concerns regarding the arrangement. The decision comes after the CMA sought feedback on whether the partnership qualified as a merger. CMA's Verdict 📜 In a concise announcement, the CMA stated that the Microsoft-Mistral deal "does not qualify for investigation under the merger provisions of the Enterprise Act 2002." This decision signals the CMA's satisfaction with the partnership's compliance with regulatory standards. Partnership Details 🤝 Mistral, a French AI company established in 2023, received a 15 million euro ($16 million) investment from Microsoft earlier this year. As part of the agreement, Microsoft gains a minority stake in Mistral, while Mistral integrates its advanced language models into Microsoft's Azure cloud computing platform. Regulatory Landscape 🕵️‍♂️ The CMA initiated an inquiry in April, seeking input from stakeholders on partnerships between U.S. tech giants and smaller AI firms, aiming to assess whether such agreements constituted mergers. While Microsoft's investment in Mistral has been cleared, the CMA's investigations into other deals, including Amazon's partnership with Anthropic and Microsoft's hiring practices from AI startup Inflection, are ongoing. Microsoft Compliance 📊 Microsoft has consistently maintained that its partnerships with OpenAI and Mistral, as well as its employment practices related to Inflection, do not qualify as mergers. Similarly, Amazon has asserted that its collaboration with Anthropic is a limited corporate investment, not a merger. Featured Earnings 💰️ - RBC Bearings [RBC] ... AM - RLX Technology [RLX] ... AM - Autolus Therapeutics [AUTL] ... AM - Canaan [CAN] ... AM Economy 🏗 - U.S. leading economic indicators [Apr] ... 10:00a Running Hot 🔥 Gainers - Fanged Network [DUO] >> +251% - Akanda Corp [AKAN] >> +140% - FLJ Group [FLJ] >> +86.4% Decliners - Amplitech [AMPG] >> (34.5%) - BIO-Key [BKYI] >> (20.0%) - EHome Houshold [EJH] >> (20.1%) Faraday Future [FFIE] - Last Close: $1.65 Faraday Futures is riding one of the most epic short-squeeze rallies of recent memory thanks to this week’s resurgence of meme stock mania. Data shows FFIE had a 97.98% short percentage as of April 30th, and savvy traders are capitalizing on the impossibly high leverage ratio. FFIE is up by more than 4,000% over the past 10 days, and it’s showing no sign of slowing down, despite yesterday’s news that it would file its 10-Q late. FFIE is up by another 61.8% in today’s premarket, with trading volume sitting just below the 100 million mark. My Take: FFIE shorts are really taking this one on the chin. It seems like the bulls are in full control of this stock, but this rally can’t go on forever so exercise caution. NUBURU [BURU] - Last Close: $0.1409 High-tech manufacture Nuburu e biotech stock is surging after landing a noteworthy purchase order from an Ireland-based medical device company. Ireland’s Blueacre Technology has agreed to purchase NUBURU’s BlueScan laser equipment for the manufacturer of precision medical devices. Financial details of the purchase weren’t disclosed in the initial press release, but shares are surging on the news. BURU is up 125.0% on more than 24 million shares traded. My Take: Frickin’ lasers! BURU is coming off a steep drawdown, but this catalyst could help the stock right the ship. Greenwave Technology [GWAV] - Last Close: $0.1481 Meme stock mania has also put some wind in Greenwave Technology’s sails this week. Shares are up 270% over the past 5 days, and it’s still going strong. Greenwave started moving higher on Tuesday, and it’s climbed steadily for the past two days, despite no news to explain the sudden boost. Yesterday, a Form 8-K filing revealed a deal with DWM Properties to exchange 1,000 preferred shares for 200 million shares of GWAV common stock. The gains appear to be unrelated to this recent news, but the rally is still running strong. GWAV is up 40.5% on over 144 million shares traded. My Take: I couldn’t find short data for GWAV, but the massive volume spike tells me that the raiders fueling this rally are still putting up a hell of a fight. Selina Hospitality [SLNA] - Last Close: $0.1345 A Schedule 13G/A disclosure filed minutes ago shows Saba Capital Management has built up a minority ownership stake in the hotel company. According to the filing, Saba Capital now controls 3.63% of Selina Hospitality. No word on what Saba’s intentions are just yet, ,but the stock is reacting favorably to the news. SLNA is up 49.0% on over 25 million shares traded. My Take: SLNA has had a rough year, but the institutional position by Saba could indicate that the so-called “Smart Money” is beginning to see the stock as a potential value at this price point. 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. [Sign up for SMS]( [Privacy Policy]( | [Advertiser Disclosure]( [tw]( [ig]( [yt]( [tk]( *Standard message/carrier rates may apply. Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. 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