A crucial week for the market 📈

Stocks are at a cross roads, and this week's trading action could provide valuable insights into the current state of investor sentiment.                                                                                                                                                                                                                                                                                                                                                                                                                 May 20, 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 📈 The market ended last week with mixed results, but the changes were minor, with most indexes closing relatively close to where they opened the session. The Dow was the only benchmark large-cap index to move by more than 0.1%. - Dow [+0.3%] - S&P 500 [+0.1%] - Nasdaq [<0.1%] - Russell 2K [<0.12%] Futures are pushing higher ahead of the open, but only with modest gains. S&P 500 contracts are up by 0.1%. What to Watch Today: Stocks are still sitting at an inflection point. I think investors are in a holding pattern pending more info on interest rates & inflation, but this could set us up for volatility if start to outlook becomes uncertain. Keep an eye on earnings and other gauges of consumer sentiment as we approach the end of Q2. [Be First to Get In On Tomorrow’s Biggest Winners]( Imagine the frustration of watching a stock you've never heard of suddenly skyrocket, delivering massive returns to those who got in early. Don't let that be your story. The key to unlocking these hidden gems lies in having the right information at the right time. [Start Capitalizing on the Market's Best-Kept Secrets HERE >>]( » Want an Ad-Free Experience + Top Growth Stock Picks? [Upgrade Now!]( Premarket Highlights 🔎 Iconic seafood chain Red Lobster has filed for bankruptcy. (©2024, Justin Sullivan | Getty Images) 🦞 Red Lobster Initiates Bankruptcy Proceedings Seafood chain Red Lobster has filed for bankruptcy as part of its ongoing efforts to downsize its operations and seek a buyer, according to a statement released by the company. Financial Struggles 💰 Red Lobster's decision to file for bankruptcy comes amid reports of financial strain, including significant debt burdens and obligations related to long-term leases. In response to these challenges, the company has appointed restructuring expert Jonathan Tibus, a managing partner at Alvarez & Marsal, as its CEO. Optimistic Outlook 📈 Tibus expressed confidence in the restructuring process, citing it as the optimal strategy for addressing the company's financial and operational hurdles. He emphasized the commitment of Red Lobster's lenders and vendors to facilitate a swift and efficient sale process, while maintaining focus on employees and customers. Developing Story 🔎 As this situation continues to evolve, updates will be provided as they become available. Stay tuned for further developments on Red Lobster's bankruptcy proceedings. Featured Earnings 💰️ - Wix.com [WIX] ... AM - UL Solutions [ULS] ... AM - Global-e Online [GLBE] ... AM - Qifu Technology [QFIN] ... AM - EHang Holdings Limited [EH] ... AM - Palo Alto Networks [PANW] ... PM - Keysight Technologies [KEYS] ... PM - Zoom Video Communications [ZM] ... PM - Nordson Corporation [NDSN] ... PM - Taro Pharmaceutical Industries [TARO] ... PM Economy 🏗 - None. Running Hot 🔥 Gainers - MultiMetaVerse [MMV] >> +82.2% - Tantech [TANH] >> +34.4% - CN Energy Group [CNEY] >> +33.2% Decliners - Virios [VIRI] >> (44.7%) - Jaguar Health [JAGX] >> (37.8%) - Jeff Brands [JFBR] >> (26.2%) GT Biopharma [GTBP] - Last Close: $3.12 This tiny biotech is breaking out after posting stronger-than-expected Q1 financial results mid-way through last week. GT Bio reported a thinner-than-expected Q1 loss of $(1.64) per share against the $(2.70) consensus. Shares have volatile since the report dropped last Wednesday, but it’s breaking out in definitive fashion in today’s premarket. GTBP is leading the premarket with a 159.6% gain on nearly 10 million shares traded. My Take: GTBP’s most recent news was Wednesday’s earnings announcement, so it may not be the cause of this move. Short data wasn’t available on this stock, so it’s difficult to pinpoint what’s driving this move. Faraday Future Intel [FFIE] - Last Close: $1.03 The meme stock mafia is making their presence felt in the new trading week, and they're pushing back into heavily-shorted FFIE after it sold-off on Friday. FFIE showed a 97.98% short percentage as of April 30th, and it’s up more than 1,600% over the past five days despite Friday’s 37.5% decline. Today, FFIE is up 96.7% on over 75 million shares traded. My Take: Meme stock enjoyers looked at Friday’s decline and said, “no.” FFIE is back in the green, but it’s still trading significantly below Friday’s intraday high. NKGen Biotech [NKGN] - Last Close: $1.12 NKGen Bio just announced the Safety Review Committee has cleared its SNK01 cell therapy to launch Phase 2 trials for Alzheimer’s disease. The company said it expects to enroll its first patient in the mid-stage trial sometime in Q2. Chairman & CEO Paul Song called the drug, “the first potential disease modifying treatment of its kind for patients with more advanced Alzheimer’s disease,” in a press release announcing the news. NKGN is up 36.6% on over 3.5 million shares changing hands this morning. My Take: Alzheimer’s therapies tend to attract a lot of hype, but I don’t know enough about this drug to make a call one way or the other. However, NKGN will likely face stiff resistance at $2 per share, judging by its chart. Kintara Therapeutics [KTRA] - Last Close: $0.1430 This micro-float biotech is rallying after posting its latest financial results in Friday’s aftermarket. Kintara published its Form 10-K annual report after the closing bell, and it included several business & pipeline updates in the disclosure. KTRA is trending higher in the wake of the report. It’s up 33.2% on over 18 million shares traded in today’s premarket. My Take: Investors had all weekend to review KTRA’s annual report, and now we’re seeing a rush of buying. I’m not sure what triggered this response, but it could help the stock snap out of its funk. 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. Stocks featured in this newsletter may be owned by owners/operators of this website, which could impact our ability to remain unbiased. 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