Biotech jumps 134% on promising new research

Get all of today's top winners & losers inside.                                                                                                                                                                                                                                                                                                                                                                                                                 August 29, 2024 | [Read Online]( Good Afternoon! Hey, everyone. It's Adam from Elite Trade Club. Here’s what moved the market today. Markets 📈 Stocks closed in the green despite losing some momentum shortly before the closing bell. The Nasdaq edged lower, and the Russ2K outperformed its large-cap cohorts. - DJIA [+0.5%] - S&P 500 [0.0%] - Nasdaq [-0.2%] - Russell 2K [+0.6%] [Warning: 20 Popular Stocks You Should Sell Immediately]( Our research has uncovered 20 major stocks that have been hit with rare SELL signals or downgrades from top Wall Street firms. Some of these names may surprise you—they include giants in consumer goods, finance, and even a blue-chip stalwart in the Dow Jones. Millions of investors hold these stocks, but they could be dragging down your portfolio. Don’t let these underperformers erode your hard-earned savings. [Get Instant Access to the Full List of 20 Stocks to Sell Before It's Too Late!]( (By clicking the links in this message, you are opting in to receive emails from MarketBeat. You are also agreeing to the terms of our privacy policy. Unsubscribe at any time.) [How to Know What to Trade]( With thousands of stocks out there, knowing which ones to trade can be overwhelming. The truth is, you only need to focus on a select few. Learn how to quickly identify the best opportunities in just 15 minutes. [Discover the Strategy Here]( Market-Moving News 📈 Best Buy’s Stock Surge Raises Eyebrows 📈 Best Buy’s shares jumped 16% on Thursday, though the company’s results were more about exceeding low expectations than delivering outstanding performance. U.S. comparable sales for the quarter ending August 3 fell by 2.3%, slightly better than the anticipated 3.2% drop. Net income rose by 6.2%, beating forecasts of an 11% decline, thanks to strong demand for high-margin services and lower-than-expected operating expenses. Adjustments in Outlook 🛠️ Best Buy slightly lowered its full-year sales guidance, now expecting a 2.25% decline in comparable sales, compared to the previously expected 1.5% drop. However, it raised its earnings-per-share guidance midpoint to $6.23 from $5.98. Market Concerns 📉 Despite the upbeat reaction, there are concerns about Best Buy’s market position. While overall electronics and appliance stores saw a 3% sales increase, Best Buy’s U.S. revenues continued to decline, marking the 11th consecutive quarter of such drops. The much-anticipated AI-driven electronics replacement cycle has yet to make a significant impact, with AI-powered laptops still representing a small portion of sales. Operational Efficiency at a Cost ⚠️ Best Buy’s focus on reducing operating expenses has boosted short-term profitability but may hurt long-term growth. Retail analyst Neil Saunders noted that Best Buy’s stores lack vibrancy and effort to showcase new technologies, which could undermine the retailer’s reputation for offering a compelling in-store experience. Closing Thoughts 🚀 While Best Buy’s recent stock surge reflects its ability to beat low expectations, ongoing concerns about market share and long-term strategy suggest a more cautious outlook is warranted. Labor Department Promises Fixes After Jobs Data Delay 📊 The Labor Department has pledged to implement new procedures after its Bureau of Labor Statistics released jobs data 30 minutes late last week. The delay allowed banks like Mizuho Financial Group and BNP Paribas to access the information after the scheduled release time but before it was officially issued, as they called in to request it. Cause & Effect 🔧 The delay, caused by a technical glitch, occurred because the report was mistakenly classified as a website update rather than a formal news release. Moving forward, the Labor Department will treat all scheduled data as official news releases, adding safeguards to ensure timely issuance. New Procedures 🛠️ To avoid similar problems, the department will require staff to confirm that data has been publicly released before responding to inquiries. These changes aim to prevent any early access to crucial economic information, ensuring a level playing field for all market participants. Nasdaq Pays $22 Million to Settle CFTC Case Over Misleading Payments 💰 Nasdaq agreed to pay $22 million to settle a case with the U.S. Commodity Futures Trading Commission (CFTC) over payments made to boost trading on its now-defunct energy exchange, Nasdaq Futures (NFX). The CFTC accused Nasdaq of making “false and misleading statements” between 2015 and 2018 about how it compensated market makers—firms that buy and sell assets to maintain liquidity. Misleading Disclosures 💼 According to the CFTC, Nasdaq disclosed fixed monthly payments to these firms but failed to reveal additional payouts tied to NFX trading volumes. In some instances, the exchange explicitly denied such payments. Despite the settlement, Nasdaq did not admit to any wrongdoing. A spokeswoman for the exchange said Nasdaq was pleased to have resolved the matter. NFX’s Unsuccessful Launch 🚀 Nasdaq launched NFX in 2015 with high hopes of capturing market share from industry giants CME Group and Intercontinental Exchange in the U.S. energy futures market. However, the venture struggled and in 2019, Nasdaq sold NFX’s assets to a unit of Germany’s Deutsche Börse. Dissenting Opinions 📝 While most of the CFTC supported the decision, one Republican commissioner, Caroline Pham, dissented, criticizing the fine as unnecessary, calling it a case of “beating a dead market.” [Why Most Traders Miss Out on Breakout Profits]( Many traders miss out on lucrative breakouts because they don’t have the right strategy. But what if you could spot these profitable moves with confidence and ease? Our guide shows you exactly how to do that, helping you turn potential into profit. [Get your hands on this guide today and start winning.]( (Clicking the link above will opt you into a subscription with NetPicks.) Top Winners and Losers 🔥 XORTX Therapeutics [XRTX] $2.70 (+134%) said peer-reviewed research supports the company’s current approach to treating kidney diseases by inhibiting xanthine oxidase. BioCardia [BCDA] $4.02 (+82.7%) was granted FDA clearance to market its Morph DNA Steerable Introducer product family. Innovative Eyewear [LUCY] $5.08 (+53.7%) announced its Lucyd Lite eyeglass frames are now being sold on Target’s [TGT -2.1%] online store. iLearningEngines [AILE] $1.49 (-53.2%) fell after short-seller firm Hindenburg Research accused the company of being “borderline insolvent” when it went public. iLearningEngines refuted the allegations. Dollar General [DG] $84.03 (-32.1%) posted a miss on its Q2 earnings report and slashed its forward-looking outlook as a result of shrinking margins. Portage Biotech [PRTG] $4.52 (-32.0%)”snapped a winning streak dating back to last Friday. Shares are up 67.4% over the past 5 days, including today’s loss. [Don’t Miss the Next Uranium Boom]( The last time uranium entered a peak cycle, investors saw gains of up to 1,300%. Now, we’re on the verge of another massive market move, and the few who are paying attention could transform their portfolios—maybe even their lives. [Discover the Top 3 Uranium Stocks Set to Explode—Click Here to Get All the Details!]( That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback! Thanks for reading. I'll see you at the next open! Best Regards, — Adam G. Elite Trade Club Text ELITESTOCKS 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 Mobile Alerts Now]( [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. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside these emails. [Privacy Policy]( | [Terms of Service]( Update your email preferences or unsubscribe [here]( © 2024 Elite Trade Media LLC 1969 Alafaya Tr., Suite #247 Orlando, Florida 32828, United States of America [Terms of Service](