Futures Rise as Banking Crisis Widens 🚨

[Image](www.elitetrade.club) Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Monday, March 13th. I hope you had a great weekend! If you're enjoying our Closing Bell Roundup report, don't forget to sign up for closing bell mobile alerts! Text CLOSE to 47121 or [click here]( to sign up now. Now, let's get ready to trade! Markets 📈 US markets are still recovering from the shocking collapse of Silicon Valley Bank this morning. The S&P 500 closed Friday with a 1.4% loss, while the Nasdaq fell 1.7%. The Dow fared slightly better with a 1.0% decline, and the small-cap Russell 2K sold off for a 2.9% loss. Today, futures are up in the premarket, surprisingly. S&P 500 futures are up 0.5% in early morning trading, despite widespread concerns among investors about the financial health of the US regional banking sector. 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In a joint statement from the Federal Reserve, the Federal Deposit Insurance Corp., and the Treasury Dept, regulators invoked the "systemic risk exception" for Silicon Valley Bank & Signature Banks depositors. All depositors will be made whole and "no losses will be borne by the taxpayer," according to the statement. Previous reports noted that upwards of 90% of SVB depositors were not covered by FDIC insurance. What to Watch Today 👀 Bank Runs The collapse of two major banks have given the market the jitters. Regulators have stopped short of promising bailouts for the besieged banks, but they've already committed to reimbursing all depositors, including those whose balances exceed FDIC limits. This seems to have calmed the market, as futures are up heading into the premarket, but there is still a risk of more selloffs in bank stocks as investors eye their financial health with more scrutiny. Major Earnings 💰 Zim Integrated Shipping [ZIM] ... AM Riley Exploration Permian [REPX] ... AM Inspired Entertainment [INSE] ... AM Inter & Co [INTR] ... PM Avid Bioservices [CDMO] ... PM DocGo [DCGO] ... PM SEMrush Holdings [SEMR] ... PM Getty Images [GETY] ... PM Amlyx Phara [AMLX] ...PM Gitlab [GTLB] ... PM Economy 🏗 - None Scheduled Running Hot 🔥 Gainers - Athenex [ATNX] >> +32.9% - Clearmind [CMND] >> +39.1% - Tenax Therapeutics [TENX] >> +31.4% Decliners - First Republic Bank [FRC] >> (63.0%) - Western Alliance [WAL] >> (53.4%) - PacWest Bancorp [PACW] >> (35.2%) Illumina [ILMN] - Last Close: $194.01 An legendary activist investor has Illumina in his sights. On Sunday, Reuters reported that famed activist investor Carl Icahn is gearing up for a proxy fight at the biotech firm. Icahn maintains that Illumina cost shareholders $50 billion by making a risky acquisition despite opposition from regulators. A report from The Wall Street Journal said Icahn plans to nominate three people to the firm's board, citing a letter he plans to send to ILMN shareholders today. ILMN is leading the S&P 500 with a 6.9% gain. My Take: This could be a good entry point for ILMN. The stock is currently trading near strong support, and Icahn's activist effort could boost shares in the coming weeks. Prevention Bio [PRVB] - Last Close: $6.70 Prevention Bio is moving higher on M&A news. The clinical-stage biopharma firm has agreed to be acquired by Sanofi [SNY] in a $2.9 billion, all-cash deal. Under the terms of the agreement, Prevention Bio shareholders will receive $25 for each share of common stock, marking a 273% premium from the stock's Friday closing price. Sanofi will launch a tender offer for all outstanding shares of PRVB. If successful, one of Sanofi's wholly-owned subsidiaries will merge with Prevention Bio. The deal is expected to close sometime in Q2. PRVB is up 261.4% on new of the lucrative acquisition deal, making it this morning's top premarket performer. My Take: PRVB just landed one hell of a deal for their shareholders, but there's not a lot of upside left on the table. If you're not already in this one, you're probably too late for the party. Calliditas Therapeutics [CALT] - Last Close: $16.83 Upbeat clinical data is giving Calliditas Therapeutics a big boost today. The clinical-stage biopharma firm announced a Phase 3 clinical trial of its Nefecon treatment for met its primary endpoint. Nefecon produced "a highly statistically significant benefit" over placebo in estimated glomerular filtration rate in primary IgA nephropathy patients. Researches observed the benefit across the entire study population, and the company believes the data supports a regulatory filing for full approval. The drug was also well tolerated among patients, and its safety profile was consistent with earlier studies. CALT is one of this morning's top stocks with a 31.3% gain. My Take: This rally put CALT past a tough resistance level at $20 per share. If it can hold onto its gains through the close, it could find new support at this mark, and, maybe, enter into a new positive trend. Science 37 Holdings [SNCE] - Last Close: $0.2391 Science 37 Holdings is undergoing a relief rally after an announcement. The healthcare tech company announced earlier today that it holds less than 5% of its cash at Silicon Valley Bank. There was some panic among SNCE shareholders after the collapse of SVB on Friday, as the market was aware Science 37 had some deposits at the bank. However, the company clarified its position today, and noted that more than 95% of its deposits are held at other U.S. banking institution. The company says it had approximately $108 million in cash and cash equivalents as of Dec. 31st, 2022. SNCE is up 24.4% in the wake of its announcement. My Take: Not much to see here. This is a mild relief rally, and the stock's chart is very ugly. I would steer clear of this one. That's it for today! Thanks for reading, and good luck out there! Best Regards, Chris D. -- Elite Trade Club P.S... Want alerts delivered straight to your cell every morning for free?* Text ELITE to 47121 or [click here]( to sign up now and get our watchlists sent directly to your phone! Or text CLOSE to 47121 to get on the mobile alert list for our Closing Bell Roundup report, featuring the day's top winners and losers. *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 of these emails. 1969 S. ALAFAYA TRAIL Orlando FL 32828 USA [Unsubscribe]( | [Change Subscriber Options](