Biopharma stock rockets 270% on new clinical data 🚀

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Thursday, May 4th. I hope you have a great trading day. Now, let's get ready to trade! Markets 📈 Stocks closed with mixed results on Wednesday after the Fed Reserve hiked rates to their highest levels in 16 years. The Dow lost 0.8% on the news, while the S&P 500 slid 0.7% and the Nasdaq lost 0.4%. The small-cap Russell 2K outperformed with a 0.4% gain. This morning, futures are moving lower in early trading. S&P 500 contracts are showing a 0.2% loss. Sponsored [Do You Own These 5 Tech Stocks?]( One of the best ways to make money is by trading fear… I’m sure you’ve heard - “The Time to Buy is When There’s Blood in the Streets…” It’s never been truer than it is with these five tech stocks… Which is why we created this free report, Five Top Tech Stocks to Own Now [Click Here to Get Your Free Copy]( Premarket Highlights 🔎 📉 Powell Signals Pause in Rate Hikes Fed Chairman Jerome Powell comments at his Wednesday press conference seemed to signal that the central bank will pause rate increases for at least two months following May's rate hike. Powell indicated that the Fed would stand pat on rates in June to give the economy more time to react to higher rates. Policymakers are hopeful that inflation will continue to come down without the need for additional hikes, however the current inflation rate is still well above the Fed's 2.0% target. What to Watch Today? 👀 Another Bank Bites the Dust? I'll spare you anymore Queen puns, but it looks PacWest could be the next regional bank to go under. Share prices are down more than 45% in today's premarket after the bank announced it was meeting with investors and potential partners. PacWest promised to keep investors posted on its deposit levels, but said it hasn't experienced "out-of-the-ordinary deposit flows following the sale of First Republic Bank and other news." However, as we saw with First Republic, this situation could quickly deteriorate if investor sentiment doesn't improve. Major Earnings 💰 Conocophillips [COP] ... AM Regeneron Pharmaceuticals, Inc. [REGN] ... AM Zoetis Inc. [ZTS] ... AM Becton, Dickinson And Company [BDX] ... AM Shopify Inc. [SHOP] ... AM Intercontinental Exchange Inc. [ICE] ... AM Apple Inc [AAPL] ... PM Booking Holdings Inc. Common Stock [BKNG] ... PM Eog Resources, Inc. [EOG] ... PM Monster Beverage Corporation [MNST] ... PM Economy 🏗 U.S. productivity [Q1] ... 8:30a U.S. unit-labor costs [Q1] ... 8:30a U.S. trade deficit [Mar] ... 8:30a Weekly jobless claims [Apr] ... 8:30a Running Hot 🔥 Gainers - Altamira Therapeutics [CYTO] >> +57.8% - Gaucho Group Holdings [VINO] >> +37.9% - ZimVie [ZIMV] >> +29.5% Decliners - Enviva Partners [EVA] >> (48.4%) - First Horizon Natl. [FHN] >> (43.4%) - PacWest Bancorp [PACW] >> (38.6%) SolarEdge Technologies [SEDG] - Last Close: $263.82 SolarEdge is moving higher after an earnings release. The Israeli solar company reported its Q1 results after Wednesday's closing bell, and the market likes what it sees. SolarEdge reported non-GAAP EPS of $2.90 per diluted share, topping the consensus of $1.95 and more than doubling from last year's Q1 EPS of $1.20. Revnues of $943.9 million also grew significantly from the year-earlier quarter's $655.1 million figure and beat the Street's $931.9 million target. SEDG is leading the S&P 500 with an 11.0% gain in the wake of the strong quarterly performance. My Take: SEDG has been trading in a very narrow range for months, and it's facing stiff resistance at around $335 per share. There could be some decent upside left from its current price point, but breaking through will be tough. Arconic [ARNC] - Last Close: $22.55 Rumors of a potential buyout are boosting shares of Arconic. This morning, the company announced that Apollo Global Management [APO] had agreed to acquire it in an all-cash deal worth $5.2 billion. Under the terms of the deal, ARNC shareholders will receive $30 apiece for each share of common stock. The deal also includes a minority investment from funds managed by affiliates of Irenic Capital Management. Upon closing, Arconic will become a privately-held company. Shares of ARNC are up 27.9% on news of the buyout. My Take: ARNC is currently trading for $28.85 per share, so there's not a lot of upside to work with here. Soligenix [SNGX] - Last Close: $1.42 A promising clinical update is rallying shares of Soligenix. This morning, the biopharma firm unveiled positive clinical results from a study evaluating HyBryte™ as a treatment for certain types of lymphoma. All patients in the study had notable improvements in their condition as measured by a CAILS scoring system. The study found that most patients noted significant improvements, while 14.8% reported symptoms that were "completely resolved" after as little as 8 weeks. CEO Christopher Schaber said, ""These results reinforce the positive HyBryte™ data from the FLASH study." SNGX is up 270.4% on the promising product update. My Take: SNGX is a very tiny float stock with a 5.21% short ratio, so there could be some elements of market manipulation going on with this triple-digit run. Don't get caught holding the bag. SaverOne [SVRE] - Last Close: $1.16 SaverOne is trending after a successful concept demonstration. The tech company announced the completion of a pilot demonstration of its protection system with the Abu Dhabi Ministry of Transport. SaverOne said its technology successfully prevented distracted driving due to mobile phone use among bus drivers. Company reps say the demonstration was a success and the company is making suggestions for specific customizations for the Abu Dhabi bus system. SVRE is up 35.3% on news of its technology's success. My Take: This could be a promising growth play. SVRE's market cap stands at only $1.85 million, so this company could have significant upside if its product takes off. 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 to sign up now and get our watchlists sent directly to your phone! 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