Futures pause ahead of new PPI 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 11th. I hope you have a great day in the market. Now, let's get ready to trade! Markets 📈 Stocks closed with mixed results on Wednesday after new data showed annual CPI inflation slowed to 4.9% in April. The Nasdaq rallied 1.0%, and the S&P 500 gained 0.4%. The Dow fell less than 0.1%, and the small-cap Russell 2K added half a point. Futures are down heading into the session. S&P 500 contracts are down 0.1%. Sponsored [Famous Wall Street Crash System Flashes RED]( It signaled the 2020 COVID Crash, the 2022 bear market, and it's already pinpointed the #1 stock for 2023. Hundreds of banks, hedge funds, and brokerages pay thousands every month to access these alerts. Because when this system flashes on U.S. stocks, huge gains – or losses – can follow. [See the new RED ALERT here.]( Premarket Highlights 🔎 ⚪ None What to Watch Today? 👀 PPI Data The market will get more data on inflation at 8:30 a.m. when the April Producer Price Index report drops. Yesterday, April's CPI data showed inflation cooled to 4.9%, and investors breathed a sigh of relief. In March, core PPI grew at a 3.6% clip, and investors are hoping to see continued improvement in today's report. Major Earnings 💰 Brookfield Corporation [BN] ... AM Perkinelmer, Inc. [PKI] ... AM Entegris, Inc. [ENTG] ... AM Charles River Laboratories International, Inc. [CRL] ... AM Us Foods Holding Corp. [USFD] ... AM Tapestry, Inc. [TPR] ... AM Polestar Automotive Holding Uk Limited Dr [PSNY] ... AM Cyberark Software Ltd. [CYBR] ... AM Gen Digital Inc. [GEN] ... PM News Corporation [NWS] ... PM Economy 🏗 Producer price index [Apr] ... 8:30a Weekly jobless claims [May] ... 8:30a Running Hot 🔥 Gainers - Audacy [AUD] >> +54.3% - Ampio Pharma [AMPE] >> +25.7% - MMTEC [MTC] >> +22.1% - Edgio [EGIO] >> 19.5% Decliners - ImmunityBio [IBRX] >> (59.0%) - Neptune Labs [NEPT] >> (37.3%) - Caredx [CDNA] >> (14.5%) - Sonos [SONO] >> (22.7%) Tapestry [TPR] - Last Close: $37.14 Tapestry is trending after an upbeat earnings report. The luxury fashion company's fiscal Q3 earnings report topped expectations for both earnings & revenues. Tapestry generated EPS of $0.78 in Q3, beating the consensus of $0.60 per share and marking a sharp improvement from last year's $0.46 EPS figure. Revenues came in at $1.51 billion and also beat the Street's $1.44 billion target. Tapestry also raised its fiscal 2023 earnings and revenue guidance to a range that surpassed analysts' target. TPR is leading the S&P 500 with a 10.1% gain. My Take: TPR has been down trending for months, but this report could be the catalyst it needs to pivot higher. KLX Energy Services [KLXE] - Last Close: $8.92 A late Wednesday earnings report is boosting shares of KLX Energy Services. The oil & gas services company reported its Q1 earnings after Wednesday's close, and the market is cheering the results. KLX Energy Services generated EPS of $0.65, equaling the Street's EPS estimate. Revenues for the quarter came to $239.6 million, up substantially from the year-earlier quarter's $152.3 million figure, and beat the $229 million consensus. The company's full-year and quarterly guidance fell in line with the Street's expectations. KLXE is up 20.0% in early premarket trading. My Take: KLXE could finally be bottoming out after 12 months of declines. Shares are showing price support at the $8.50 mark, and there could be substantial upside ahead of the stock. AppLovin [APP] - Last Close: $17.81 AppLovin is moving higher on new earnings data. Late Wednesday, the company released its Q1 earnings report, and the data topped analysts' expectations. AppLovin's Q1 loss narrowed to $(0.01) per share from $(0.31) per share a year earlier. Analysts were looking for a $0.06 per-share profit. Revenues for the quarter came to $715.4 million, marking a substantial YoY improvement, and beating the consensus of $694 million. AppLovin's Q2 revenues guidance also topped the Street's target. The strong earnings rallied APP to a 14.2% gain in early trading. My Take: The market liked APP's revenue figures, even though its EPS fell short. This stock's chart looks pretty good, and today's rally could put share prices past a key resistance point. Polar Power [POLA] - Last Close: $1.04 Polar Power is surging after a recent product announcement. After Wednesday's close, the company announced the launch of a new line of mobile Combined Charging System (CSS) electric vehicle chargers. Polar Power says it expects the new chargers to be available before the end of the first quarter of 2024. The first sizes to ship will be 15 kW and 30 kW using either propane, natural gas, or diesel. The company also has plans for next-gen DC alternators, which are expected to be released before the end of Q2 2024. POLA is trading actively with a 69.2% gain. My Take: POLA's chart is pretty ugly, but I'm seeing some signs indicating the downtrend could be bottoming out. 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! 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. 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