4 Top stocks to watch on Wednesday 📈

Good Morning! Hey, there! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Today is Wednesday, October 18th. I hope you have a great trading session. Now, let's get ready to trade! Markets 📈 Most U.S. indexes closed Tuesday pretty close to where they began. The Dow [<0.1%] barely closed in the green, while the S&P 500 [<0.1%] and Nasdaq [-0.2%] took slight losses. The small-cap Russell 2K [+1.0%] outperformed with a one-point rally. Sponsored [The Hedge Fund Black Book]( Hedge fund manager, venture capitalist and professional trader, David Prince, exposes the edge these institutions have and the #1 weekly options strategy to take advantage of it. See how he tracks down his favorite stock of the week and how he selects the best option contract. [Get it Here for FREE]( Premarket Highlights 🔎 📉 China Stocks Touch New Lows as its Real Estate Problems Pile Up China's stock market just hit new lows for 2023, and the culprit is the shaky real estate sector. Recent data reveal an 11% drop in property investment compared to last year, and big-name developer Country Garden has officially missed its bond payment deadline. Ouch. Why It Matters: It's no secret China's property market has been wobbly. This latest drop just amps up the anxiety. The CSI 300 and Shanghai Composite Index both took a 0.8% hit, marking their lowest close in nearly a year and since last December, respectively. Not All Doom and Gloom: Despite the property fiasco, the Chinese economy shows some resilience. Third-quarter data points to an overall growth of 4.9% compared to a year ago, and retail sales are looking up. But, these silver linings aren't enough to lift the dark cloud hanging over the property market. Hong Kong Feels It, Too: The Hang Seng Index in Hong Kong slid just 0.2%, but local giants like Zhenro Properties and Times China took a more severe beating. What's Next: All eyes are glued to China's next moves. Will government interventions stabilize the real estate market, or is this the beginning of a longer, tougher slog? Either way, investors are definitely biting their nails right now. Stay tuned. What to Watch Today 👀 Earnings & Housing Data Corporate earnings are expected to drive most of the trading action this week, and today is no exception. Today, we'll hear from Proctor & Gamble, Abbot Labs, and Morgan Stanley. After the close, heavy hitters Tesla and Netflix will check in. Also, keep an eye on the housing starts data early in the session. It could provide some insights into how high interest rates are effecting the home building industry. Major Earnings 💰 Procter & Gamble Company [PG] ... AM Abbott Laboratories [ABT] ... AM Morgan Stanley [MS] ... AM Elevance Health, Inc. [ELV] ... AM U.S. Bancorp [USB] ... AM Tesla, Inc. [TSLA] ... PM Netflix, Inc. [NFLX] ... PM LAM Research Corporation [LRCX] ... PM Crown Castle [CCI] ... PM Kinder Morgan [KMI] ... PM Economy 🏗 - Housing starts [Sep] ... 8:30a - Building permits [Sep] ... 8:30a Running Hot 🔥 Gainers - RVL Pharma [RVLP] >> +52.3% - Firsthand Tech [SVVC] >> +15.3% - Connexa Sports Tech [CNXA] >> +15.9% Decliners - NCR Corp [VYX] >> (40.2%) - Nuvve Holding [NVVE] >> (42.7%) - Nuzee [NUZE] >> (32.6%) Ardelyx [ARDX] - Last Close: $3.45 Ardelyn just landed a key regulatory approval. This morning, the tiny biotech announced the FDA had approved Xphozah as a phosphate absorption inhibitor based on data from three Phase 3 trials. The drug will be used as an add-on therapy to reduce serum phosphorus in certain chronic kidney disease patients on dialysis. Xphozah's commercial launch is underway, and Ardelyx says it should be commercially available starting in November. Following the approval, the company also received an additional $50 million financing commitment under its debt facility deal with SLR Capital Partners. Ardelyx can draw an additional $50 million by March 15, 2024, and another potential tranche of $50 million, subject to credit approval by SLR. ARDX is one of today's top stocks with a 16.5% gain. My Take: ARDX is coming off a big pullback, so there could be some swing-trade upside in this trade. Intelligent Bio Solutions [INBS] - Last Close: $0.3043 Intelligent Bio is trending after an analyst upgrade. On Monday, Refinitiv/Verus upgraded the tiny biotech stock from "Sell" to "Hold". Initially, the news barely affected the stock. On the day of the announcement, share prices barely moved. However, trading volume in INBS jumped by a significant margin yesterday, and we're seeing share prices edging higher in early trading. INBS is one of this morning's most actively-traded stocks, and it's up 18.3%. My Take: There's been a rush of trading volume in INBS since yesterday, so there could be something going on here. Biocept [BIOC] - Last Close: $0.5110 Biocept is rebounding after a recent sell-off. The micro-cap oncology company filed for Chapter 7 bankruptcy in Delaware on Monday, sparking a steep sell-off in shares. Biocept's CEO and several of its board members also announced their resignation alongside the bankruptcy filing. Shares sold off on the news, but they're unexpectedly climbing in today's session. BIOC is up 58.5% in early trading. My Take: Stocks of bankrupt companies can do strange things, sometimes. BIOC's sell off may have been overdone and this is a natural correction. It doesn't have a high short rate, so it's probably not a short squeeze. Shift Technologies [SFT] - Last Close: $0.1077 Things aren't looking good for Shift Technologies, but shares are skyrocketing. Last week, the company filed for bankruptcy and notified Nasdaq of delisting proceedings for its stock. Understandably, share prices fell off a cliff shortly after the announcement, despite enjoying a substantial rally immediately before the news dropped. As of Sep. 29th, SF's short percentage stood at 16.3%, and I'm confident it has climbed even higher in October. SFT shares are set to delist from Nasdaq tomorrow, but its shares are up 116.7% in today's premarket. My Take: SFT appears to locked in a short squeeze. I think some opportunistic short-buster traders saw an opportunity in this tiny stock, which was likely heavily shorted in the wake of its bankruptcy announcement last week. 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. 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. [Bots click here]( 1969 S. ALAFAYA TRAIL Orlando FL 32828 USA [Unsubscribe]( | [Change Subscriber Options](