U.S. stocks are hoping for a strong finish after running in the green for most of the trading week. February 09, 2024 | [Read Online]( Chris Dinello
February 09, 2024 Good Morning! It's Chris from Elite Trade Club, here to give you this morning's premarket trading news. Let's get ready to trade! Markets ð U.S. benchmarks notched razor-thin gains on Thursday and extended their win streak by another day. The small-cap Russ2K outperformed with a 1.5% rally. - S&P 500 [<0.1%] - Dow [+0.1%] - Nasdaq [+0.2%] - Russell 2K [+1.5%] Futures are trending higher in early trading. S&P 500 contracts are currently by 0.1% in early premarket trading. What to Watch Today:
Itâs a quiet day for economic updates, but the CPI seasonal factor revisions report could provide some valuable inflation-related insights. On the earnings side, PepsiCo [PEP] is the biggest name on todayâs calendar. [More "Safe" Gold is Needed to Meet Growing Demand]( (ad) Gold is an effective way to protect portfolios from the forces of war and uncertainty. But gold reserves have declined, along with a lack of new gold discoveries. To make up for growing gold demand, more new mining projects and gold discoveries are needed - particularly in safe jurisdictions such as the U.S. [See why American gold should be on every investor's radar.]( [Want an Ad-Free Experience? Upgrade Now!]( Premarket Highlights ð ð¦Â Barclays Expands Empire: Snatches Up Tesco Banking In a bold move that mixes groceries with greenbacks, Barclays [BARC] is setting the banking world abuzz by bagging Tescoâs [TSCO] banking operations for a cool 600 million pounds ($757 million). It's like mixing peas and carrots, if the peas were credit cards and the carrots were billions in deposits. ð Whatâs in the Basket?
Barclays isnât just adding a few items to its financial fridge; itâs going for a full-blown feast. The deal plates up Tesco Bankâs tasty slices of credit card operations, unsecured personal loans, and hefty customer depositsâthink about 8.3 billion pounds in lending balances and another 6.7 billion in deposits. Thatâs a lot of groceries, or in this case, profits. ð Integrating the Ingredients
It's not just about adding numbers; it's about blending cultures and people too. Barclays plans to welcome around 2,800 Tesco employees into its fold, promising a mix thatâs hopefully as harmonious as tea and biscuits. Funded by Barclaysâ own coffers, this deal is more than just a transaction; itâs about scaling up and spreading out in the U.K.âs financial supermarket. ð¡Â A Strategic Checkout
For Tesco, this move is like trimming the fat from its steak. By offloading its banking segment to Barclays, the grocer sharpens its focus on what it does bestâfeeding the nation. Plus, itâs a chance to treat shareholders with a bit of extra cash, presumably to spend on more Tesco goodies. In the grand shopping aisle of finance and groceries, this deal might just be the bargain Barclays was looking for to beef up its presence and profit in the post-pandemic U.K. market. Featured Earnings ð°ï¸Â - PepsiCo [PEP] ... AM - W. P. Carey [WPC] ... AM - Plains All American Pipeline [PAA] ... AM - Catalent [CTLT] ... AM - Essent [ESNT] ... AM - Mr. Cooper [COOP] ... AM - Newell Brands [NWL] ... AM - Plains GP Holdings [PAGP] ... AM - Sensient Technologies [SXT] ... AM - Construction Partners [ROAD] ... AM Economy ð - CPI seasonal factor revisions ... 8:30a - Dallas Fed President Lorie Logan speaks ... 1:30p Running Hot ð¥ Gainers - Top Financial [TOP] >> +86.2% - Intelligent Living [ILAG] >> +65.9% - Next eGO [EGOX] >> +40.0% Decliners - Synologic [SYBX] >> (53.9%) - Childrenâs Place [PLCE] >> (52.0%) - BioXcel [BTAI] >> (15.7%) Masonite [DOOR] - Last Close: $96.61 Owens Corning [OC] has agreed to a $3.9 billion deal to acquire Masonite for $133 per share in an all-cash transaction. The deal pays a 37% premium compared to DOORâs Thursday closing bid, and the companies expect to close on the sale sometime in mid-2024. DOOR is up by 34.0% on the news, but volume is thin at around 100K shares traded so far. My Take: DOOR landed a solid deal, but thereâs not a lot of upside left on the table at its current price point. Cloudflare [NET] - Last Close: $90.31 The internet hosting company is surging after posting a double-line beat and strong guidance on its Q4 earnings report in Thursdayâs aftermarket. Cloudflareâs Q4 revenues grew 32% YoY to $362.47 million, easily topping the $353.1 million consensus. The companyâs EPS and Q1 revenue guidance also surpassed the Streetâs expectations. NET is a top mover with a 25.7% gain on about 500K shares traded. My Take: NET had been facing stiff resistance around $86 per share before breaking on Thursday. Itâs on pace to set a new 52-week high. Cleanspark [CLSK] - Last Close: $10.50 After Thursdayâs closing bell, this American Bitcoin miner published Q1 earnings that blew past analystsâ expectations. Cleanspark swung to earnings of $0.14 per share after reporting a $(0.46) loss a year earlier. Revenues jumped 165% YoY to $73.8 million for the quarter. Both figured topped the Streetâs forecast, and shares are skyrocketing in the premarket. CLSK is up 21.9% on 1.9 million shares traded. My Take: Bitcoinâs resurgence has been a gravy train for CLSK. There could be more growth ahead for this company in 2024, if BTC prices continue to rise. Sunworks [SUNW] - Last Close: $0.0544 Sunworks is exploding, despite ceasing its business operations and filing for Chapter 7 bankruptcy in U.S. bankruptcy court on Tuesday. Shares prices are down 75.2% over the past five days, and it had a 13.7% short rate as of Jan. 15th. SUNW is up 223.8% in todayâs premarket on more than 60 million shares trade My Take: SUNW had a 13.73% short rate as of Jan. 15th, but short positions have likely spiked as a result of its recent bankruptcy. Todayâs rally is likely the result of a short squeeze. That's it for today! Thanks for reading, and good luck out there! Best Regards, â Chris D.
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