Good Morning, Traders!…👋

U.S. stocks held steady on Wednesday as investors awaited the Federal Reserve's highly anticipated policy decision. The main focus remains on the size of the expected rate cut, which has been a topic of debate among market participants.

As the market ticks over, all eyes are on the Fed's first interest rate cut since 2020, expected to be announced later today. The central bank is poised for a significant policy shift, with signs that it has managed to cool inflation without causing severe economic damage. However, the big question remains: Will the Fed deliver a 0.5% cut, or stick to the historic pattern of 0.25% moves?

Intuitive Machines is soaring after securing a NASA contract worth up to $4.82 billion. Tesla shares are rising slightly ahead of the Fed's rate decision. General Mills is also in the spotlight, with its earnings report scheduled for today.

In the tech sector, major developments are unfolding. Microsoft (MSFT) and BlackRock (BLK) are teaming up to raise $30 billion for AI infrastructure, while Alphabet (GOOG), Google's parent company, has successfully overturned a $1.7 billion EU antitrust fine related to digital advertising.

Happening Today

✓ 08:30 AM ET – Building & Housing Permits (Aug)

✓ 10:30 AM ET – Atlanta Fed GDPNow (Q3)

✓ 10:30 AM ET – Crude Oil Inventories

✓ 02:00 PM ET – FOMC Economic Projections

✓ 02:00 PM ET – FOMC Statement

✓ 02:00 PM ET – Fed Interest Rate Decision

✓ 02:00 PM ET – FOMC Press Conference

PREMARKET SNAPSHOT📈

Market futures are slightly up, with the S&P 500 rising 0.09%, the Dow up 0.19%, and the NASDAQ gaining 0.16%.

SECTOR SNAPSHOT✨

Today's market presented a mixed landscape with selective sector performance. Consumer Discretionary led the way with a solid gain, reflecting positive consumer sentiment. Energy also saw a notable increase, contributing to the overall positive trend. Financials and Industrials posted modest gains, indicating stability in those sectors. However, Consumer Staples, Health Care, and Real Estate faced declines, showing some weakness in those areas. Information Technology experienced a slight dip, while Communication Services managed a small increase. Utilities remained largely flat, rounding out a day of varied results across the market.

PreMarket Unusual Volume Stocks

📈 Intuitive Machines Inc (LUNR): Intuitive Machines Inc showed a significant increase in trading activity, with a volume of 11,197,655, well above its average volume of 7,638,970. This surge in volume resulted in a 51.48% price change, indicating heightened interest in the stock.

📈 Webuy Global Ltd (WBUY): Webuy Global Ltd experienced a remarkable rise in trading volume, reaching 13,816,931 compared to its average of 2,843,790. This substantial increase in activity corresponded with a 31.98% price change, reflecting strong market interest.

📈 VivoPower International PLC (VVPR): VivoPower International PLC saw its volume increase to 2,854,767, exceeding its average of 2,328,410. The stock's price change of 25.60% aligns with this spike in trading activity.

📈 Applied Therapeutics Inc (APLT): Applied Therapeutics Inc's trading volume surged to 4,819,933, significantly higher than its average of 1,273,420. This increase in volume led to a 43.01% price change, indicating a strong market response.

Portage Biotech Inc (PRTG): Portage Biotech Inc experienced a substantial rise in trading volume, with 5,415,213 shares traded, well above its average of 947,560. This sharp increase resulted in an impressive 186.53% price change, reflecting considerable investor interest.

Premarket Picks

Odyssey Marine Exploration, Inc. (OMEX) saw its stock surge by 85.37% in pre-market trading, reaching $0.92 following a favorable ruling in its arbitration case with the United Mexican States under Chapter Eleven of NAFTA.

Webuy Global Ltd (WBUY) experienced a 12.67% rise in pre-market trading, with shares climbing to $0.13 after announcing record revenue and a 253% increase in gross profit for the first half of 2024.

Intuitive Machines, Inc. (LUNR) saw a substantial 52.41% jump in pre-market trading, with shares reaching $8.23 after receiving a NASA contract for communication and navigation services in near space, covering areas from Earth's surface to beyond the Moon.

VivoPower International PLC (VVPR) experienced a significant pre-market increase of 24.00%, pushing its stock price to $1.55 after revealing a strategic agreement to merge with Future Automotive Solutions and Technologies Inc., which values VivoPower at $556 million and FAST at $578 million.

Below is a list of other hot stocks in pre-market today:

Top Upgrades:

1. V.F. Corporation (VFC)

Analyst Firm: Barclays
Upgrade: Equal Weight to Overweight
Price Target: $22
Yesterday’s Close: $18.40

Barclays has upgraded V.F. Corporation from Equal Weight to Overweight, increasing the price target from $19 to $22. V.F. Corporation, a leading global player in apparel, footwear, and accessories, connects consumers to their favorite lifestyles through renowned brands such as The North Face®, Vans®, Timberland®, and Dickies®.

Analyst price targets for the company range from a low of $10.00 to a high of $25.00, with a median target of $16.50 and an average estimate of $17.19.

2. Extra Space Storage Inc. (EXR)

Analyst Firm: Jefferies
Upgrade: Hold to Buy
Price Target: $204
Yesterday’s Close: $178.78

Jefferies has upgraded Extra Space Storage Inc. from Hold to Buy, adjusting the price target from $162 to $204. Extra Space Storage, a self-managed REIT based in Salt Lake City, operates 3,812 storage facilities across 42 states and Washington, D.C., offering approximately 2.6 million units and 292.1 million square feet of rental space.

The stock price targets for Extra Space Storage range from a low of $141.00 to a high of $204.00, with a median target of $179.00 and an average of $176.38.

Sirius XM Holdings Inc. (SIRI)

Analyst Firm: Guggenheim
Upgrade: Neutral to Buy
Price Target: $30
Yesterday’s Close: $23.27

Guggenheim has upgraded Sirius XM Holdings Inc. from Neutral to Buy, setting a price target of $30. SiriusXM, North America's leading audio entertainment company, offers a diverse range of services, including its flagship subscription service, ad-supported and premium music streaming via Pandora, a podcast network, and various business and advertising solutions.

Analyst price targets for Sirius XM vary from a low of $23.00 to a high of $65.00, with a median target of $30.75 and an average estimate of $35.60.

Happy investing,

Maeve Grace
Editor In Chief
Premium Trade Alerts

Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.

Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.