Good Morning, Traders!…👋

U.S. stock futures were flat early Wednesday as renewed tariff threats from President Trump reignited trade tensions with key partners.

Markets were already on edge after Tuesday’s cabinet meeting, during which Trump confirmed a 50% tariff on copper imports is on the way and warned of 200% duties on pharmaceuticals. He also reiterated that his pause on "reciprocal" tariffs will officially end on August 1, with no further extensions for countries that haven’t secured trade deals.

The subdued market action followed Monday’s sell-off sparked by Trump’s social media release of letters threatening tariffs of 25% to 40% on over a dozen nations.

Attention now turns to the Federal Reserve, with investors awaiting the June meeting minutes set to be released Wednesday. The Fed held rates steady last month but signaled the possibility of two cuts before year-end.

Earnings Watch

Earnings hit today from Methode Electronics $MEI, AZZ $AZZ, Pure Cycle $PCYO, Bassett Furniture $BSET, Theratechnologies $THTX, Trilogy Metals $TMQ, and Art's-Way Manufacturing $ARTW after close.

Analysts expect MEI to post $0.01 EPS with revenue of $235.04M amid stable demand for custom-engineered solutions, AZZ to deliver $1.57 EPS with infrastructure solutions growth, PCYO at steady water utility performance, BSET facing furniture market headwinds, THTX with biotech sector challenges, TMQ reflecting mining volatility, and ARTW with agricultural equipment demand under pressure.

Happening Today

✓ 10:30 AM ET – Oil Inventories

✓ 01:00 PM ET – 10-Year Note Auction

✓ 01:00 PM ET – Atlanta Fed GDPNow (Q2)

✓ 02:00 PM ET – FOMC Meeting Minutes

SECTOR SNAPSHOT✨

On the last trading day, market sectors were largely down, with Consumer Staples and Utilities seeing notable declines, likely due to a defensive shift or profit-taking. Energy was a significant outlier with a strong gain, while Health Care, Industrials, Materials, and Information Technology also saw modest positive movements. This mixed performance suggests investors are navigating a complex landscape, possibly reacting to evolving economic data or specific sector-related news.

PreMarket Unusual Volume Stocks

📈 ProKidney Corp. (PROK) is up +15.01% at $3.73 with massive volume, continuing its surge from yesterday on news of positive Phase 2 trial results for its kidney disease therapy, an upcoming FDA Type B meeting, and its recent redomestication to Delaware.

📈 SOBR Safe, Inc. (SOBR) is gaining +51.34% at $3.37 with very high volume, likely driven by renewed investor interest as it trades around its 52-week low range after a volatile period, though specific fresh news for today is not immediately apparent.

📈 Entero Therapeutics Inc. (ENTO) is up +8.04% to $0.5301 with substantial volume, following its announcement yesterday of regaining compliance with Nasdaq listing rules after successfully holding its annual meeting.

📈 GameSquare Holdings, Inc. (GAME) sees a +7.14% rise to $1.54 with strong volume, as it proceeds with an $8 million stock offering to fund an Ethereum-based treasury strategy, aiming for significant yields from its crypto holdings.

📈 Lantern Pharma Inc. (LTRN) is gaining +5.37% at $3.54 with notable volume, continuing to attract attention for its AI-driven oncology pipeline, including FDA clearance for Phase 1b/2 trials of its LP-184 drug and expansion of its RADR platform, despite recent insider selling.

Premarket Picks

Calidi Biotherapeutics, Inc. (CLDI) surged 42.99% to $0.48 in pre-market trading. The jump followed an editorial feature by NetworkNewsWire (NNW), part of IBN’s financial news platform.

ProKidney Corp. (PROK) rose 12.06% to $4.18. The boost came after the company reported positive topline results from its Phase 2 REGEN-007 trial, highlighting significant benefits of rilparencel for patients with CKD and diabetes.

Entero Therapeutics, Inc. (ENTO) climbed 38.50% to $0.73 pre-market. This increase coincided with the company filing an 8-K form with the SEC.

Artelo Biosciences, Inc. (ARTL) gained 12.26%, reaching $17.85. The rise followed news of the positive preclinical efficacy of ART12.11 in a stress-induced depression model.

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

Top Upgrades:

1. Haemonetics Corporation (HAE)

Analyst Firm: Citi

Upgraded: Neutral to Buy

Price Target: $90

Yesterday's Close: $75.97

Citi raised its rating on Haemonetics from Neutral to Buy and increased the price target from $71 to $90. Haemonetics is a medical technology company that provides hospital solutions in the U.S. and globally. Analyst price targets for HAE range from $71.00 to $108.00. The median target is $92.50, with an average of $93.00.

2. Bloom Energy Corporation (BE)

Analyst Firm: JPMorgan

Upgraded: Neutral to Overweight

Price Target: $33

Yesterday's Close: $24.30

JPMorgan boosted its rating on Bloom Energy from Neutral to Overweight and lifted the price target from $18 to $33. Bloom Energy designs and installs fuel cell systems for on-site power generation. Analysts have set price targets between $10.00 and $33.00. The median is $25.50, while the average stands at $23.94.

3. The Hanover Insurance Group, Inc. (THG)

Analyst Firm: Keefe Bruyette

Upgraded: Market Perform to Outperform

Price Target: $188

Yesterday's Close: $162.88

Keefe Bruyette upgraded The Hanover from Market Perform to Outperform, raising the price target from $173 to $188. The Hanover Insurance Group offers property and casualty insurance in the U.S. Analyst targets for THG range from $170.00 to $205.00. The median estimate is $190.00, and the average is $189.57.

Maeve Grace
Editor In Chief
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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.