Good Morning, Traders!…👋

Market futures for the S&P 500, Dow, and NASDAQ are all trending downwards, suggesting a cautious or potentially negative open for the trading day. This pullback follows recent highs and could be attributed to a combination of factors such as profit-taking by investors, mixed economic data, or lingering uncertainties in global trade relations or geopolitical events, prompting traders to re-evaluate their positions.

Earnings Watch

Earnings hit today from MSC Industrial Direct $MSM before open, plus Constellation Brands $STZ and Greenbrier Companies $GBX after close.

Analysts expect MSM to post $1.07 EPS with industrial services facing a 22.56% year-over-year decline, STZ to deliver $3.83 EPS driven by strong beer and spirits demand, and GBX at $1.22 EPS amid railcar market recovery.

Happening Today

✓ 09:30 AM ET – Fed Chair Powell Speaks
✓ 09:45 AM ET – S&P Global Manufacturing PMI (Jun)
✓ 10:00 AM ET – Construction Spending (MoM) (May)
✓ 10:00 AM ET – JOLTS Job Openings (May)
✓ 01:00 PM ET – Atlanta Fed GDPNow (Q2)
✓ 04:30 PM ET – API Weekly Crude Oil Stock

SECTOR SNAPSHOT✨

On the last trading day, market sector performance was varied. While Consumer Discretionary and Energy experienced declines, potentially due to shifts in consumer spending habits or commodity price fluctuations, a majority of sectors saw gains. Notably, Information Technology and Financials showed strong positive movement, possibly driven by favorable economic indicators or industry-specific developments.

PreMarket Unusual Volume Stocks

📈 Prestige Wealth Inc. (PWM) is up +39.80% at $0.3535 on monumental volume, likely due to recent news of a 10 million share issuance for a project, despite prior Nasdaq compliance concerns.

📈 Argo Blockchain plc (ARBK) is gaining +20.96% at $0.1870 with huge volume, still volatile amidst a major restructuring plan that includes a new controlling stake and potential delisting from London but continuation on Nasdaq.

📈 ClearOne, Inc. (CLRO) surges +82.26% to $5.75 on high volume following its announcement of a special one-time stock dividend and prior reverse stock split.

📈 BioNexus Gene Lab Corp (BGLC) is exploding +394.14% to $3.07 with significant volume, potentially driven by discussions around a short squeeze and its Ethereum treasury strategy.

📈 Webull Corporation (BULL) sees a +5.52% rise to $11.96 with increased volume as it re-enters the crypto market in Brazil and continues to expand internationally.

Premarket Picks

Wolfspeed, Inc. (WOLF) is making waves in pre-market trading, surging 88.59% to $0.75. The sharp rise follows the company’s announcement of steps to implement a Restructuring Support Agreement aimed at strengthening its capital structure.

Shares of Thumzup Media Corporation (TZUP) rose 15.24% in pre-market hours, reaching $8.09. The boost comes after the company revealed a $6.5 million financing deal at $6.00 per share, signaling investor confidence.

Atai Life Sciences N.V. (ATAI) is up 19.17% pre-market, trading at $2.62. The stock jumped after the company disclosed a $50 million private placement financing, fueling optimism about its future growth plans.

Siyata Mobile Inc. (SYTA) climbed 6.42% to $3.15 in early trading. The gain follows news of the company's impending $185 million merger with Core Gaming, a move expected to reshape its market position.

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

Top Upgrades:

1. Ionis Pharmaceuticals, Inc. (IONS)

Analyst Firm: Barclays
Upgraded: Equal Weight to Overweight
Price Target: $57
Yesterday's Close: $39.51

Barclays raised its rating on Ionis Pharmaceuticals from Equal Weight to Overweight and increased its price target from $51 to $57. Ionis Pharmaceuticals, a U.S.-based biotech company focused on RNA-based medicines, has received a range of analyst stock price targets. The high estimate stands at $83.00, with a median of $58.00 and a low of $37.00. The average price target is $56.63.

2. Oshkosh Corporation (OSK)

Analyst Firm: Goldman Sachs
Upgraded: Neutral to Buy
Price Target: $131
Yesterday's Close: $113.54

Goldman Sachs analyst Jerry Revich upgraded Oshkosh from Neutral to Buy and lifted the price target to $131 from $124. Oshkosh Corporation, known for its purpose-built vehicles and equipment, has analyst stock price targets ranging from a low of $91.00 to a high of $169.00. The median target is $123.00, with an average of $122.71.

3. Hasbro, Inc. (HAS)

Analyst Firm: Goldman Sachs
Upgraded: Neutral to Buy
Price Target: $85
Yesterday's Close: $73.82

Goldman Sachs also upgraded Hasbro from Neutral to Buy, boosting its price target from $66 to $85. Hasbro, a global toy and game company, has stock price targets from analysts ranging between $70.00 and $85.00. The median estimate is $79.00, and the average comes in at $78.09.

Maeve Grace
Editor In Chief
Premium Stock 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.