Good Morning, Traders!…👋

S&P 500 futures edged higher on Wednesday as the market awaits Nvidia's eagerly anticipated quarterly earnings report. Investors are closely monitoring Nvidia, which has seen a remarkable 159% increase in 2024, to assess the future potential and sustainability of investments in the broader tech and AI sectors. Key areas of interest include updates on the delivery of Nvidia's Blackwell chips and current demand trends for AI technologies.

In other market news, Nordstrom saw a 7% increase in its shares after reporting second-quarter earnings that exceeded expectations. Ambarella experienced a significant jump of nearly 20% following positive revenue guidance for the third quarter. Conversely, PVH Corp., the owner of Calvin Klein, faced a downturn, dropping more than 7% due to a lackluster outlook for the upcoming quarter.

Overall, Wall Street experienced a mixed session with both the S&P 500 and Nasdaq making modest gains of nearly 0.2% each, while the Dow Jones Industrial Average saw a minimal increase of just 0.02%.

Happening Today

✓ 10:30 AM ET – Crude Oil Inventories

✓ 01:00 PM ET – 5-Year Note Auction

✓ 06:00 PM ET – FOMC Member Bostic Speaks

PREMARKET SNAPSHOT📈

Market futures are nearly flat, with the S&P 500, Dow, and NASDAQ all showing very slight declines.

SECTOR SNAPSHOT✨

The market displayed a mixed performance with Information Technology and Financials leading the gains, reflecting cautious optimism. Consumer Staples and Health Care also contributed to the positive momentum, while Industrials remained flat. On the downside, Consumer Discretionary and Energy faced declines, with Communication Services also seeing a drop. Utilities and Materials experienced slight losses, showing a more reserved sentiment in those sectors. Overall, the day was characterized by selective strength across various sectors.

PreMarket Unusual Volume Stocks

📈 Bolt Projects Holdings Inc. (BSLK): Bolt Projects Holdings Inc. experienced a significant increase in trading activity with a volume of 9,455,754, far exceeding its average volume of 34,950. This surge in activity led to a 134.83% price change, reflecting heightened market interest.

📈 BranchOut Food Inc (BOF): BranchOut Food Inc saw an extraordinary surge in volume, trading 3,036,477 shares compared to its average of 99,750. This dramatic increase resulted in an 18.78% price change, indicating strong investor activity.

📈 SaverOne 2014 Ltd ADR (SVRE): SaverOne 2014 Ltd ADR's trading volume rose to 9,101,420, significantly higher than its average of 445,870. The stock's price change of 18.80% mirrors this spike in trading volume.

📈 Farmmi Inc (FAMI): Farmmi Inc saw its volume rise to 4,808,153, far surpassing its average of 498,830. Despite the increased trading activity, the stock experienced a modest -1.03% price change.

📈 Vision Marine Technologies Inc (VMAR): Vision Marine Technologies Inc's volume spiked to 190,183, a substantial increase from its average of 23,920. The stock's 2.04% price change highlights the impact of the increased trading activity.

Premarket Picks

SaverOne 2014 Ltd. (SVRE) experienced a significant premarket surge of 23.66%, with its stock trading at $0.29. This boost comes after the company announced a strategic asset purchase agreement for Micronet Ltd.’s (TASE: MCRNT) Generation-3 camera products and intellectual property (IP).

Heramba Electric plc (PITA) saw a premarket increase of 14.85%, bringing its price to $2.63 after announcing that its wholly-owned subsidiary Kiepe Electric has been awarded a $26 million battery upgrade program by King County Metro in Seattle, Washington for enhanced In Motion Charging (IMC®) on its electric trolley buses.

BranchOut Food Inc. (BOF) enjoyed a premarket gain of 11.59%, with its price reaching $0.75. The company provided a comprehensive update on its financial performance and operational milestones.

Ambarella, Inc. (AMBA) experienced a premarket rise of 19.36%, with its stock priced at $63.01 after announcing financial results for its second quarter of fiscal year 2025 ended July 31, 2024.

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

Top Upgrades:

1. Concentrix Corporation (CNXC)

Analyst Firm: Bank of America
Upgrade: Underperform to Neutral
Price Target: $85 (Previous: $65)
Yesterday’s Close: $72.34

Bank of America has upgraded Concentrix Corporation from Underperform to Neutral, raising the price target to $85 from the previous $65. This change reflects a more optimistic view of the company’s potential. Analysts have projected stock price targets for Concentrix ranging from a low of $65.00 to a high of $125.00, with a median target of $84.00 and an average of $88.20.

Concentrix, a Fortune 500® company, is a global leader in technology and services, renowned for its human-centered, tech-powered, and intelligence-fueled approach that drives the success of the world’s top brands.

2. Phillips Edison & Company, Inc. (PECO)

Analyst Firm: Wells Fargo
Upgrade: Underweight to Equal Weight
Price Target: $37 (Previous: $34)
Yesterday’s Close: $36.81

Wells Fargo has upgraded Phillips Edison & Company, Inc. from Underweight to Equal Weight, raising the price target to $37 from $34. This upgrade suggests a more favorable outlook on the company’s performance. Analyst price targets for PECO range from a low of $34.00 to a high of $41.00, with a median target of $36.00 and an average of $36.89.

Phillips Edison, one of the nation’s largest owners and operators of grocery-anchored neighborhood shopping centers, has consistently delivered strong financial results through its vertically-integrated operating platform and extensive national footprint of well-occupied shopping centers.

3. Moderna, Inc. (MRNA)

Analyst Firm: HSBC
Upgrade: Reduce to Hold
Price Target: $82
Yesterday’s Close: $78.98

HSBC analyst Yifeng Liu has upgraded Moderna, Inc. from Reduce to Hold, setting a price target of $82. This change indicates a more balanced view of Moderna’s investment potential. Analyst price targets for Moderna vary widely, ranging from a low of $58.00 to a high of $310.00, with a median target of $112.50 and an average of $124.11.

Moderna is at the forefront of biopharmaceutical innovation, pioneering the development of mRNA medicines that are revolutionizing the treatment and prevention of diseases.

Happy investing,

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.