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- 🚨 Pre-Market Movers—Act Before It’s Too Late!
🚨 Pre-Market Movers—Act Before It’s Too Late!
Noor Saba
October 30, 2024
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Good Morning, Traders!…👋
U.S. stock futures climbed on Wednesday, driven by Alphabet’s strong quarterly results, lifting sentiment around tech megacaps. Investors are also eyeing key economic data to assess the strength of the economy and the labor market.
Alphabet, the first of the "Magnificent Seven" tech giants to report this week, surged 5.5% in premarket trading after surpassing expectations for Q3 revenue and profit, fueled by growth in its cloud business and YouTube ad sales. Other tech giants, including Microsoft and Meta, saw premarket gains of 2% ahead of their earnings reports later today.
With megacap tech stocks being pivotal in this year’s market rally, their results will provide crucial insight into whether heavy investments in artificial intelligence are paying off. Stay tuned for more key earnings updates throughout the week.
Happening Today
✓ 08:15 AM ET – ADP Nonfarm Employment Change (Oct)
✓ 08:30 AM ET – GDP (QoQ) (Q3)
✓ 08:30 AM ET – Core PCE Prices (Q3)
✓ 10:00 AM ET – Pending Home Sales (MoM) (Sep)
✓ 10:30 PM ET – Crude Oil Inventories
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PREMARKET SNAPSHOT 📈
Market futures are mixed, with the S&P 500 and NASDAQ showing gains, while the Dow is down slightly by 0.23%.
S&P500$5887.25 ⬆️ 0.08% | Dow$42351.00 ⬇️ 0.23% | NASDAQ$20736.50 ⬆️ 0.19% |
SECTOR SNAPSHOT✨
Yesterday's market experienced widespread declines across most sectors, with Consumer Discretionary and Consumer Staples facing notable losses. Energy also saw a significant drop, reflecting pressure in the sector. Financials and Health Care recorded slight declines, indicating broader market weakness. Industrials and Materials followed suit with minor decreases. However, Information Technology and Communication Services managed to post solid gains, providing some support amidst the overall downturn. Utilities faced the most considerable decline, rounding out a day marked by challenges for many sectors.
Name | Price | Change Percentage |
Consumer Discretionary | 1,609.26 | -0.20% 🔴 |
Consumer Staples | 865.16 | -0.96% 🔴 |
Energy | 676.53 | -1.44% 🔴 |
Financials | 779.70 | -0.61% 🔴 |
Health Care | 1,728.75 | -0.29% 🔴 |
Industrials | 1,146.21 | -0.14% 🔴 |
Materials | 592.98 | -0.67% 🔴 |
Real Estate | 274.59 | -0.94% 🔴 |
Information Technology | 4,582.23 | +1.12% 🟢 |
Communication Services | 322.37 | +1.56% 🟢 |
Utilities | 402.66 | -2.13% 🔴 |
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PreMarket Unusual Volume Stocks
📈 Starbox Group Holdings Ltd (STBX) is showing significant pre-market activity, trading over 15.2 million shares compared to its average volume of 332K. The stock has gained 59.19%, bringing its pre-market price to $0.21. This sharp rise signals strong early interest from investors.
📈 Solidion Technology Inc (STI) has seen extraordinary pre-market volume, with over 28.9 million shares traded, far surpassing its average volume of 797K. The stock is up 81.57%, with a pre-market price of $0.72. This substantial gain reflects growing market interest.
📈 Haoxi Health Technology Ltd (HAO) is experiencing heightened pre-market action, with over 33.8 million shares traded, compared to its average volume of 2.3 million. The stock is up 48.17%, pushing its pre-market price to $0.27. This significant increase suggests strong investor demand.
📈 TMT Acquisition Corp (TMTC) has traded over 258K shares pre-market, exceeding its average volume of 44K. The stock has gained 10.74%, bringing its pre-market price to $10.52. This moderate gain indicates positive sentiment heading into the trading session.
📈 Digital Brands Group Inc (DBGI) is showing robust pre-market volume, with over 30.9 million shares traded, compared to its average volume of 5.9 million. The stock has risen 20.33%, bringing its pre-market price to $0.12. This increase in both volume and price reflects strong early market interest.
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Premarket Picks
Solidion Technology Inc. (STI) experienced a pre-market surge of 86.86%, bringing its price to $0.74. This increase follows the company’s announcement that its battery scientists have successfully developed a cost-effective strategy that allows lithium batteries to charge in just five minutes.
NerdWallet, Inc. (NRDS) saw its pre-market price rise to $14.98, reflecting a gain of 32.33%. The boost comes after the company reported its third quarter 2024 results, revealing a revenue of $191.3 million, which is a 25% increase year-over-year.
Reddit, Inc. (RDDT) posted a pre-market price of $100.25, surging 22.64%. This growth follows the announcement of their third quarter 2024 results, which showed a 68% year-over-year revenue increase to $348.4 million.
Haoxi Health Technology Limited (HAO) experienced a pre-market surge of 27.51%, with its price reaching $0.24. The surge was driven by the company’s report of its financial results for the fiscal year ended June 30, 2024
Below is a complete list of hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
HAO | +45.11% | 29.36M |
DBGI | +29.03% | 29.07M |
STI | +59.04% | 14.17M |
STBX | +64.07% | 13.25M |
LGMK | +18.58% | 8.74M |
ENSC | +13.59% | 6.56M |
PLRZ | +22.58% | 2.29M |
GMM | +7.92% | 572.14K |
SNAP | +12.86% | 537.58K |
GOOG | +6.03% | 319.77K |
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Top Upgrades:
1. Leggett & Platt, Incorporated (LEG)
Analyst Firm: Piper Sandler
Upgrade: Underweight to Neutral
Price Target: $13
Yesterday's Close: $12.66
Piper Sandler has upgraded Leggett & Platt from "Underweight" to "Neutral," raising the price target from $11 to $13. Analyst estimates suggest a high price target of $14.00, a median of $13.00, and a low of $13.00, with an average target of $13.33.
Leggett & Platt is a global leader in engineered components and products, with operations across the U.S., Europe, China, Canada, Mexico, and other international markets.
2. Veritone, Inc. (VERI)
Analyst Firm: UBS
Upgrade: Sell to Neutral
Price Target: $3.50
Yesterday's Close: $3.70
UBS has upgraded Veritone from "Sell" to "Neutral," assigning a price target of $3.50. Veritone specializes in cutting-edge artificial intelligence (AI) computing solutions and services.
Analysts have set the stock price target uniformly at $4.00, indicating consistent confidence in the company's future potential. Veritone operates in the U.S., the U.K., France, Australia, Israel, and India.
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3. Alphabet Inc. (GOOG)
Analyst Firm: Seaport Research
Upgrade: Neutral to Buy
Price Target: $200
Yesterday's Close: $171.14
Seaport Research analyst Aaron Kessler upgraded Alphabet (GOOG) from "Neutral" to "Buy," with a new price target of $200. Analyst price targets for Alphabet include a high of $235.00, a median of $207.00, and a low of $170.00, with an average target of $205.70.
Alphabet provides a diverse range of services through Google Services, Google Cloud, and Other Bets, catering to customers globally, including in the U.S., Europe, the Middle East, Africa, Asia-Pacific, Canada, and Latin America.
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.
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