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Pre-Market Gainers & Top Stock Upgrades Today
Noor Saba
August 13, 2024
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Hello Part-time Trader…👋
Early Tuesday, U.S. stock futures are showing gains as investors gear up for a crucial week of economic data.
This week, the market’s attention is laser-focused on two pivotal inflation reports. Tuesday brings the producer price index (PPI), expected to show a modest 0.2% increase in wholesale prices for July, matching last month’s reading. The PPI will set the stage for Wednesday’s consumer price index (CPI), where a slight uptick of 0.2% is anticipated after June’s minor decline.
Investors are hoping these inflation numbers will provide clarity after recent volatility, sparked by a lackluster jobs report and unsettling movements in currency markets, particularly the yen carry trade unwind.
In the cryptocurrency market, Bitcoin saw a modest increase, rising by 0.2% to reach $58,961.51. Meanwhile, Ether experienced a decline, falling 1.5% to $2,640.22.
Turning to the bond market, the yield on 10-year U.S. Treasuries advanced by two basis points, bringing it to 3.92%.
Happening Today
✓ 08:30 AM ET – UOPEC Monthly Report
✓ 08:30 AM ET – PPI (MoM) (Jul)
✓ 01:15 PM ET – FOMC Member Bostic Speaks
✓ 04:30 PM ET – API Weekly Crude Oil Stock
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PREMARKET SNAPSHOT📈
Market futures are mixed, with the S&P 500 and NASDAQ showing slight gains, while the Dow is down modestly.
S&P500$5376.00 ⬆️ 0.12% | Dow$39438.00 ⬇️ 0.11% | NASDAQ$18672.00 ⬆️ 0.17% |
SECTOR SNAPSHOT✨
The market faced a mixed session, with Information Technology and Energy standing out as the day’s bright spots, both posting gains. However, most other sectors, including Consumer Discretionary, Financials, and Health Care, experienced declines. Industrials and Materials also struggled, contributing to the overall cautious sentiment. Despite the broader downturn, Utilities managed a slight gain, offering some stability amid the widespread losses.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,394.63 | -0.36% 🔴 |
Consumer Staples | 844.01 | -0.50% 🔴 |
Energy | 689.76 | +0.49% 🟢 |
Financials | 700.40 | -0.49% 🔴 |
Health Care | 1,739.59 | -0.39% 🔴 |
Industrials | 1,046.04 | -0.50% 🔴 |
Materials | 555.67 | -0.43% 🔴 |
Real Estate | 260.55 | -0.64% 🔴 |
Information Technology | 4,052.27 | +0.92% 🟢 |
Communication Services | 294.64 | -0.62% 🔴 |
Utilities | 374.07 | +0.16% 🟢 |
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PreMarket Unusual Volume Stocks
📈 Vicinity Motor Corp (VEV): Vicinity Motor Corp experienced a significant increase in trading activity with a volume of 70,830,638, far exceeding its average volume of 2,438,800. This surge in activity led to a 139.03% price change, reflecting heightened market interest.
📈 Forza X1 Inc (FRZA): Forza X1 Inc saw a substantial rise in volume, trading 5,848,213 shares compared to its average of 212,250. This increase in trading volume resulted in a 4.13% price change.
📈 SEALSQ Corp (LAES): SEALSQ Corp's trading volume rose to 6,223,393, significantly higher than its average of 411,340. The stock's price change of 7.81% mirrors this spike in trading volume.
📈 MKDWELL Tech Inc. (MKDW): MKDWELL Tech Inc. saw its volume rise to 7,093,125, far surpassing its average of 590,330. This increase in trading activity resulted in a 44.14% price change.
📈 GCT Semiconductor Holding Inc. (GCTS): GCT Semiconductor Holding Inc.'s volume spiked to 2,469,903, a substantial increase from its average of 243,340. The stock's 24.71% price change highlights the impact of the increased trading activity.
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Premarket Picks
SEALSQ Corp (LAES) shares surged over 10% to $0.38 in pre-market trading after announcing its leadership in the transition from digital to robotic technologies. The company's cutting-edge post-quantum chips are positioning it at the forefront of future advancements.
CXApp Inc. (CXAI) stock soared nearly 62% to $2.38 pre-market, driven by the release of its strong Q2 2024 financial results.
GCT Semiconductor Holding, Inc. (GCTS) shares climbed more than 26% to $4.29 in pre-market trading following the announcement of a partnership with Samsung to accelerate 4G/5G chipset development and expand market adoption.
ConnectM Technology Solutions, Inc. (CNTM) stock surged almost 14% to $1.41 pre-market after releasing a positive impact scorecard for the first half of 2024.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
LAES | +3.83% | 5.87M |
MKDW | +43.24% | 5.75M |
FRZA | +9.30% | 5.60M |
CXAI | +57.48% | 4.51M |
CNTM | +16.94% | 1.32M |
GCTS | +35.88% | 860.38K |
ATPC | +6.56% | 274.44K |
VEEE | +9.47% | 130.94K |
GWAV | +3.77% | 109.65K |
INDO | +4.75% | 92.73K |
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Top Upgrades:
1. Dell Technologies Inc. (DELL)
Analyst Firm: Barclays
Price Target: $97
Yesterday’s Market Close: $95.27
Barclays analyst Tim Long has upgraded his rating on Dell Technologies Inc. from Underweight to Equal Weight, while maintaining the price target at $97. This move reflects a more balanced view on the stock’s performance potential. Dell’s price targets, as projected by analysts, span from $97.00 to $240.00, with a median of $155.45 and an average of $160.85.
Dell Technologies stands at the forefront of digital transformation, offering an extensive portfolio of technology and services that empower customers to navigate the evolving landscape of the AI era. The company's leadership in digital innovation positions it as a vital partner for businesses building their digital futures.
2. First Industrial Realty Trust, Inc. (FR)
Analyst Firm: Wolfe Research
Price Target: $64
Yesterday’s Market Close: $53.01
Wolfe Research has upgraded First Industrial Realty Trust, Inc. to Outperform from Peer Perform, setting a price target of $64. This upgrade underscores a positive outlook on the company’s future prospects. Analysts have set price targets for First Industrial Realty ranging from $42.00 to $64.00, with a median of $59.00 and an average of $56.69.
First Industrial Realty Trust is a leading developer and operator of logistics properties in the U.S. The company is known for delivering high-quality facilities and providing industry-leading customer service to supply chains for both multinational and regional firms, making it an essential player in the logistics sector.
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3. Ducommun Incorporated (DCO)
Analyst Firm: Goldman Sachs
Price Target: $80
Yesterday’s Market Close: $61.35
Goldman Sachs has expressed increased confidence in Ducommun Incorporated by upgrading the stock to Buy and raising its price target to $80, an increase of $16. This revision highlights the firm’s bullish outlook on Ducommun’s growth potential. The company’s stock price targets range from $72.00 to $80.00, with both the median and average set at $76.00.
Ducommun Incorporated specializes in manufacturing solutions for the aerospace, defense, and industrial markets. The company’s innovative approach and focus on delivering value-added solutions make it a key player in these critical industries.
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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