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Pre-Market Insights: Top Profitable & Upgraded Stocks
Noor Saba
August 05, 2024
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Hello Part-time Trader…👋
The Nasdaq is steering the markets lower in premarket trading this Monday, with futures sliding due to a decline in technology stocks following last Friday's significant retreat.
Global shares are under pressure as traders express concerns about a potential sharp slowdown in the U.S. economy, spurred by last week's disappointing jobs data. Fears persist that interest rate cuts from the Federal Reserve might arrive too late to stimulate growth.
Nvidia shares are falling amidst recession worries, compounded by another emerging issue troubling investors. The global tech selloff continues with Nvidia's decline and Apple taking a hit after Berkshire Hathaway reduced its stake in the iPhone maker.
Palantir Technologies is set to report earnings after the closing bell today. Meanwhile, Bitcoin's price has dropped following the recent U.S. jobs report, alongside declines in Ether, Solana, and Cardano.
Happening Today
✓ 09:45 AM ET – S&P Global Composite PMI (Jul)
✓ 09:45 AM ET – S&P Global Services PMI (Jul)
✓ 10:00 AM ET – ISM Non-Manufacturing Employment (Jul)
✓ 10:00 AM ET – ISM Non-Manufacturing PMI (Jul)
✓ 05:00 AM ET – FOMC Member Daly Speaks
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PREMARKET SNAPSHOT📈
Market futures are sharply down, with the S&P 500 dropping 2.77%, the Dow falling 1.90%, and the NASDAQ plunging 4.19%.
S&P500$5227.00 ⬇️ 2.77% | Dow$39121.00 ⬇️ 1.90% | NASDAQ$17779.50 ⬇️ 4.19% |
SECTOR SNAPSHOT✨
The market faced a broad downturn with steep declines in Consumer Discretionary and Financials leading the losses. Energy and Industrials also saw significant drops, reflecting widespread market challenges. Information Technology and Communication Services added to the negative sentiment with notable declines. However, Consumer Staples managed to post gains, and Real Estate and Utilities showed resilience with slight increases, indicating some investor preference for defensive sectors amidst the volatility. Overall, it was a challenging day across most sectors.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,414.01 | -4.61% 🔴 |
Consumer Staples | 850.74 | +0.86% 🟢 |
Energy | 678.47 | -2.26% 🔴 |
Financials | 700.04 | -2.42% 🔴 |
Health Care | 1,757.39 | -0.21% 🔴 |
Industrials | 1,038.80 | -2.20% 🔴 |
Materials | 567.59 | -1.89% 🔴 |
Real Estate | 262.65 | +0.09% 🟢 |
Information Technology | 4,024.50 | -1.99% 🔴 |
Communication Services | 294.18 | -1.92% 🔴 |
Utilities | 377.01 | +0.14% 🟢 |
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PreMarket Unusual Volume Stocks
📈 Cns Pharmaceuticals Inc (CNSP): Cns Pharmaceuticals Inc experienced a significant increase in trading activity with a volume of 20,641,030, far exceeding its average volume of 3,007,820. This surge in activity led to a 19.71% price change, reflecting heightened market interest.
📈 Indonesia Energy Corp Ltd (INDO): Indonesia Energy Corp Ltd saw a substantial rise in volume, trading 1,537,066 shares compared to its average of 226,820. This increase in trading volume resulted in a 13.10% price change, indicating strong investor activity.
📈 MGO Global Inc (MGOL): MGO Global Inc's trading volume rose to 2,899,673, significantly higher than its average of 1,082,880. The stock's price change of 36.89% mirrors this spike in trading volume.
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Premarket Picks
Kellanova (K) stock surged 19.21% to $75.08 per share in pre-market trading after news broke that Mars was considering acquiring the company.
Zevra Therapeutics, Inc. (ZVRA) saw its share price increase 16.03% to $7.31 per share in pre-market trading following a positive listing decision from Nasdaq.
Thoughtworks Holding, Inc. (TWKS) stock climbed 26.84% to over $4.30 per share in pre-market trading after releasing its second-quarter 2024 financial results.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
CNSP | +19.07% | 17.82M |
INDO | +8.73% | 1.10M |
TPET | +8.28% | 881.21K |
MGOL | +29.28% | 556.10K |
SPCB | +4.27% | 540.56K |
GDHG | +1.19% | 454.74K |
HUBC | +3.99% | 391.86K |
ZVRA | +23.81% | 126.36K |
OCGN | +1.22% | 93.82K |
MIRA | +9.22% | 90.88K |
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Important Upgrades To Watch
Diamondrock Hospitality Co (NYSE: DRH)
Analyst Firm: Compass Point
Price target: $10
Friday’s market close: $8.09
Compass Point upgraded Diamondrock Hospitality Co (NYSE: DRH) from Neutral to Buy and set a price target of $10.
Robinhood Markets Inc (NASDAQ: HOOD)
Analyst Firm: Citi
Price target: $18
Friday’s market close: $17.88
Citi upgraded Robinhood Markets Inc (NASDAQ: HOOD) to Neutral and set a price target of $18.88.
Kellanova (NYSE: K)
Analyst Firm: Exane BNP Paribas
Price target: $74
Yesterday’s market close: $31.47
Exane BNP Paribas upgraded Kellanova (NYSE: K) from Neutral to Outperform with a price target of $74.
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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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