Hello Part-time Trader…👋

U.S. stocks are showing mixed signals in the premarket today following a pullback at the end of last week. Market sentiment remains buoyed by optimism that advancements in artificial intelligence will boost corporate profits, particularly benefiting chip maker Nvidia, which has significantly driven gains over the past year.

Adding to the positive outlook are hopes that the Federal Reserve might cut interest rates later this year. Investors are also anticipating the latest reading of the core personal consumption expenditures index, the Fed’s preferred measure of inflation, which is set to be released on Friday.

In early trading, bond yields are slightly down. The yield on the 10-year Treasury note stands at 4.251%, while the two-year yield is at 4.738%.

While today may have limited data or earnings reports, the week ahead promises more activity. Starting Tuesday, major companies like FedEx, Nike, and Micron Technology will release their earnings reports.

Happening Today

✓ 02:00 PM ET – FOMC Member Daly Speaks

✓ 03:30 PM ET – CFTC Crude Oil speculative net positions

✓ 03:30 PM ET – S&P Global Services PMI (Jun)

✓ 03:30 PM ET – CFTC Nasdaq 100 speculative net positions

✓ 03:30 PM ET – CFTC S&P 500 speculative net positions

PREMARKET SNAPSHOT 📈

Market futures are showing slight gains for the S&P 500 and Dow, while the NASDAQ is nearly flat with a minor decline.

SECTOR SNAPSHOT ✨

Gains led by Consumer Discretionary and Communication Services, while Energy and Information Technology face declines.

PreMarket Unusual Volume Stocks

📈 Roadzen Inc (RDZN): Exhibited a trading volume of 2.36 million shares, significantly higher than its average volume of 0.03 million shares. The stock closed at $1.98, marking an increase of 27.74%.

📈 Sunrise New Energy Co. Ltd (EPOW): Experienced a notable trading volume of 4.07 million shares compared to its average of 0.10 million shares. The stock price stood at $0.81, reflecting an increase of 35.32%.

📈 Agrify Corp (AGFY): Recorded an unusual trading volume of 17.97 million shares, well above its average volume of 1.27 million shares. The stock price rose to $0.42, achieving a significant gain of 67.46%.

📈 Webuy Global Ltd (WBUY): Saw an exceptional trading volume of 7.92 million shares, compared to its average volume of 1.38 million shares. The stock price rose to $0.19, with an increase of 6.88%.

📈 Alimera Sciences Inc. (ALIM): Reported a trading volume of 0.36 million shares against its average of 0.10 million shares. The stock closed at $5.53, experiencing a substantial increase of 75.56%.

Premarket Picks

In pre-market trading, Sunrise New Energy Co., Ltd. (EPOW) saw a notable surge of 35.55%, bringing its price to $0.8228. This increase follows the announcement that its subsidiary, Sunrise (Guizhou) New Energy Co., Ltd., has been selected for the "2024 Guizhou Provincial Key Projects for Promoting the Utilization of Intellectual Property" funding list.

Alimera Sciences, Inc. (ALIM) experienced an even more significant pre-market price jump of 74.60%, reaching $5.50. This rise comes on the heels of ANI Pharmaceuticals, Inc. (ANIP) signing a definitive agreement to acquire Alimera for $5.50 per share in cash, along with a contingent value right (CVR) potentially worth an additional $0.50 per share based on future revenue targets.

Australian Oilseeds Holdings Limited (COOT) saw a 17.00% increase in its pre-market price, now at $1.17, following the launch of a new Investment Relationship section on their official website.

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

Important FDA 

Recently Announced

On June 20, 2024, Sarepta Therapeutics (SRPT) received crucial FDA decisions regarding ELEVIDYS. The FDA granted traditional approval for ELEVIDYS to be used in ambulatory Duchenne patients, and simultaneously, it received accelerated approval for non-ambulatory Duchenne patients.

Ligand Pharmaceuticals Inc (LGND) celebrated a significant milestone on June 18, 2024, when the FDA approved its drug V116, now known as CAPVAXIVE. This vaccine is designed to prevent invasive pneumococcal disease and pneumococcal pneumonia in adults.

On June 17, 2024, Merck & Co Inc. (MRK) received FDA approval for the use of KEYTRUDA Plus Chemotherapy in treating patients with primary advanced or recurrent endometrial carcinoma. This supplemental biologics license application (sBLA) approval offers a new therapeutic option for patients suffering from this aggressive form of cancer, potentially improving outcomes and expanding treatment possibilities for those affected.

Upcoming Announcements

On June 26, 2024, Merck & Co Inc. (MRK) is anticipating the FDA's decision on Patritumab deruxtecan (HER3-DXd). This biologics license application (BLA) targets the treatment of certain patients with previously treated locally advanced or metastatic EGFR-mutated non-small cell lung cancer.

Verona Pharma plc (VRNA) is also awaiting a crucial FDA decision on June 26, 2024, for its drug Ensifentrine. This new drug application (NDA) focuses on the maintenance treatment of chronic obstructive pulmonary disease (COPD).

On June 28, 2024, GENMAB A/S (GMAB) is set to receive the FDA's verdict on Epcoritamab-bysp. The supplemental biologics license application (sBLA) seeks to expand the use of this drug for adult patients with relapsed or refractory follicular lymphoma (FL) who have undergone at least two lines of systemic therapy.

AbbVie (ABBV) is also looking forward to the FDA's decision on June 28, 2024, for Epcoritamab-bysp, under a similar supplemental biologics license application (sBLA) as GENMAB. The drug aims to treat adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy.

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.