Good Morning, Traders!…👋

U.S. stock index futures are climbing Friday, led by gains in the Nasdaq 100, as a bullish forecast from chipmaker Broadcom renewed optimism around artificial intelligence.

Broadcom surged 15% in premarket trading after reporting quarterly revenue above Wall Street estimates and projecting strong demand for its custom AI chips over the next few years. This builds on the ongoing tech rally that propelled the Nasdaq Composite above the 20,000 milestone earlier this week.

Adding to the momentum, Wednesday’s in-line inflation report solidified expectations for a 25-basis-point rate cut at the Federal Reserve’s meeting next week. Trader bets on the cut stand at over 96%, according to CME's FedWatch Tool. However, the probability of a pause in January has risen following Fed officials’ recent warnings of a slower easing pace ahead.

Wall Street saw a mixed session on Thursday, with the S&P 500 and Dow headed for weekly losses amid some hotter economic data. The Nasdaq, however, is on track to end the week in positive territory.

Happening Today

✓ 08:30 AM ET – Import & Export Price Index (MoM) (Nov)

✓ 03:30 PM ET – CFTC Nasdaq 100 and S&P 500 speculative net positions

PREMARKET SNAPSHOT 📈

Market futures are showing gains, with the S&P 500 up 0.33%, the Dow rising 0.18%, and the NASDAQ leading with a 0.69% increase.

SECTOR SNAPSHOT✨

Yesterday, most sectors experienced losses. Consumer Discretionary led the decline, falling 0.84%, followed by Health Care, which dropped 0.83%. Energy and Industrials also saw negative movements, decreasing 0.67% and 0.68%, respectively. Information Technology and Materials were down 0.47% and 0.69%, respectively. Real Estate saw a modest loss of 0.08%. On the positive side, Consumer Staples rose by 0.18%, and Communication Services gained 0.36%. Utilities experienced a slight dip of 0.11%.

PreMarket Unusual Volume Stocks

📈 Palisade Bio Inc (PALI) experienced another notable surge of 68.57%, closing at $2.36. The trading volume reached an extraordinary 68.19 million shares, far exceeding the average of 1.17 million. This significant uptick reflects strong investor interest and positive sentiment around the stock.

📈 TruGolf Holdings Inc (TRUG) saw a steady gain of 17.66%, closing at $0.52. The trading volume hit an impressive 71.97 million shares compared to the average of 1.30 million, indicating heightened activity in the stock.

📈 Trevi Therapeutics Inc (TRVI) posted a robust gain of 44.58%, closing at $3.60. With a trading volume of 63.85 million shares, significantly surpassing the average of 1.51 million, the stock showcased strong momentum and investor enthusiasm.

📈 WISeKey International Holding Ltd ADR (WKEY) recorded a solid 36.67% rise, closing at $3.28. The trading volume of 8.57 million shares outpaced its average of 204.25K, suggesting increased interest and activity in the market.

📈 Canoo Inc (GOEV) delivered a gain of 34.62%, closing at $0.17. The staggering trading volume of 970.80 million shares dwarfed its average of 23.99 million, highlighting remarkable investor engagement.

Premarket Picks

The pre-market price of Loop Industries, Inc. (LOOP) is $1.96, reflecting a surge of 59.34%. This significant increase comes after the company announced that it has secured €10 million in financing through a convertible preferred security deal with Reed Societe Generale Group, a European investment firm majority-owned by the bank Societe Generale.

Lichen China Limited (LICN) saw a pre-market price of $0.22, with a surge of 12.76%. The increase follows the company’s announcement of a $2.70 million registered direct offering, which has driven positive market sentiment.

RH (RH) pre-market price reached $448.00, showing a surge of 17.47%. This jump is attributed to the company’s release of its third-quarter fiscal 2024 results, which demonstrated strong financial performance.

Broadcom Inc. (AVGO) pre-market price stood at $206.79, reflecting a surge of 14.46%. The rise followed the announcement of the company’s fourth-quarter and fiscal year 2024 financial results, as well as the declaration of a quarterly dividend, signaling financial stability and growth.

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

Top Upgrades:

1. PayPal Holdings, Inc. (PYPL)

Analyst Firm: Wolfe Research
Upgrade: Peer Perform to Outperform
Price Target: $107
Yesterday's Close: $89.40

Wolfe Research analyst Darrin Peller raised his rating on PayPal to "Outperform" from "Peer Perform," setting a price target of $107.

PayPal has been transforming global commerce for over 25 years, providing secure and personalized solutions for money, selling, and shopping in 200 markets. Analysts have set the stock price target for PayPal with a high of $125.00, a median of $91.50, and a low of $70.00. The average stock price target is $92.75.

2. Centene Corporation (CNC)

Analyst Firm: UBS
Upgrade: Neutral to Buy
Price Target: $80
Yesterday's Close: $58.00

UBS upgraded Centene to "Buy" from "Neutral," adjusting its price target to $80, up from $79.

Centene Corporation, a Fortune 500 company, is a leading healthcare enterprise focused on helping people live healthier lives. Analysts estimate the stock price target for Centene to be a high of $93.00, a median of $80.00, and a low of $52.00. The average stock price target stands at $78.72.

3. TaskUs, Inc. (TASK)

Analyst Firm: Morgan Stanley
Upgrade: Equal Weight to Overweight
Price Target: $21
Yesterday's Close: $15.97

Morgan Stanley increased its rating on TaskUs to "Overweight" from "Equal Weight," with a revised price target of $21, up from $18.

TaskUs is a leading provider of outsourced digital services and next-generation customer experience, helping innovative companies represent, protect, and grow their brands. The stock price target for TaskUs is estimated to have a high of $22.00, a median of $18.00, and a low of $14.00. The average stock price target is $18.50.

Happy investing,

Maeve Grace
Editor In Chief
Premium Stock Alerts

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.