Good Morning, Traders!…👋

U.S. stock futures rose on Friday morning as Amazon delivered strong earnings, wrapping up a big week of Big Tech reports. The “World Series” of tech earnings is over, but the market’s pulse remains active.

On Thursday, Apple and Amazon reported their quarterly results, concluding a week in which five of the “Magnificent Seven” tech giants shared their earnings. Amazon surpassed Wall Street’s expectations, but Apple’s results were mixed—beating estimates but offering weaker-than-anticipated guidance for the current quarter.

The action doesn't end here, as the Bureau of Labor Statistics is set to release its October nonfarm payrolls report. This data will give investors insights into the health of the jobs market, especially after disruptions from hurricanes and a Boeing workers strike.

Oil prices climbed after a report from Axios indicated that Iran may be planning another attack on Israel, heightening concerns over potential supply disruptions. Brent crude rose 1.9% to $74.17 a barrel, while West Texas Intermediate gained 2.1% to $70.69 a barrel.

Bond yields held steady over the past 24 hours. The yield on the 10-year U.S. Treasury note was at 4.277%, while the 2-year note yielded 4.179%.

Happening Today

✓ 08:30 AM ET – Average Hourly Earnings (MoM) (Oct)

✓ 08:30 AM ET – Nonfarm Payrolls (Oct)

✓ 08:30 AM ET – Unemployment Rate (Oct)

✓ 09:45 AM ET – S&P Global US Manufacturing PMI (Oct)

✓ 10:00 AM ET – ISM Manufacturing PMI (Oct)

✓ 02:00 AM ET – Atlanta Fed GDPNow (Q4)

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

PREMARKET SNAPSHOT 📈

Market futures are showing gains, with the S&P 500 up 0.32%, the Dow rising 0.28%, and the NASDAQ leading with a 0.39% increase.

SECTOR SNAPSHOT✨

Yesterday's market reflected significant declines across most sectors, with Consumer Discretionary experiencing a notable drop, indicating weakened consumer sentiment. Consumer Staples, Financials, and Health Care also faced losses, contributing to the overall negative tone. Industrials and Materials recorded substantial declines as well. In contrast, Energy managed a solid increase, showing resilience amidst the broader downturn. Utilities posted a modest gain, while Information Technology and Communication Services suffered sharp losses, rounding out a day characterized by widespread challenges across the market.

PreMarket Unusual Volume Stocks

📈 Phoenix Motor Inc (PEV) is seeing strong pre-market volume, with over 8.6 million shares traded, significantly above its average of 4.8 million. The stock has risen 24.53%, bringing its pre-market price to $0.57. This notable increase reflects positive investor sentiment.

📈 Theriva Biologics Inc (TOVX) has experienced heightened pre-market activity, trading over 8.3 million shares against its average volume of 1.97 million. The stock is up 52.05%, with a pre-market price of $2.22. This substantial gain indicates strong early interest.

📈 Athira Pharma Inc (ATHA) has shown increased pre-market movement, with over 6.7 million shares traded, compared to its average volume of 946K. The stock has gained 27.07%, bringing its pre-market price to $0.54. This sharp rise signals growing market interest.

📈 Pro-Dex Inc. (PDEX) has seen pre-market activity of over 91K shares, exceeding its average of 18K. The stock is up 14.76%, bringing its pre-market price to $35.60. This moderate increase suggests optimism as the market opens.

Premarket Picks

Theriva Biologics, Inc. (TOVX) saw a significant pre-market surge of 60.95%, bringing its price to $2.35. This increase follows the company being selected as one of five finalists for Merck KGaA's EMEA Advance Biotech Grant.

Phoenix Motor Inc. (PEV) experienced a pre-market rise of 24.75%, with its stock priced at $0.57. The boost comes after the company reported a record revenue of $12 million for the second quarter of 2024.

Pro-Dex, Inc. (PDEX) also saw a notable increase, with a pre-market surge of 24.24%, raising its price to $38.54. The surge follows the company’s announcement of its fiscal 2025 first quarter results, which revealed a 25% increase in net sales, from $11.9 million in the prior year to $14.9 million.

Lastly, Athira Pharma, Inc. (ATHA) rose 21.82% in pre-market trading, with a price of $0.52, after filing a SC 13D/A form with the SEC.

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

Top Upgrades:

1. IDACORP, Inc. (IDA)

Analyst Firm: Mizuho
Upgrade: Neutral to Outperform
Price Target: $116
Yesterday's Close: $103.48

Mizuho has upgraded IDACORP's rating from "Neutral" to "Outperform," with a revised price target of $116, up from $102. Analysts have set IDACORP's stock price target with estimates ranging from a low of $100.00 to a high of $118.00, with a median of $113.50 and an average target of $112.38.

IDACORP, Inc., headquartered in Boise, Idaho, is a holding company primarily for Idaho Power Company, focused on providing energy solutions in the region.

2. Atlassian Corporation (TEAM)

Analyst Firm: KeyBanc
Upgrade: Sector Weight to Overweight
Price Target: $260
Yesterday's Close: $188.54

KeyBanc has elevated Atlassian’s rating from "Sector Weight" to "Overweight," assigning a price target of $260. Analyst projections for Atlassian’s stock vary, with a low estimate of $175.00, a median of $255.00, a high of $300.00, and an average target of $245.57.

Atlassian Corporation, a leading software firm, is known for its tools designed for developers and project managers.

3. YPF Sociedad Anónima (YPF)

Analyst Firm: Citi
Upgrade: Neutral to Buy
Price Target: $33
Yesterday's Close: $24.51

Citi has raised its rating on YPF from "Neutral" to "Buy," with a new price target of $33, up from $24. The stock price targets for YPF are set as follows: a low of $21.00, a median of $26.50, a high of $41.02, and an average target of $28.32.

YPF S.A., a state-backed Argentine energy company, is vertically integrated across oil and gas exploration, production, and refining, serving both domestic and international markets.

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.