4 Stocks Leading Today's Reboud Rally 📈

Stocks closed last week with a whimper as US benchmarks continued their string of losses. The S&P 500 lost 1.1%, and the Nasdaq fell 0.9%. The Dow slid 0.8%, and the small-cap Russell 2K closed 0.6% lower.

This morning, the market appears to be on course for a rebound. S&P 500 and Dow futures are currently up 0.3% in early-morning trading.

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Tesla shares are moving higher on rumors about its CEO, Elon Musk.

Musk, who also serves as the head of Twitter [TWTR] after a recent acquisition, polled Twitter users over the weekend on whether he should step down from his position at the company.

So far, the results show that more than half of users favor Musk stepping down as head of the social media company.

Musk stated that he would abide by the results of this poll, but it's unclear whether he will follow through.

Mr. Musk's Twitter antics have had a negative effect on TSLA, as many investors believe the CEO's social media push is a distraction from the core mission at Tesla.

TSLA is up 4.6% on rumors that Musk may step down from his role at Twitter, and it's this morning's most actively-traded S&P 500 stocks.

My Take: It remains to be seen whether Musk will abandon his role at Twitter. If he does step down, I believe it is more likely he will transition into another high-ranking position at the company, such as Chairman of the Board.

A big announcement is sending shares of Innate Pharma higher this morning.

Early this morning, the tiny pharma firm announced it would expand its licensing collaboration with pharma giant Sanofi [SNY].

Under the terms of the deal, Sanofi gains exclusive license to Innate's B7H3 ANKET program and options for two additional targets.

Sanofi will also be responsible for development, manufacturing, and commercialization of the drug.

In return, Innate will receive €25m upfront and up to €1.35bn in total milestones plus royalties from Sanofi.

IPHA is one of this morning's top performers with a 33.6% premarket gain.

My Take: iPHA took substantial losses in 2022, but its could be in the early phases of bottoming out. Plus, the Sanofi collaboration deal could have huge potential for the company beyond the initial benefits.

We're noticing some very unusual activity in Camber Energy.

The oil & gas stock has been trading erratically since announcing plans for a 1-for-50 reverse stock split last week.

Late Friday, Camber Energy announced an updated effective date of Dec. 21st for the reverse split. Previously, the effective date was set at Dec. 30th.

The announcement sparked a sharp move higher in Friday's after-hours trading session, and it's carrying that momentum into this morning's premarket.

CEI is one of the morning's most active stocks, and it's currently leading the premarket with a 101.4% gain.

My Take: This is an unusual move, but I believe it's tied to the stock's 5.55% short ratio. The reverse split will reduce CEI's share float dramatically, so moving up the date may have sparked a short squeeze. However, be careful because these gains could evaporate quite suddenly.

News of an underwritten offering is boosting shares of Agrify in today's premarket.

In Friday's after-market, the AgTech stock announced an underwritten offering of about 11.8 million shares of common stock with more than 28 million warrants.

The deal includes 1.5 million pre-funded warrants, plus additional warrants to purchase roughly 26.7 million shares.

According to the press release, each share will be sold with warrants to purchases two additional shares at a total unit price of $0.65 apiece.

AGFY is up 56.8% on news of the offering.

My Take: AGFY's Friday announcement was the catalyst for this big move, but it seems somewhat overdone. The stock has been struggling as of late, but today's move is giving shareholders some respite. I would be careful with this one because it could reverse course quickly when the selling starts.

Heico Corporation [HEI] ... PM
Steelcase Inc. [SCS] ... PM