| | | August 31, 2023 Hey traders! It's Michael here with the Stock Dork Cheat Sheet: Premarket Report, your go-to guide for the day's biggest trading news and hottest premarket stocks! Today is Thursday, August 31st. I hope you have a great day in the market. Now, let's get ready to trade! |
| Stocks edged higher on Wednesday despite a weak ADP jobs report. The Nasdaq led the way with a half-point gain, while the S&P 500 added 0.3%, and the Dow edged higher by only 0.1%. The Russell 2K advanced 0.4%. This morning, futures are up once again in early premarket trading. S&P 500 contracts are up 0.1%. The Top-3 NASDAQ Stocks Under $10 ð These stocks are flying under the radar, but that may not be the case for much longer. The market is beginning to catch on to these overlooked opportunities, and a big move could be right around the corner. Click Here to Get the Tickers ð SEC, DOJ Investigate Musk.... AgainThe Federal Government continues to wage administrative war on Tesla CEO Elon Musk. The Dept. of Justice and Securities Exchange Commission are investigating the EV giant's use of funds on a project that prosecutors allege is a house for Elon Musk. Musk's acquisition of Twitter last year rubbed some Washington ghouls the wrong way, and the federal government has unsurprisingly launched several investigations against the world's richest man since he acquired the social media company. SpaceX, Twitter, and Tesla have all been subjected to federal scrutiny that many - myself included - would argue is politically motivated. |
| SalesForce [CRM] - Last Close: $215.04 SalesForce is up after a strong quarterly report. The cloud conglomerate reported its fiscal Q2 earnings report late Wednesday, and the results surpassed expectations. SalesForce reported fiscal Q2 adjusted EPS of $2.12, up from $1.19 a year earlier, and easily beat the consensus of $1.88. Revenue for the quarter came in at $8.6 billion, up 11.3% from last year, and beat the consensus of $8.53 billion. SalesForce also boosted its full-year outlook in response to the strong quarter. CRM is leading the S&P 500 with a 5.8% gain. My Take: It looks like CRM is back, but I have never been a big fan of this stock. Even now, it P/E is a whopping 566.25. I think there are much better large-caps to consider than this one. iCoreConnect [ICCT] - Last Close: $12.28 iCoreConnect continues to run hot after its SPAC merger. Earlier this week, the cloud company completed its merger with FG Merger Corp SPAC, and shares have been climbing ever since. Yesterday, trading in ICCT was halted several time due to an issue with the conversion of its shares, but the issue has since been resolved. ICCT gained 117.7% on Thursday, and it continued to run hot after the close. It's up another 28.0% in today's premarket., My Take: This is a big SPAC rally for such an obscure company. I wouldn't be surprised if ICCT pulled back on Monday. Acer Therapeutics [ACER] - Last Close: $0.61 Acer Therapeutics just landed a big buyout deal. The micro-cap pharma firm has agreed to be acquired by Zevra Therapeutics [ZVRA] in a cash-and-stock deal worth up to $91 million. Acer shareholders will initially receive 0.121 shares of ZVRA, and contingent value rights that could add up to $76 million in additional payouts. The deal is expected to close in the fourth quarter. ACER is the number one stock in today's premarket with an 88.4% gain. My Take: ACER shareholders are enjoying a nice pop over this deal, but I don't see a reason to make a move this late in the game. SatixFly [SATX] - Last Close: $0.478 SatixFly is trending after announcing a strategic sale. The space services provider has agreed to sell its digital payload division to MDA Ltd. [TSX: MDA] in exchange for a US$40 million share purchase. The companies announced the new definitive agreement early this morning. SatixFly said it made the sale because it has decided to strategically focus its space business on being a tech provider to satellite payload design companies. SATX is one of this morning's top performers with a 50.8% gain. My Take: I have had my eye on SATX. It could be a promising speculative play on the space sector. The company appears to be zeroing in on the most profitable part of their business, which could be a very good sign. GainersNoco Noco [NCNC] >> +48.7%Allarity Therapeutics [ALLR] >> +24.0%Infobird [IFBD] >> +28.5%SMX Security Matters [SMX] >> +19.6%DeclinersAgileThought [AGIL] >> (24.6%) Axcella Health [AXLA] >> (20.1%)Dollar General [DG] >> (16.2%)Duluth Holdings [DLTH] >> (14.9%) Dollar General Corporation [DG] ... AM
Hormel Foods Corporation [HRL] ... AM
Campbell Soup Company [CPB] ... AM
Polestar Automotive Holding [PSNY] ...AM
Ciena Corporation [CIEN] ... AM
Hashicorp, Inc. [HCP] ... AM
Broadcom Inc. [AVGO] ... PM
VMware, Inc. [VMW] ... PM
Lululemon Athletica Inc. [LULU] ... PM
Nutanix, Inc. [NTNX] ... AM Initial jobless claims [Aug] ... 8:30a Personal income (nominal) [Jul] ... 8:30a Personal spending (nominal) [Jul] ... 8:30a PCE index [Jul] ... 8:30a Core PCE index [Jul] ... 8:30a Chicago Business Barometer [Aug] ... 9:45a |
| Thanks for reading! Don't forget, I'm always eager to hear from you. Reply to this email with your questions, comments, or general feedback, and I'll get back to you as soon as I can. Wishing you big returns on your investments this week, as always! - Michael "The Stock Dork" Taylor Disclaimer© 2023 TheStockDork.com. All rights reserved. This message was sent by TheStockDork.com and may contain commercial elements such as advertising. Read full terms here. |
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