Top stocks to watch on Thursday 📈

Stocks extended their slide on Wednesday, with most major indexes falling around half-a-point. The market has taken back-to-back losses this week.

Futures are mixed in early trading. S&P 500 contracts are up 0.3%, but Dow contracts are showing a 0.2% gain.

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🏛️ Coinbase vs. SEC: A Legal Tug-of-War
At a federal court in New York, Judge Katherine Polk Failla expressed concerns over the Securities and Exchange Commission's (SEC) expansive regulatory claims during a hearing on Coinbase. She questioned if the SEC's stance could overextend its authority into markets beyond its jurisdiction.

👩‍⚖️ Key Issues
The SEC's civil lawsuit against Coinbase, filed in Manhattan federal court, is a pivotal moment in the agency's efforts to regulate the burgeoning crypto market.

Judge Failla is grappling with Coinbase's request to dismiss the lawsuit. Her worries revolve around whether the SEC's regulatory scope might improperly include markets like collectibles or commodities.

⚖️ What it Means for U.S. Crypto
The lawsuit's outcome could set a precedent for how the SEC oversees major players in the crypto market, including platforms like Coinbase.

After a five-hour hearing, Judge Failla did not immediately issue a ruling. The decision, expected in the coming months, could potentially lead to a trial next year.

📉 Impact on Coinbase
Coinbase is contesting the SEC's lawsuit, which arose following years of warnings from SEC Chair Gary Gensler about the legality of cryptocurrency trading platforms in the U.S.

As the legal battle unfolds, it's closely watched by the broader crypto community, with potential ripple effects on how crypto platforms operate under U.S. regulations.

This court case marks a critical juncture in defining the regulatory landscape for cryptocurrencies and could influence the future direction of digital asset trading in the United States.

MDC Holdings [MDC] - Last Close: $53.09

Japanese homebuilding giant Sekisui House [SKHSF] has agreed to acquire this U.S. homebuilder in an all-cash deal worth $4.95 billion.

Under the terms of the deal announced this morning, Sekisui will pay $63 for each outstanding share of MDC, representing a 19% premium to its close.

MDT CEO David Mandarich said the company “expect[s] new opportunities for growth across our footprint for our team members and… customer offerings.”

MDC is a top mover with a 17.8% gain on nearly 200K shares traded.

My Take: This deal has a modest premium compared to other buyouts we’ve seen recently, and MDC has already closed most of the gap between its closing bid and the acquisition price.

Agrify [AGFY] - Last Close: $1.18

An early morning press release is rallying shares of this cannabis cultivation and extraction solutions company.

Agrify said it has entered into a multimillion-dollar sales agreement with Ocean Deep/Golden Lake Business Park, a California cannabis producer & seller.

Under the terms of the deal, Ocean Deep will begin using Agrify’s PX30 Hydrocarbon Extraction Lab and 120 Vertical Farming Units.

Financial details of the arrangement weren’t disclosed, but AGFY is up 91.5% on over 8.5 million shares traded in the premarket.

My Take: AGFY is down 57.8% over the past three months, but shares may be approaching bottom. It appears to have found some support at the $1.15 mark.

Roma Green Finance [ROMA] - Last Close: $1.14

A recent IPO stock is gaining ground after suffering a massive sell-off in Wednesday’s trading session.

Roma has been trading erratically since debuting at $10 per share early last week, and it suffered a 70.8% sell-off yesterday.

However, shares are reversing course in today’s premarket. ROMA is a top gainer with a 21.0% advance on almost 2 million shares traded.

My Take: ROMA has been all over the place the past week, but today’s rally could be a sign that the selloff is beginning to bottom out.

Celularity [CELU] - Last Close: $0.1883

Reports of insider buying are rallying shares of this micro-cap biotechnology company in today’s premarket.

A recent Form 4 filing revealed that 10% owner Kok Thay Lim purchased $5.3 million worth of CELU shares on January 12th.

As a result of the purchase, Lim & his partners now own 33.6% of all outstanding shares of CELU, a total of more than 82 million shares.

CELU is up 31.5% on more than 25 million shares traded as a result of the aggressive insider buying at the company.

My Take: CELU saw a brief price spike at the start of 2024, most likely as a result of this massive insider buy. However, the real question is whether Lim will hold his shares or dump them for a profit the first chance he gets.