?? Apollo Offers Multibillion-Dollar Investment to Back Intel’s Turnaround
The articles and information in this newsletter are a summary of Friday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.
S&P 500 5,702.55 -11.09 (-0.19%)
Dow Jones 42,063.36 +38.16 (+0.09%)
NASDAQ 17,948.32 -65.68 (-0.36%)
Market close: September 20, 2024
Breaking News
Apollo Offers Multibillion-Dollar Investment to Back Intel’s Turnaround ???The company has proposed a $5 billion investment in Intel, supporting its turnaround under CEO Pat Gelsinger. This comes as Intel restructures and forms key partnerships, including a recent deal with Amazon Web Services. Yahoo Finance?reports.
EdgeUp
?? XLR-Takeoff:?First Airbus A321XLR delivery due in second-half October, airline says. Yahoo Finance?reports.
?? FordRecall:?Ford to recall over 144,000 U.S. vehicles over rearview camera image freeze. Reuters?reports.
?? StepUp:?Nike CEO John Donahoe is out, replaced by company veteran Elliott Hill. CNBC?reports.
?? ASMLdown:?Morgan Stanley latest to downgrade ASML on China, memory, Intel concerns. Reuters?reports.
?? MissDelivery:?Fedex stock plummets after earnings miss, lower outlook flashes warning on economy. Yahoo Finance?reports.
?? SlimDown:?Novo Nordisk shares drop nearly 5% on disappointing obesity pill data. Reuters?reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga?reports.
1. $NVVE: Nuvve Holding
Total gain: +99.74%
2. $NUKK: Nukkleus
Total gain: +56.56%
3. $LGCB: Linkage Global
Total gain: +34.66%
4. $TGL: Treasure Global
Total gain: +27.87%
5. $GSIW: Garden Stage
Total gain: +23.13%
A Question About Risk
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11 AM ET, as our Risk Management educator.
What is the Head and Shoulders Pattern and How Can It Be Identified on a Price Chart?
In a head and shoulders pattern, there is a shoulder, a head, and another shoulder. It consists of a rounding formation, followed by a higher rounding, and then another rounding. It's important to note that there are both head and shoulders patterns and inverse head and shoulders patterns, also referred to as head and shoulders bottoms by some traders. These patterns are always reversal patterns, similar to double tops and double bottoms. They often resemble double tops and bottoms, but with an additional rotation. However, there are some very specific characteristics, just like with double tops and bottoms. My partner, Mike Arnold, and I spent years analyzing data to develop higher probability ways to trade these patterns. We are very strict in how we interpret these particular formations. The target for a head and shoulders pattern is based on a measured move. To determine the measured move, first identify the high of the head and measure straight down to the approximate level of the neckline. Subtract the difference between the two. Once the neckline is broken, subtract the number you calculated from the price at the break of the neckline, and that will give you your target. You would typically go short when the price breaks below the neckline.
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Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on September 20.
(All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time)
1. $BATL: Battalion Oil
Total gain: +123.13%
The company announced that it has entered into an amendment to the previously disclosed Agreement and Plan of Merger with Fury Resources providing for the acquisition of all of the outstanding shares of the company’s common stock for $7.00 per share in cash, without interest. Benzinga reports.
2. $ZJYL: Jin Medical International
Total gain: +43.02%
The stock appeared to be moving on no notable news.
3. $AENT: Alliance Entertainment
Total gain: +33.82%
The company reported its financial and operational results for the fourth quarter and fiscal year ended June 30, 2024. Net revenue totaled $1.1 billion for fiscal year 2024. Gross profit increased to $128.9 million, up 24% from the prior year, with gross margin improving by 270 basis points to 11.7%, driven by a profitable sales strategy. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
AIR AAR
1Q 2025
After Market Close Estimate: 0.820 Actual: N/A
RCAT Red Cat Holdings
1Q 2025
After Market Close Estimate: -0.080 Actual: N/A
PEV Phoenix Motor
1Q 2024
After Market Close Estimate: N/A Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
8:30 am Atlanta Fed President Raphael Bostic speaks
9:45 am S&P flash U.S. services PMI - September
9:45 am S&P flash U.S. manufacturing PMI - September
Extra-Time
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Parting Thoughts
“You can’t change the market. You can only change yourself.” ― Edwin Lefèvre
Sourced in: “Reminiscences of a stock operator”, by Edwin Lefèvre, published in 1923.