?? Spirit Airlines Files for Bankruptcy Amid Fierce Competition and Failed Merger
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 5005, 870.62-78.55 (-1.32%)
Dow Jones 43,444.99-305.91 (-0.70%)
NASDAQ 18,680.12-427.58 (-2.24%)
Market close: November 15, 2024
Breaking News
Spirit Airlines Files for Bankruptcy Amid Fierce Competition and Failed Merger.
?? Facing mounting debts and blocked merger attempts, Spirit Airlines has filed for bankruptcy. The discount airline seeks to restructure after major carriers and labor costs challenged its ultra-low-cost model. WSJ reports.
Image source: Wikimedia Commons
EdgeUp
?? NvidiaNext: Nvidia results in focus as stock market's election boost stalls. Yahoo Finance reports.
?? PalantirRise: Palantir shares rally to fresh record on plans for move to Nasdaq. Reuters reports.
? NasdaqDeadline: Super Micro faces deadline to keep Nasdaq listing after 85% plunge in stock. CNBC reports.
?? Disneyverse: Disney targets $1 Billion in streaming profit in fiscal 2025. Yahoo Finance reports.
?? xPower: Elon Musk’s xAI raising up to $6 billion to purchase 100,000 Nvidia chips for Memphis data center. CNBC reports.
?? SkyLead: Boeing names ex-Vanguard CEO Buckley as board member. 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. $APLM: Apollomics
Total gain: 108.02%
2. $SINT: SINTX Techs
Total gain: 76.96%
3. $ATCH: AtlasClear Holdings
Total gain: 66.72%
4. $MNDR: Mobile-health Network
Total gain: 50.76%
5. $DDC: DDC Enterprise
Total gain: 36.18%
Trading Strategies
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 9 AM ET for "Pre-Market Momentum".
The Importance of Technical Criteria in Short Selling
When it comes to short selling, technical indicators are critical. One of the core elements I emphasize is the importance of focusing on stocks that are already showing weakness. New lows often lead to more lows; the same way new highs tend to follow prior highs. For short setups, look for stocks trading below their 200-day Simple Moving Average (SMA) and preferably below their 50-day Exponential Moving Average (EMA) as well. Why? These indicators tell us that buyers are unlikely to jump in and save the stock if it continues to dip. Stocks that remain below these levels are more likely to face selling pressure and less likely to attract dip buyers.
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Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on November 15.
(All pricing and percent gains are based on regular market trading hours from 9:30 am to 4:00 pm Eastern Time)
1. $BE: Bloom Energy
Total gain: +58.66%
The company has announced a supply agreement with American Electric Power (AEP) for up to 1 gigawatt (GW) of its fuel cell products—the largest commercial fuel cell procurement in the world to date. Under this agreement, AEP has already placed an initial order for 100 megawatts (MW) of fuel cells, with additional expansion orders anticipated in 2025. This agreement builds on Bloom's previous collaboration with AEP to deploy solid oxide fuel cells (SOFCs) in commercial and industrial applications. Benzinga reports.
2. $PULM: Pulmatrix
Total gain: +35.36%
The stock appeared to be moving on no notable news.
3. $CNVS: Cineverse
Total gain: +27.31%
The company announced its financial results for the fiscal second quarter ending September 30, 2024. Total revenue for the quarter was $12.7 million, compared to $13.0 million in the same quarter last year. The prior year's results included $2.4 million in non-recurring, non-cash revenue from Digital Cinema. Excluding this one-time revenue, the company's total revenue increased by $2.2 million, or 20%, year-over-year. Benzinga reports.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
TCOM Trip.com Group
3Q 2024
After Market Close Estimate: 0.910
Actual: N/A
ACM AECOM
4Q 2024
After Market Close Estimate: 1.250
Actual: N/A
BRBR BellRing Brands
4Q 2024
After Market Close Estimate: 0.500
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
10:00 am Factory orders - September
10:00 am Chicago Fed President Austan Goolsbee welcoming remarks
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Parting Thoughts
“The big money is not in the individual fluctuations but in the main movements—that is, not in reading the tape but in sizing up the entire market and its trend.” ― Jesse Livermore
Sourced in: "How to Trade in Stocks", by Jesse Livermore, published in 1940.
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