Stocks aim to rebound after Friday sell-off 📈

Stocks closed out last week with a steep sell-off, as interest rate concerns continued to weigh on investor sentiment.

Dow [-1.2%]
S&P 500 [-1.4%]
Nasdaq [-1.6%]
Russell 2K [-1.9%]

Futures are picking up steam in early trading. S&P 500 contracts are up by about half a point in the premarket.

Keep an eye out for today’s Retail Sales report. Consumer spending is a major component of the U.S. economy, but the recent resurgence in inflation could convince many shoppers to hold off on big purchases. A significant miss on the retail sales report would be yet another red flag for the market.

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👀 What to Watch This Week
This week is set to be a whirlwind of corporate earnings and significant economic reports, following a robust start with major banks like JPMorgan Chase, Wells Fargo, and Citigroup.

Here's a breakdown of the key events and data releases to keep an eye on:

Monday 📈
The week kicks off with earnings reports from financial heavyweights Charles Schwab and Goldman Sachs. On the economic front, attention will be drawn to the latest U.S. monthly retail sales data, providing insights into consumer spending trends. Additionally, international markets will be looking at China's first-quarter GDP figures, which could signal the pace of recovery in one of the world's largest economies.

Tuesday 🗓️
Bank of America, Johnson & Johnson, Morgan Stanley, and UnitedHealth are slated to release their quarterly results, offering a broader view of the financial and healthcare sectors. Economic reports will include U.S. monthly housing starts and industrial production data, essential for gauging the health of the housing market and industrial sector respectively.

Midweek 🌍
Wednesday will see Abbott Laboratories and ASML sharing their earnings, alongside crucial inflation data from the U.K. and the eurozone. These inflation figures are particularly pivotal amid ongoing discussions about monetary policy and interest rates in Europe.

Thursday Earnings Rush 📉
A busy Thursday is anticipated with earnings from Blackstone, Netflix, and Taiwan Semiconductor Manufacturing.

Investors will particularly focus on Netflix's results to gauge the streaming giant's performance amidst increasing competition. Additionally, U.S. existing home sales and weekly jobless claims will offer further clues about the domestic economic landscape.

Wrapping Up 📅
The week concludes with financial updates from American Express and Procter & Gamble, providing insights into consumer credit trends and consumer goods sales.

Snap One [SNPO] - Last Close: $8.14

Micro-cap smart living company Snap One has agreed to be acquired by Resideo Technologies [REZI] in an all-cash deal valued at $1.4 billion.

SNPO investors will receive $10.75 per share in cash upon closing, representing a 32% premium over Friday’s closing bid.

The deal is expected to close sometime in the second half of the year.

SNPO is up 30.7% on over 100K shares traded.

My Take: As is usually the case with this type of catalyst, the rally has already closed the gap between SNPO’s Friday bid and the proposed acquisition price, so there’s not enough upside potential at this point.

Organovo Holdings [ONVO] - Last Close: $1.0101

Newly published clinical data shows Organovo’s fatty liver disease drug, FXR314, produced promising results in a Phase 2 trial.

The drug was shown to reduce liver fat, and it was generally found to be safe & well tolerated among the patient pool.

Organovo plans to present detailed findings of this study at an unspecified upcoming conference.

ONVO is up 31.6% on over 4 million shares traded.

My Take: ONVO could get a boost from the upcoming conference presentation, but there’s a good chance most of the good news will be priced into the stock by then.

Longeveron [LGVN] - Last Close: $1.69

This tiny pharma firm just announced it will present clinical data from its CLEAR MIND randomized Phase 2a trial of Lomecel-B for mild Alzheimer’s disease.

The company will present the data on Sunday, July 28th, at a “Featured Research Session.”

Longeveron will also make a poster presentation at the 2024 Alzheimer’s Association International Conference, running July 28 – August 1, 2024.
LGVN is up 50.8% on over 6 million shares traded.

My Take: These presentations could provide a mid-Summer catalyst of LGVN, but it’s only April and a lot can happen in 3 months. Mark your calendar, but wait for a better opportunity to jump in.

Soligenix [SNGX] - Last Close: $0.3861

The U.S. Food & Drug Administration has grated Soligenix an Orphan Drug Designation to the active ingredient in MarVax™.

MarVax™ is a vaccine designed for “the prevention and post-exposure prophylaxis against MARV infection."

Orphan drug designations provide incentives for drug makers to develop therapies to treat rare diseases and disorders.

SNGX is up 81.3% on over 23 million shares traded in response to the news.

My Take: SNGX has been locked into a slide since mid-March, but maybe this news can help it pivot into a more favorable trend line.

Gainers
Supercom [SPCB] >> +26.4%
Trio Petroleum [TPET] >> +16.2%
Piedmont Lithium [PLL] >> +21.7%

Decliners
Marinus Pharma [MRNS] >> (73.3%)
New America High [HYB] >> (59.8%)
Neumora Therapeutics [NMRA] >> (23.3%)

Charles Schwab Corporation [SCHW] ... AM
Goldman Sachs Group [GS] ... AM
M&T Bank [MTB] ... AM
Guaranty Bancshares [GNTY] ... AM
Inspired Entertainment [INSE] ... AM
FB Financial [FBK] ... PM
CrossFirst Bankshares [CFB] ... PM
Vuzix [VUZI] ... PM
Skillsoft [SKIL] ... PM
Dragonfly Energy Holdings [DFLI] ... PMV

Empire State manufacturing survey [Apr] ... 8:30a
U.S. retail sales [Mar] ... 8:30a
Business inventories [Feb] ... 10:00a
Home builder confidence index [Apr] ... 10:00a