| | 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! Let's get ready to trade! |
The S&P 500 set a new record high on Wednesday, closing above 5,300 for the first time in its history, while the Nasdaq led the day’s gainers.
Dow [+0.8%]
S&P 500 [+1.1%]
Nasdaq [+1.4%]
Russell 2K [+1.1%]
Futures are edging higher in early trading, but they’re still sitting relatively close to flat. S&P 500 contracts are up by less than 0.1%.
This week’s resurgence of “Meme Stock Mania” has driven shares of AMC and GME to huge gains this week, but they’re not the only stocks getting swept up in the craze. Several heavily-shorted small-float stocks have also been driven higher by coordinated buying pushes, and today’s premarket action shows the trend is still running strong. We could see some huge moves as the trading week comes to a close. Berkshire Hathaway's Confidential Stock Revelation 💼 | Warren Buffett's Berkshire Hathaway [BRK.A] disclosed its clandestine stock pick in a recent regulatory filing, unveiling insurer Chubb [CB] as its latest acquisition. The conglomerate amassed nearly 26 million shares of the Zurich-based insurer, constituting a stake valued at $6.7 billion. This acquisition positions Chubb as Berkshire's ninth-largest holding as of March's end. | Market Impact & Performance 📈
Following Berkshire's revelation, shares of Chubb surged approximately 7% in extended trading, reflecting investor enthusiasm. Year to date, Chubb's stock has appreciated by about 12%, bolstering market confidence in Berkshire's strategic investment decisions. | Insight into Chubb's Background 🏢
Chubb, a property and casualty insurer, emerged from Ace Limited's acquisition in 2016. Led by CEO Evan Greenberg, Chubb boasts a prominent legacy in the insurance sector, rooted in the expertise of Greenberg's father, Maurice Greenberg, former CEO of insurance behemoth American International Group. | Berkshire's Industry Footprint 🌐
Berkshire Hathaway's extensive presence in the insurance domain encompasses diverse ventures, including Geico, General Re, and various home and life insurance services. Notably, Berkshire's acquisition of Alleghany for $11.6 billion in 2022 underscores its commitment to strategic expansions within the insurance sector. | The Big Reveal❓
Berkshire's discreet purchase of Chubb marks the culmination of two quarters of confidentiality surrounding its stock holdings. Despite widespread speculation, the reveal caught many off guard, particularly as Berkshire's recent confidential acquisitions typically centered around banking stocks. | Rare Confidential Treatment 🤫
Berkshire's decision to maintain secrecy regarding its Chubb acquisition is noteworthy, given the rarity of such treatment. This move parallels Berkshire's previous confidential purchases, such as Chevron and Verizon in 2020, reflecting Buffett's shrewd investment strategies. |
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TSR [TSR] - Last Close: $7.74 | TSR has agreed to be acquired by a Vienna Parent Corp. subsidiary through a $29 million tender offer that pays $13.40 per share. | Both companies’ boards have approved the transaction, and the deal is expected to close sometime in Q3. | The deal pays a 73% premium to TSR’s Wednesday closing bid. | TSR is up 69.5%, but volume is thin at less than 100K shares traded. | My Take: Solid premium for TSR shareholders, but you’re too late to cash in on this one if you’re not already in position. |
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| Lucy Scientific [LSDI] - Last Close: $0.51 | This alternative biotech stock is surging after a sell-off in Wednesday’s session. | The drawdown began around the time Lucy Scientific filed a Form NT 10-Q “Notification of Late Filing”. Shares were down 23.8% at the closing bell. | However, LSDI is rebounding in dramatic fashion today. Shares are up 184.3% and volume is currently sitting at 8.5 million. | My Take: Not sure what’s driving LSDI’s big rally. There’s no news, and its short percentage was only sitting at 3.0% as of April 30th. However, the volume and volatility could indicate it’s worth watching. |
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| Pineapple Energy [PEGY] - Last Close: $0.0869 | Pineapple Energy is running hot after a 47.5% gain on Wednesday, despite no obvious news to explain the move. | The stock lists a 6.86% short percentage as of April 30th, but there hasn’t been any major news since last week, when it announced its Q1 results. | Shares suffered a brief pullback after the company posted a double-line miss on its quarterly report, but prices began to rebound with yesterday’s rally. | PEGY is up 70.2% in early trading, with 131 million shares changing hands. | My Take: PEGY has seen a huge volume boost over the past two days, and it’s gaining strong despite a modest short rate. Shares are up 73.8% over the past 10 days. |
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| Cyngn [CYN] - Last Close: $0.0858 | This morning, Cyngn announced several commercial & technological accomplishments for the first quarter. | The new developments included new partnerships with big names like John Deereand Rivian, as well as expansions to its distribution network, and key collaborations to develop AI & robotics technologies. | “Q1 showcased our achievement to be chosen by a marquee customer like John Deere,” said Chairman & CEO Lior Tai. | CYN is up 45.1% on more than 55 million shares traded. | My Take: CYN has experienced a bullish spike in volume over the past two days, and it appears to be entering a new uptrend after pulling back last week. |
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Gainers | Greenwave [GWAV] >> +63.5% Crown Electrokinetics [CRKN] >> +55.8% AST Spacemobile [ASTS] >> +33.9% |
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| | | | | Decliners | KULR Technology [KULR] >> (27.5%) Spire Global [SPIR] >> (29.5%) Aerwins Tech [AWIN] >> (19.7%) |
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Walmart [WMT] ... AM
Deere & Company [DE] ... AM
Baidu [BIDU] ... AM
Advanced Drainage Systems [WMS] ... AM
iQIYI [IQ] ... AM
Applied Materials [AMAT] ... PM
Copart [CPRT] ... PM
Take-Two Interactive Software [TTWO] ... PM
Globant [GLOB] ... PM
Flowers Foods [FLO] ... PM - Initial Jobless Claims [May] ... 8:30a
- Philadelphia Fed manufacturing survey [May] ... 8:30a
- Housing starts [Apr] ... 8:30a
- Building permits [Apr] ... 8:30a
- Import price index [Apr] ... 8:30a
- Industrial production [Apr] ... 9:15a
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