This Stock Surges Over 20% In Pre-Market Following 66% Gains In Previous Session After Embracing Bitcoin As Treasury Asset

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling more than 200 points on Tuesday.

The Dow traded down 0.54% to 44,053.04 while the NASDAQ fell 0.01% to 19,299.60. The S&P 500 also fell, dropping, 0.09% to 5,995.74.

Check This Out: Top 4 Health Care Stocks That May Plunge This Quarter

Leading and Lagging Sectors

Communication services shares surged by 0.5% on Tuesday.

In trading on Tuesday, materials shares fell by 1.4%.

Top Headline

Home Depot Inc reported better-than-expected third-quarter earnings and lifted its full-year 2024 outlook.

HD reported third-quarter sales growth of 6.6% year-over-year to $40.217 billion, beating the consensus estimate of $39.173 billion. Adjusted EPS was $3.78 (-1.8% year over year), beating the consensus of $3.64.

Home Depot raised its sales guidance from $156.49 billion – $158.01 billion to $158.78 billion versus the $157.33 billion consensus. It expects comparable sales to decline approximately ~2.5% (prior expected to decline 3% – 4%).

HD now expects adjusted EPS of $15.10 (representing decline of approximately 1% from $15.25 in FY23) versus the consensus of $14.84. The company sees a gross margin of ~33.5% and an adjusted operating margin of 13.8%.

Equities Trading UP

• BTC Digital Ltd. shares shot up 379% to $12.07 after gaining around 36% on Monday.
• Shares of Genius Group Limited G got a boost, surging 74% to $1.0950 after the company announced the adoption of a Bitcoin treasury reserve strategy, with Bitcoin as its primary treasury reserve asset.
• Taysha Gene Therapies, Inc. shares were also up, gaining 39% to $2.2650. Needham reiterated a Buy rating on the stock and Cantor Fitzgerald reiterated an Overweight rating.

Equities Trading DOWN

• Neurogene Inc. shares dropped 47% to $37.98. The company issued interim efficacy data from its first four low-dose pediatric participants in NGN-401 gene therapy clinical trial for Rett Syndrome.
• Shares of Pagaya Technologies Ltd. were down 35% to $10.99 after the company reported third-quarter results.
• Autozi Internet Technology (Global) Ltd. A was down, falling 30% to $2.02.

Commodities

In commodity news, oil traded up 0.1% to $68.10 while gold traded down 0.5% at $2,605.40.

Silver traded up 0.5% to $30.790 on Tuesday, while copper fell 1.9% to $4.1465.

Euro zone

European shares closed lower today. The eurozone's STOXX 600 tumbled 1.98%, Germany's DAX fell 2.13% and France's CAC 40 tumbled 2.69%. Spain's IBEX 35 Index fell 1.85%, while London's FTSE 100 dipped 1.22%.

Asia Pacific Markets

Asian markets closed lower on Tuesday, with Japan's Nikkei 225 falling 0.40%, Hong Kong's Hang Seng Index falling 2.84%, China's Shanghai Composite Index dipping 1.39% and India's BSE Sensex falling 1.03%.

Economics

• U.S. consumer inflation expectations for the year ahead eased to 2.9% in October compared to 3% in each of the prior four months.
• The RealClearMarkets/TIPP Economic Optimism Index rose 13.4% in November to a reading of 53.2, recording the highest reading in over three years.

Now Read This:

• This Nvidia Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The S&P 500 Index Wednesday closed up +2.53%, the Dow Jones Industrials Index closed up +3.57%, and the Nasdaq 100 Index closed up +2.74%.

Stocks on Wednesday closed sharply higher, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 posting new all-time highs. Stocks soared after Republican candidate Trump won the presidential election. Republicans also gained control of the Senate, but control of the House was still undecided, with many races too close to call. Bank stocks climbed based on expectations of reduced regulations from the Trump administration. Also, health insurers focused on the Medicare market rallied on the view that the Trump administration will pay higher rates to insurers that provide private versions of the US health program for seniors.

The dollar rallied to a 4-month high on the election news, and the 10-year T-note yield jumped to a 4-month high on the prospects of higher inflation due to Trump's policies of tax cuts and increased tariffs.

Bitcoin U Wednesday closed down -27.5 ticks. The 10-year T-note yield rose +15.5 bp to 4.426%. Dec T-notes Wednesday sank to a 4-month low, and the 10-year T-note yield surged to a 4-month high of 4.477%. T-notes plunged Wednesday as President-elect Trump's policies of low taxes and high tariffs are expected to boost growth and inflation, which are hawkish factors for Fed policy. An increase in inflation expectations also hammered T-notes after the 10-year breakeven inflation rate climbed +10 bp and posted a 6-1/4 month high of 2.430%. Wednesday's rally in the S&P 500 to a new record high also reduced safe-haven demand for T-notes.

T-notes recovered from their worst levels Wednesday on strong demand for the Treasury's $25 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.64, well above the 10-auction average of 2.40 and the highest in more than 6 years.

European government bond yields on Wednesday were mixed. The 10-year German bund yield fell -2.0 bp to 2.405%. The 10-year UK gilt yield climbed to a 1-year high of 4.594% and finished up +3.3 bp at 4.563%.

The Eurozone Oct composite PMI was revised upward by +0.3 to 50.0 from the previously reported 49.7.

Eurozone Sep PPI eased to -3.4% y/y from -2.3% y/y in Aug, right on expectations.

German Sep factory orders rose +4.2% m/m, stronger than expectations of +1.5% m/m.

ECB Vice President Guindos said global economic output would be weaker, price pressure would be stronger, and established trade flows would be disrupted if US President-elect Trump implemented the kinds of import tariffs he threatened during his campaign.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 22% for a -50 bp rate cut at the same meeting.

US Stock Movers

Bank stocks soared on expectations that the Trump administration will loosen regulations for the industry. Discover Financial Services soared by +21%, Synchrony Financial rallied +19%, Capital One Financial rallied +15%, and Wells Fargo rallied +14%. Goldman Sachs rallied more than +13% to lead gainers in the Dow Jones Industrials. Morgan Stanley and JPMorgan Chase rallied +12%. Bank of America and Citigroup rallied +9%.

Cryptocurrency-related stocks rallied sharply with the price of Bitcoin up more than +9% at a record high. Coinbase Global soared by +32%. Riot Platforms rallied +27%, Marathon Digital rallied +20%, and MicroStrategy rallied +14%.

Chip stocks climbed Wednesday. GlobalFoundries rallied +14%. Intel rallied +8%. Texas Instruments and Micron Technology rallied +7%. ON Semiconductor , Analog Devices , Nvidia , Marvell Technology , Qualcomm , and NXP Semiconductors NV all rallied by at least +3%.

Tesla rallied by +14.8% to lead gainers in the Nasdaq 100 on speculation the company will be a major beneficiary of Trump's return to the White House.

US health insurers focused on the Medicare market rallied on expectations that the Trump administration will pay higher rates to companies that provide private versions of the US health program for seniors. Humana and CVS Health rallied by about +12%. UnitedHealth Group rallied +6%.

Qualys Inc rallied +25% after reporting Q3 adjusted EPS of $1.56, stronger than the consensus of $1.33, and raising its full-year adjusted EPS forecast to $5.81-$5.91 from a previous forecast of $5.46-$5.62, above the consensus of $5.59.

Charles River Laboratories International rallied +14% after reporting Q3 revenue of $1.01 billion, better than the consensus of $976.7 million.

Globus Medical rallied +10% after reporting Q3 net sales of $625.7 million, stronger than the consensus of $603.9 million, and raising its full-year net sales forecast to $2.49 billion-$2.50 billion from a previous forecast of $2.47 billion-$2.49 billion, better than the consensus of $2.48 billion.

Super Micro Computer fell -17% to lead losers in the S&P 500 and Nasdaq 100 after reporting preliminary Q1 net sales of $5.9 billion-$6.0 billion, weaker than the consensus of $6.47 billion and forecast Q2 net sales of $5.5 billion-$6.1 billion, well below the consensus of $6.79 billion.

Home builders sank as the jump in the 10-year T-note yield to a 4-month high pushed mortgage rates higher and is likely to dampen housing demand. As a result, Lennar fell -4.19%, DR Horton fell -3.13%, PulteGroup fell -2.40%, and Toll Brothers fell -0.78%.

US health insurers that sell private versions of Medicaid were under pressure because of the expectation that the Trump administration will pull back on funding. As a result, Centene , HCA Healthcare , and Molina Healthcare showed losses of between -1% and -4%.

Exact Sciences fell -23% after reporting Q3 revenue of $708.1 million, below the consensus of $716.9 million, and cutting its full-year revenue forecast to $2.73 billion-$2.75 billion from a previous forecast of $2.81 billion-$2.85 billion, weaker than the consensus of $2.83 billion.

Coupang fell -10% after reporting Q3 retail net sales of $6.14 billion, below the consensus of $6.24 billion.

Five Below fell -9% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $75.

Cboe Global Markets fell -4% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $199.

Earnings Reports (11/7/2024)

Air Products and Chemicals Inc (APD), Airbnb Inc (ABNB), Akamai Technologies Inc (AKAM), Arista Networks Inc (ANET), Axon Enterprise Inc (AXON), Becton Dickinson & Co (BDX), Consolidated Edison Inc (ED), Corpay Inc (CPAY), Duke Energy Corp (DUK), EOG Resources Inc (EOG), EPAM Systems Inc (EPAM), Evergy Inc (EVRG), Expedia Group Inc (EXPE), Fortinet Inc (FTNT), Halliburton Co (HAL), Hershey Co/The (HSY), Insulet Corp (PODD), Kenvue Inc (KVUE), Mettler-Toledo International Inc (MTD), Moderna Inc (MRNA), Molson Coors Beverage Co (TAP), Monster Beverage Corp (MNST), Motorola Solutions Inc (MSI), News Corp (NWSA), PG&E Corp (PCG), Ralph Lauren Corp (RL), Rockwell Automation Inc (ROK), Solventum Corp (SOLV), Tapestry Inc (TPR), TransDigm Group Inc (TDG), Viatris Inc (VTRS), Vistra Corp (VST), Warner Bros Discovery Inc (WBD).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

The S&P 500 Index today is up +1.91%, the Dow Jones Industrials Index is up +3.14%, and the Nasdaq 100 Index is up +2.03%.

Stocks today are sharply higher, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 posting new all-time highs. Stocks are soaring today after Republican candidate Trump won the presidential election. Republicans also gained control of the Senate, but control of the House was still undecided, with many races too close to call. Bank stocks are climbing today based on expectations of reduced regulations from the Trump administration. Also, health insurers focused on the Medicare market rallied on the view that the Trump administration will pay higher rates to insurers that provide private versions of the US health program for seniors.

The dollar also rallied to a 4-month high today on the election news, and the 10-year T-note yield jumped to a 4-month high on the prospects of higher inflation due to Trump’s policies of tax cuts and increased tariffs.

Bitcoin U today are down -1-1/32 points. The 10-year T-note yield is up +18.0 bp at 4.451%. Dec T-notes today sank to a 4-month low, and the 10-year T-note yield surged to a 4-month high of 4.477%. T-notes are plunging today as President-elect Trump’s policies of low taxes and high tariffs are seen as boosting growth and inflation, which are hawkish factors for Fed policy. Supply pressures are also weighing on T-notes as the Treasury will auction $25 billion of 30-year T-bonds later today to conclude this week’s $125 billion T-note and T-bond auctions for the November quarterly refunding.

European government bond yields today are mixed. The 10-year German bund yield is down -2.7 bp at 2.398%. The 10-year UK gilt yield climbed to a 1-year high of 4.594% and is up +3.8 bp at 4.568%.

The Eurozone Oct composite PMI was revised upward by +0.3 to 50.0 from the previously reported 49.7.

Eurozone Sep PPI eased to -3.4% y/y from -2.3% y/y in Aug, right on expectations.

German Sep factory orders rose +4.2% m/m, stronger than expectations of +1.5% m/m.

ECB Vice President Guindos said global economic output would be weaker, price pressure would be stronger, and established trade flows would be disrupted if US President-elect Trump implemented the kinds of import tariffs he threatened during his campaign.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 19% for a -50 bp rate cut at the same meeting.

US Stock Movers

Bank stocks are soaring today on expectations that the Trump administration will loosen regulations for the industry. As a result, Discover Financial Services and Synchrony Financial are up more than +16%. Also, Capital One Financial and Wells Fargo & Co are up more than +12%. In addition, Goldman Sachs is up more than +12% to lead gainers in the Dow Jones Industrials. Finally, Morgan Stanley , Bank of America , Citigroup , JPMorgan Chase , and M&T Bank are up more than +8%.

Cryptocurrency-related stocks are sharply higher today with the price of Bitcoin up more than +6% at a record high. As a result, Coinbase Global , Marathon Digital , MicroStrategy , and Riot Platforms are up by more than +11%.

Chip stocks are climbing today. GlobalFoundries is up more than +10%. Also, Intel and Texas Instruments are up more than +4%. In addition, Micron Technology , ON Semiconductor , Analog Devices , and Marvell Technology are up more than +3%. In addition, Nvidia , Qualcomm , and NXP Semiconductors NV are up more than +2%.

Tesla is up more than +11% to lead gainers in the Nasdaq 100 on speculation the company will be a major beneficiary of Trump’s return to the White House.

US health insurers focused on the Medicare market are rallying today on expectations that the Trump administration will pay higher rates to companies that provide private versions of the US health program for seniors. As a result, UnitedHealth Group , Humana , and CVS Health are up more than +6%.

Qualys Inc is up more than +15% after reporting Q3 adjusted EPS of $1.56, stronger than the consensus of $1.33, and raising its full-year adjusted EPS forecast to $5.81-$5.91 from a previous forecast of $5.46-$5.62, above the consensus of $5.59.

Charles River Laboratories International is up more than +11% after reporting Q3 revenue of $1.01 billion, better than the consensus of $976.7 million.

Globus Medical is up more than +7% after reporting Q3 net sales of $625.7 million, stronger than the consensus of $603.9 million, and raising its full-year net sales forecast to $2.49 billion-$2.50 billion from a previous forecast of $2.47 billion-$2.49 billion, better than the consensus of $2.48 billion.

Super Micro Computer is down more than -25% to lead losers in the S&P 500 and Nasdaq 100 after reporting preliminary Q1 net sales of $5.9 billion-$6.0 billion, weaker than the consensus of $6.47 billion and forecast Q2 net sales of $5.5 billion-$6.1 billion, well below the consensus of $6.79 billion.

Home builders are sinking today as the jump in the 10-year T-note yield to a 4-month high will push mortgage rates higher and dampen housing demand. As a result, PulteGroup , Toll Brothers , DR Horton , and Lennar are down more than -4%.

US health insurers that sell private versions of Medicaid are under pressure because of the expectation that the Trump administration will pull back on funding. As a result, Centene , HCA Healthcare , and Molina Healthcare are down more than -2%.

Exact Sciences is down more than -28% after reporting Q3 revenue of $708.1 million, below the consensus of $716.9 million, and cutting its full-year revenue forecast to $2.73 billion-$2.75 billion from a previous forecast of $2.81 billion-$2.85 billion, weaker than the consensus of $2.83 billion.

Coupang is down more than -10% after reporting Q3 retail net sales of $6.14 billion, below the consensus of $6.24 billion.

Five Below is down more than -7% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $75.

Cboe Global Markets is down more than -5% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $199.

Earnings Reports (11/6/2024)

Albemarle Corp (ALB), Ameren Corp (AEE), American Electric Power Co Inc (AEP), ANSYS Inc (ANSS), APA Corp (APA), Atmos Energy Corp (ATO), Cencora Inc (COR), Charles River Laboratories Int (CRL), Corteva Inc (CTVA), CVS Health Corp (CVS), Fair Isaac Corp (FICO), Gilead Sciences Inc (GILD), Host Hotels & Resorts Inc (HST), Howmet Aerospace Inc (HWM), Iron Mountain Inc (IRM), Johnson Controls International (JCI), Marathon Oil Corp (MRO), MarketAxess Holdings Inc (MKTX), Match Group Inc (MTCH), McKesson Corp (MCK), Pinnacle West Capital Corp (PNW), PTC Inc (PTC), QUALCOMM Inc (QCOM), Sempra (SRE), STERIS PLC (STE), Take-Two Interactive Software (TTWO), Trimble Inc (TRMB), Williams Cos Inc/The (WMB).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

The S&P 500 Index today is up +2.05%, the Dow Jones Industrials Index is up +3.08%, and the Nasdaq 100 Index is up +2.07%.

Stocks today are sharply higher, with the S&P 50 and Dow Jones Industrials posting new record highs and the Nasdaq 10 posting a 3-3/4 month high. Stocks are soaring today after Republican candidate Trump won the presidential election. Republicans also gained control of the Senate, but control of the House was still undecided, with many races too close to call. The dollar also rallied to a 4-month high on election news, and the 10-year T-note yield jumped to a 4-month high on the prospects of higher inflation due to Trump’s policies of tax cuts and increased tariffs.

Bitcoin U today are down -1-4/32 points. The 10-year T-note yield is up +19.2 bp at 4.463%. Dec T-notes today sank to a 4-month low, and the 10-year T-note yield surged to a 4-month high of 4.477%. T-notes are plunging today as President-elect Trump’s policies of low taxes and high tariffs are seen as boosting growth and inflation, which are hawkish factors for Fed policy. Supply pressures are also weighing on T-notes as the Treasury will auction $25 billion of 30-year T-bonds later today to conclude this week’s $125 billion of T-note and T-bond auctions for the November quarterly refunding.

European government bond yields today are mixed. The 10-year German bund yield is down -1.8 bp at 2.406%. The 10-year UK gilt yield climbed to a 1-year high of 4.574% and is up +2.4 bp at 4.553%.

The Eurozone Oct composite PMI was revised upward by +0.3 to 50.0 from the previously reported 49.7.

Eurozone Sep PPI eased to -3.4% y/y from -2.3% y/y in Aug, right on expectations.

German Sep factory orders rose +4.2% m/m, stronger than expectations of +1.5% m/m.

Swaps are discounting the chances at 100% for a -25 bp rate cut by the ECB at its December 12 policy meeting and at 15% for a -50 bp rate cut at the same meeting.

US Stock Movers

Bank stocks are soaring today on expectations that the Trump administration will loosen regulations for the industry. As a result, Discover Financial Services is up more than +22% to lead gainers in the S&P 500. Also, Capital One Financial is up more than +16%, and Goldman Sachs is up more than +9% to lead gainers in the Dow Jones Industrials. In addition, Morgan Stanley , Bank of America , Citigroup , Wells Fargo & Co , and JPMorgan Chase are up more than +7%.

Cryptocurrency-related stocks are sharply higher today with the price of Bitcoin up more than +6% at a record high. As a result, Coinbase Global , Marathon Digital , MicroStrategy , and Riot Platforms are up by more than +11%.

Chip stocks are climbing today. GlobalFoundries and Intel are up more than +6%. Also, Texas Instruments , Analog Devices , and Marvell Technology are up more than +3%. In addition, Nvidia , Qualcomm , and Micron Technology are up more than +2%.

Tesla is up more than +14% to lead gainers in the Nasdaq 100 on speculation the company will be a major beneficiary of Trump’s return to the White House.

US health insurers focused on the Medicare market are rallying today on expectations that the Trump administration will pay higher rates to companies that provide private versions of the US health program for seniors. As a result, UnitedHealth Group , Humana , and CVS Health are up more than +6%

Globus Medical is up more than +11% after reporting Q3 net sales of $625.7 million, stronger than the consensus of $603.9 million, and raising its full-year net sales forecast to $2.49 billion-$2.50 billion from a previous forecast of $2.47 billion-$2.49 billion, better than the consensus of $2.48 billion.

Qualys Inc is up more than +13% after reporting Q3 adjusted EPS of $1.56, stronger than the consensus of $1.33, and raising its full-year adjusted EPS forecast to $5.81-$5.91 from a previous forecast of $5.46-$5.62, above the consensus of $5.59.

Charles River Laboratories International is up more than +13% after reporting Q3 revenue of $1.01 billion, better than the consensus of $976.7 million.

Super Micro Computer is down more than -25% to lead losers in the S&P 500 and Nasdaq 100 after reporting preliminary Q1 net sales of $5.9 billion-$6.0 billion, weaker than the consensus of $6.47 billion and forecast Q2 net sales of $5.5 billion-$6.1 billion, well below the consensus of $6.79 billion.

Home builders are sinking today as the jump in the 10-year T-note yield to a 4-month high will push mortgage rates higher and dampen housing demand. As a result, PulteGroup is down more than -4%, and Toll Brothers is down more than -3%. Also, DR Horton and Lennar are down more than -2%.

US health insurers that sell private versions of Medicaid are under pressure because of the expectation that the Trump administration will pull back on funding. As a result, Centene , HCA Healthcare , and Molina Healthcare are down more than -2%.

Exact Sciences is down more than -26% after reporting Q3 revenue of $708.1 million, below the consensus of $716.9 million, and cutting its full-year revenue forecast to $2.73 billion-$2.75 billion from a previous forecast of $2.81 billion-$2.85 billion, weaker than the consensus of $2.83 billion.

Coupang is down more than -13% after reporting Q3 retail net sales of $6.14 billion, below the consensus of $6.24 billion.

Five Below is down more than -9% after Bank of America Global Research downgraded the stock to underperform from neutral with a price target of $75.

Cboe Global Markets is down more than -3% after Morgan Stanley downgraded the stock to underweight from equal weight with a price target of $199.

Earnings Reports (11/6/2024)

Albemarle Corp (ALB), Ameren Corp (AEE), American Electric Power Co Inc (AEP), ANSYS Inc (ANSS), APA Corp (APA), Atmos Energy Corp (ATO), Cencora Inc (COR), Charles River Laboratories Int (CRL), Corteva Inc (CTVA), CVS Health Corp (CVS), Fair Isaac Corp (FICO), Gilead Sciences Inc (GILD), Host Hotels & Resorts Inc (HST), Howmet Aerospace Inc (HWM), Iron Mountain Inc (IRM), Johnson Controls International (JCI), Marathon Oil Corp (MRO), MarketAxess Holdings Inc (MKTX), Match Group Inc (MTCH), McKesson Corp (MCK), Pinnacle West Capital Corp (PNW), PTC Inc (PTC), QUALCOMM Inc (QCOM), Sempra (SRE), STERIS PLC (STE), Take-Two Interactive Software (TTWO), Trimble Inc (TRMB), Williams Cos Inc/The (WMB).

On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

U.S. stock futures were mixed this morning, with the Dow futures gaining around 100 points on Monday.

Shares of iTeos Therapeutics, Inc. fell sharply in today's pre-market trading.

The company announced follow-up interim data from GALAXIES Lung-201.

iTeos Therapeutics shares dipped 13.7% to $14.40 in pre-market trading.

Here are some big stocks recording losses in today's pre-market trading session.

• Vizsla Silver Corp. shares fell 11.4% to $1.94 in pre-market trading. Vizsla Silver announced a $65 million bought deal financing.
• Murano Global Investments Plc shares tumbled 11.1% to $8.89 in pre-market trading after jumping 36% on Friday.
• Upstart Holdings, Inc. shares fell 8.5% to $34.79 in pre-market trading. Upstart announced a proposed private offering of $300,000,000 of convertible senior notes due 2029.
• Guardant Health, Inc. shares dipped 8.2% to $24.60 in pre-market trading after gaining around 5% on Friday.
• Hyliion Holdings Corp. shares fell 6.7% to $1.96 in pre-market trading after gaining 8% on Friday. Hyliion Holdings, last week, announced it has been awarded a $15 million + contract by the Office of Naval Research to develop its KARNO generator for Navy ships and stationary power applications.
• Instil Bio, Inc. shares declined 6.1% to $79.40 in pre-market trading. Instil Bio and ImmuneOnco announced a global registrational strategy for PD-l1xvegf bispecific antibody, SYN-2510/IMM2510, in non-small cell lung cancer and triple-negative breast cancer.
• Canaan Inc. fell 5.6% to $1.01 in pre-market trading after jumping 15% on Friday.
• Solid Biosciences Inc. shares slipped 3% to $7.70 in pre-market trading after adding around 3% on Friday.
• Nova Ltd. shares fell 3% to $200.64 in pre-market trading.
• MicroStrategy Incorporated shares slipped 2.4% to $138.10 in pre-market trading amid a drop in the price of Bitcoin. MicroStrategy shares gained over 8% on Friday after the company announced the purchase of 18,300 bitcoin.

Now Read This:

• Jim Cramer: ‘Hold On’ To Builders FirstSource, ‘Here’s The Problem’ With Viking Therapeutics

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

The most oversold stocks in the consumer discretionary sector presents an opportunity to buy into undervalued companies.

The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro.

Here's the latest list of major oversold players in this sector, having an RSI near or below 30.

Topgolf Callaway Brands Corp

• On Aug. 7, Topgolf Callaway Brands reported worse-than-expected second-quarter revenue results and issued soft third-quarter revenue guidance. “Despite macro headwinds including the cumulative impact of negative FX trends, persistently high inflation and recent softer-than-expected traffic to our Topgolf venues, I am incredibly proud of our team’s ability to drive market share gains in our products business as well as the continued strengthening of the digital capabilities and fundamental venue profitability at Topgolf,” commented Chip Brewer, President and Chief Executive Officer of Topgolf Callaway Brands. The company's stock fell around 27% over the past month and has a 52-week low of $9.84.
• RSI Value: 29.11
• MODG Price Action: Shares of Topgolf Callaway Brands fell 2.5% to close at $11.38 on Thursday.
• Benzinga Pro's real-time newsfeed alerted to latest MODG news.