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🏦 Bank On It
Josh Brown's latest pick, which banks are looking hot into earnings and more
Brooks Dyroff
July 08, 2024
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Happy Monday, Zingernation! If someone offers you free food, you better take it. If you win tickets to a concert through a call-in radio contest, you better go. And when Josh Brown calls out a “lowkey misunderstood” stock play, you have to listen.
–Aaron Bry & Nic Chahine
Today’s Price Action:
Plus, if you’re looking for a promising gold play, check out the company that’s capitalizing on undermined areas in West Africa.
TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
What Happened: Anne-Marie Baiynd, trading expert and author, joined Benzinga's PreMarket Prep Monday morning to break down the recent price action in the overall market and which areas traders should be looking toward for profitable ideas.
So: One sector Baiynd discussed with concern was small-cap stocks, highlighting worries about exit liquidity, where large market participants might sell off their positions during market bounces.
Quoted: "What I see is big players using any spikes in the $IWM as exit liquidity," Baiynd said. "It's where the big bounces make those folks with the highest holdings in a particular instrument leave the market versus enter." Here’s why Baiynd says small caps are struggling, and where investors should look to spend their money instead.
PRESENTED BY PASOFINO GOLD LIMITED
Gold mining in West Africa has a long history and remains a significant industry, with over 324 metric tons of gold produced in the region in 2021. In recent years, attention has shifted from South Africa to West Africa for gold production, with Ghana, Burkina Faso, and Mali emerging as the top three producing countries, contributing 33% of Africa's total gold production.
However, other West African countries are also attracting interest for expanding gold production. Pasofino Gold (TSX-V: VEIN) is exploring the untapped potential in Liberia's Dugbe Gold Project, while Osino Resources Corp. focuses on the Twin Hills Project in Namibia. Tietto Minerals is actively working on the Abijar Project in CĂ´te d'Ivoire. These companies have reported promising discoveries and significant reserves, supporting future gold production in the region. With the anticipated growth of the global gold market, West Africa is poised to remain a key player in the industry.
FIVE MOVERS
ServiceNow shares fell today following some bearish coverage from an analyst at Guggenheim.
Chipotle shares took a hit today as traders appear to be taking profits from the stock’s pre-split rally.
Nike shares closed down today around 3% as investors continue to sell the stock following the sneaker giant’s weak earnings report.
AMC shares perked up today, closing up more than 8% after an analyst at B. Riley predicted a rebound in box-office sales.
Boeing’s stock closed slightly higher today after the company agreed to a plea deal regarding two deadly crashes involving 737s.
ONE TRADE IDEA FOR TOMORROW
Briefly: As Wall Street gears up for the Q2 earnings season, all eyes are on three major banks set to report their results on Friday, July 12: JPMorgan Chase & Co. JPM, Citigroup Inc. C, and Wells Fargo & Co. WFC.
So: Wolfe Research recently released a comprehensive analysis of the upcoming bank earnings, highlighting potential winners and underperformers in the sector.
Basically: Steven Chubak, analyst at Wolfe Research, shared updated preferences on bank stocks in a detailed note this past Sunday.
Why It Matters: At the start of the year, Wolfe Research was bullish on banks benefiting from a prolonged period of high-interest rates, particularly JPMorgan. However, with the Federal Reserve likely to begin easing rates, the outlook has shifted. Here are the stocks Wolfe likes heading into earnings, and which ones to avoid.
PRESENTED BY PASOFINO GOLD LIMITED
Gold mining in West Africa has a long history and remains a significant industry, with over 324 metric tons of gold produced in the region in 2021. In recent years, attention has shifted from South Africa to West Africa for gold production, with Ghana, Burkina Faso, and Mali emerging as the top three producing countries, contributing 33% of Africa's total gold production.
However, other West African countries are also attracting interest for expanding gold production. Pasofino Gold (TSX-V: VEIN) is exploring the untapped potential in Liberia's Dugbe Gold Project, while Osino Resources Corp. focuses on the Twin Hills Project in Namibia. Tietto Minerals is actively working on the Abijar Project in CĂ´te d'Ivoire. These companies have reported promising discoveries and significant reserves, supporting future gold production in the region. With the anticipated growth of the global gold market, West Africa is poised to remain a key player in the industry.
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