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🚀 Reddit Rocket
Reddit's newly-listed stock closed up 30% today. Plus, can Carnival cruise to smoother waters?
Brooks Dyroff
March 25, 2024
Happy Monday, Zingers! March Madness wasn’t too “mad” this year. Winners won 15 out of the 16 games over the weekend, going 11-5 against the spread. It was a rough go for anyone like myself who chronically roots for the underdog.
But betting on the favorites turned out well for gamblers and investors alike. Names like Apple, NVIDIA and Google traded higher throughout the day. I know right? Shocker. Wonder whose bracket (or short positions) busted?
Today’s Price Action:
$SPY: -.28%
$QQQ: -.36%
$DIA: -.40%
Also, learn how to outperform the overall market through algorithmic trading through today’s partner.
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TODAY’S MOST VOLATILE STOCKS
TODAY’S TOP STORY
Briefly: You might have had a case of the Mondays today, but $RDDT’s day was quite alright.
So Basically: Reddit, which went public last Thursday, had a banner day for its first-ever Monday on the public markets.
So Then: There may be a “simple” explanation for Reddit’s surge: Inception.
Specifically: The social media platform was one of the most-mentioned stocks on its own message board, r/WallStreetBets, a subreddit that helped send meme stocks like GameStop and AMC skyrocketing in recent years.
So What? Reddit’s stock closed up 30% today, just shy of $60 per share, and was continuing to climb in after-hours trading at the time of writing. But is its short-term success just a meme — or can it be maintained?
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FIVE MOVERS
DWAC shares soared today, trading higher by more than 30% ahead of the company’s planned merger with Truth Social.
Super Micro Computer shares took off today, trading up around 10% after JPMorgan initiated coverage on the stock with a price target of $1,150 a share.
GameStop shares moved higher ahead of the company’s earnings report due tomorrow afternoon. Here’s what you need to know.
Chewy stocks took a hit in today’s session, hitting new all-time lows amid fallout from the company’s disappointing earnings result delivered last week.
Ocugen shares got a boost today after the vaccine-maker received a favorable ruling from a Pennsylvania court.
ONE TRADE IDEA FOR TOMORROW
Briefly: Carnival will report its first-quarter earnings on Wednesday. Here’s what to expect.
Back Up: Carnival stock navigated extremely rough waters in the past four years, thanks to lingering effects of the pandemic.
But Still: While the company hasn’t yet fully recovered, revenues are rising, losses are easing and Carnival is seeing strong growth in demand.
Specifically: The company said in its 2023 annual report that full-year revenues hit a record $21.6 billion and that it entered 2024 with its “best-booked position on record” for both price and occupancy.
Analysts Say: “With Royal Caribbean raising its full-year 2024 outlook in late February, the bar is set high for Carnival,” per Christopher Stathoulopoulos of Susquehanna Financial Group.
PRESENTED BY NURP
Nurp is transforming the way everyday investors like you trade on the financial markets. Bringing precision trading and investing technology to market, Nurp is setting the stage for the future of invest-tech.
Nurp’s flagship product, the Algorithmic Trading Accelerator, features 4 trading algorithms — with a 5th one in the works — allowing users to trade around the clock with minimal human intervention on multiple financial markets, diversifying their portfolios and making Wall Street jealous with each monthly statement.
Currently working in the gold and forex markets, Nurp is expanding into the cryptocurrency market with our latest trading algorithm in the works.
Revolutionize your trading experience with Nurp, the future of invest-tech. Nurp brings cutting-edge precision to your investments, making it simpler for everyday investors to navigate the complexities of the financial markets.