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Happy Wednesday, Zingernation! Turning 16 was all about figuring out how to bump that C+ in Algebra 2 up to a B- and judging people based on what car they drive (or at least it was for me). And while the math class struggles may subside, worrying about what other people are driving doesn’t appear to go away, even if you’re worth $250 billion and named Elon Musk.

–Aaron Bry & Nic Chahine

Today’s Price Action:

$SPY: +.99%
$QQQ: +1.04%
$DIA: +1.10%

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

HubSpot Stock Sinks After Alphabet Pulls Plug On Potential Deal

What Happened: HubSpot Inc shares turned sharply lower in afternoon trading Wednesday following reports that Alphabet Inc has shelved interest in acquiring the cloud-based customer platform company.

So: According to a Bloomberg report citing people with knowledge of the matter, Google parent Alphabet has ditched its efforts to acquire HubSpot after the two companies failed to reach detailed discussions on a potential deal.

Basically: HubSpot shares fell as much as 19% in afternoon trading on the report before bouncing back a bit. The stock was down approximately 12% at the time of writing, per Benzinga Pro. Trading in the stock was briefly halted. Here’s why the Google parent company turned its back on the deal.

PRESENTED BY PASOFINO GOLD LIMITED

How Does Pasofino Gold’s Dugbe Gold Project Shape Up Against Competitors?

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 Côte 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.

Click here to keep reading

FIVE MOVERS

Micron shares closed higher today by more than 3% after an analyst at Keybanc increased his price target on the chip stock to $165.

Palantir shares continued to move higher in Wednesday’s session after the stock was named a ‘top AI pick’ on CNBC Tuesday.

Aehr Test Systems shares soared higher today, closing up more than 24% after the company reported higher-than-expected revenue.

Chip stocks like NVIDIA and AMD closed higher today after Taiwan Semiconductor reported strong revenue growth on boosted AI demand.

Master Card shares took a hit today after receiving a downgrade from buy to neutral from BofA Securities.

ONE TRADE IDEA FOR TOMORROW

'Warren Buffett Indicator' Sounds Alarm: Stock Market Levels Now Surpass Dot-Com Bubble, Great Financial Crisis

Briefly: Few investors have more market experience than Berkshire Hathaway Inc CEO Warren Buffett, who's seen his fair share of over-extended bull markets. After the Dot-Com Bubble crash in 2000, Buffett noted that comparing the market capitalization of stocks to Gross Domestic Product (GDP) is the best indicator of whether equities are overvalued or undervalued at current prices.

Trouble Brewing? The indicator, dubbed as the ‘Warren Buffett Indicator' is calculated by looking at the ratio of the total market index compared to the GDP of the U.S. The total market index is tracked by the Wilshire 5000, which is a market-cap-weighted index tracking all U.S. publicly traded companies, comprised of more than 3,000 companies.

The Numbers: Currently, the Wilshire 5000 to GDP ratio sits around 195% according to Barchart, higher than the ratio preceding the dot-com bubble crash as well as the Great Financial Crisis in 2007-2008. In 2000, when internet stocks like Pets.com reached historically speculative levels, the Buffett indicator was around 140%. But here’s why things might not be as scary as they seem.

PRESENTED BY VINOVEST

The Rising Demand for Whiskey: How Investors Can Capitalize on The Trend

“The Rising Demand for Whiskey: How Investors Can Capitalize on The Trend” webinar will introduce you to the world of whiskey investing. Join us to hear from the industry experts and learn about how you can invest in whiskey and profit from this growing industry. 

Date: Thursday, 7/11/24
Time: 11:00 AM - 12:00 PM EST

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