🗓️ DailyEdge: Monday, October 7

Image source: Wikimedia Commons

Starboard Makes Bold Move with $1B Pfizer Stake, Eyes Major Shakeup. 💉 Activist investor Starboard Value has acquired a $1 billion stake in Pfizer, aiming to shake up the drug giant's strategy amid declining sales and acquisitions under CEO Albert Bourla. Former Pfizer executives have expressed interest in joining Starboard's effort to turn the company around. Reuters reports.

⚡ Helene️Shutdow: GM halts vehicle production at two US plants due to Hurricane Helene. Yahoo Finance reports.

🚀 Vulcanize: Boeing-Lockheed JV's Vulcan rocket launches second mission. Yahoo Finance reports.

🎬 VidMeta: Meta, challenging OpenAI, announces new AI model that can generate video with sound. Reuters reports.

💰 TencentTakeover: Ubisoft shares skyrocket 33% after report Tencent, Guillemot family considering buyout. CNBC reports.

🛠️ RivianDown: Rivian shares fall after EV maker slashes production forecast, misses Q3 delivery expectations. CNBC reports.

🦠 Reprioritize: J&J discontinues dengue drug study after changes in R&D portfolio. Reuters reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1. $LGMK: LogicMark
Total gain: 53.07%

2. $PETZ: TDH Hldgs
Total gain: 38.33%

3. $ALTM: Arcadium Lithium
Total gain: 34.74%

4. $IVP: Inspire Veterinary
Total gain: 27.25%

5. $NVOS: Novo Integrated Sciences
Total gain: 19.31%

* Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 11 AM ET, as our Risk Management educator.

How does the Fibonacci sequence apply to trading?

The Fibonacci sequence might seem like just a set of numbers at first, but its importance in trading lies in its ability to help identify potential levels of support and resistance. These are key levels where a stock or asset might pause or reverse during its price movement. Traders use Fibonacci retracement levels to gauge how much a price has pulled back from a previous trend, and they look for price action to either bounce or continue at these levels.

Let’s break it down: after a price makes a strong upward or downward move, it rarely moves in a straight line. It usually retraces a portion of that move before continuing in its original direction, or reversing. Traders use Fibonacci retracement levels, such as 23.6%, 38.2%, 50%, and 61.8%, to estimate how far that retracement will go. For example, if a stock moves up $100 and then retraces to $61.80, that 61.8% level would be a significant area where many traders would look for either a continuation of the upward trend, or a deeper reversal.

This tool becomes incredibly useful in highly volatile markets, where sharp price movements can be followed by quick pullbacks. The key is using these levels to make educated decisions about where prices might head next, giving traders an edge when managing entries and exits.

The closing price of the top three market percent gainers trading near or above $3 on October 4.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1. $FORD: Forward Industries
Total gain: +53.71%
The stock appeared to be moving on no notable news.

2. $TIGR: UP Fintech Holding
Total gain: +34.49%
The stock appeared to be moving on no notable news.

3. $UXIN: Uxin
Total gain: +33.15%
The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

NAPA: Duckhorn Portfolio
4Q 2024
After Market Close
Estimate: 0.100
Actual: N/A

Time (ET) / Report / Period

1:00 pm - Fed Governor Michelle Bowman speaks
3:00 pm - Consumer credit - September
6:30 pm - St. Louis Fed President Alberto Musalem speaks

“One of the keys to success in investing is to keep your emotions in check and avoid being swayed by market noise.”

― James MontierSourced in:
“The Little Book of Behavioral Investing: How Not to Be Your Own Worst Enemy”,
by James Montier, published in 2007