Stellantis Shares Plunge Nearly 9% After CEO Carlos Tavares’ Abrupt Resignation
December 2, 2024
Breaking News
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Stellantis Shares Plunge Nearly 9% After CEO Carlos Tavares’ Abrupt Resignation. 🚗 Stellantis stock dropped as much as 8.9% on Monday, marking its lowest point in over two years, following the sudden resignation of CEO Carlos Tavares on Sunday. The unexpected leadership change has heightened investor concerns about the carmaker’s ability to navigate challenges, including U.S. overcapacity, sluggish global car demand, and rising competition from Chinese automakers. Reuters reports.
EdgeUp
💻 MetaMess: Meta faces trial in October on unfair competition case lodged by Spanish media. Reuters reports.
🛑 AutoPause: Volkswagen rejects union's proposals as clash with labour escalates. Reuters reports.
⚡ EdgeAI: Nvidia stock extends November gains as investors bet on 2025 AI dominance. Yahoo Finance reports.
⚖️ CopyWrongs: OpenAI sued by top Canadian news publishers over copyright. Yahoo Finance reports.
🔗 Visionaries: TSMC founder Morris Chang offered top job to Jensen Huang, memoir shows. MSN reports.
🔋 BYD-emand: Chinese EV maker BYD asks dozens of suppliers for price cuts, Yicai reports. Reuters reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.
1. $SGBX: Safe & Green Holdings
Total gain: 101.37%
2. $JCSE: JE Cleantech Holdings
Total gain: 58.82%
3. $EHGO: Eshallgo
Total gain: 46.02%
4. $KULR: KULR Technology Group
Total gain: 42.24%
5. $PRZO: ParaZero Technologies
Total gain: 37.9%
Trading Strategies
* Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 9 AM ET for "Pre-Market Momentum"
A Quick Run-Through of Real Examples
Let’s put these principles into action. Using a stock screener like Finviz, we screened for small-cap stocks that matched our shorting criteria. Here are a couple of examples:
- Cross Country Healthcare (CCRN): This stock is trading below both its 200-day and 50-day moving averages and shows weak gross and operating margins. Look for a rally up to resistance levels (50-day or 8-day moving averages) and then a rejection to enter short. In our recent setup, we saw a 7.1% downward move from our short entry.
- Cipher Mining (CIFR): Also below both its key moving averages, Cipher Mining displayed a double-top pattern—a bearish formation—suggesting a target around $2.92. Once it breaks below the recent low, it’s primed for a potential short move.
- Savers Value Village (SVV): Currently trading under $10 and below the 50-day moving average, SVV lacks positive momentum and has consistently weak fundamentals. It’s a good candidate for a short as it heads lower.
Friday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on November 29.
*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time
Benzinga reports
1. $LSB: LakeShore Biopharma
Total gain: +31.78
The stock appeared to be moving on no notable news.
2. $WLGS: WANG & LEE Group
Total gain: +11.83%
The stock appeared to be moving on no notable news.
3. $PRFX: PainReform
Total gain: +11.51%
The stock appeared to be moving on no notable news.
Today’s Notable Earnings
*Estimate and Actual numbers represent Earnings Per Share in US Dollars
IMPP: Imperial Petroleum Inc
3Q 2024
Before Market Open
Estimate: 0.230
Actual: N/A
CRDO: Credo Technology Group
Q2 2025
After Market Close
Estimate: 0.050
Actual: N/A
ZS: Zscaler
1Q 2025
After Market Close
Estimate: 0.630
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
9:45 am - S&P final U.S. manufacturing PMI - November
10:00 am - ISM manufacturing - November
10:00 am - Construction spending - October
Parting Thoughts
“Every successful trader I know ultimately ended up with a trading plan, rules, and guidelines to guide their decisions.”
― Jack D. Schwager
Sourced in:
“Market Wizards: Interviews with Top Traders”, by Jack D. Schwager, published
in 1989