MEME stocks rally after THIS surprise 🙀

...plus 2 more stocks in play

March 23, 2023

Good day, 360!

Here are our top investing ideas today. These setups look primed! Be the best prepared trader on the Street!

ADN - Over 37% higher in pre-market after agreement with Hyundai on fuel cell technology

GME - 2nd day play, closed 35% higher after posting surprise profit for the quarter

SCS - 9% higher in pre-market after earnings beat

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ADN - Over 37% higher in pre-market after agreement with Hyundai on fuel cell technology

Advent Technologies (ADN) was 37% higher in pre-market after announcing it had signed a joint development agreement with Hyundai Motor Company following successful fuel cell technology assessment.

The technology assessment evaluated Advent's proprietary Membrane Electrode Assembly (MEA) technology for supplying Hyundai's high-temperature fuel cell needs.

Under the agreement, Hyundai and Advent will further develop HMC-Advent Ion Pair MEA, establish commercial criteria for MEA supply, and evaluate Advent's advanced fuel cell technology for Hyundai's heavy-duty and/or stationary application.

ADN chart

$1.60 was a support level in the pre-market and should be an important pivot point today.

Above it, targets to the upside are $1.73 with the pre-market high of $1.91 above that. Above that, $2, $2.05, $2.20, $2.37 and $3 come into play.

Below $1.60 there is potential support at $1.45, $1.35 and then a gap to fill at $1.21.

GME - 2nd day play, closed 35% higher after posting surprise profit for the quarter

Meme GameStop (GME) surprised analyst expectations with a surprise profit and exploded higher yesterday. The company reported Q4 adjusted EPS of $0.16 vs -$0.13 estimated with sales of $2.23B beating $2.18B expected.

The stock spiked over 44% on the news but was met with selling after the open, closing the day 35% higher.

gme chart

GME found support yesterday near the lows of the day around $23.05, so that should be an important pivot point in the near term.

Above it, targets to the upside are, $24, $24.50, $25 and $26 with $27 proving to be a major resistance area.

Below $23.05, there is potential support at $22, $19.50, $19 and a gap to fill at $17.65.

SCS - 9% higher in pre-market after earnings beat

Steelcase (SCS) reported Q4 EPS of $0.19 vs $0.11 expected. Revenue for the quarter came in at $801.7M vs $750.73M expected. The company guided Q1 2024 EPS of $0.01-$0.05 vs $0.00 expected. It sees full year 2024 EPS of $0.55-$0.75 vs $0.59 consensus.

The stock is up over 9% in pre-market on the earnings beat.

scs chart

$7.60 was support in the pre-market and should be an important pivot level today.

Above it, the first target for bulls is $8 with the pre-market high of $8.20 next. Above that the next targets are $8.35, $8.50, $8.57 and then $9.

Below $7.60, there is potential support at $7.40, with a gap to fill at $7.18 and then a major support level at $7 below that.

Economic Calendar (EST)

Fed calendar

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