Intuitive Machines Jumps on Big NASA Contract

6 minutes ago

Shares of Intuitive Machines (LUNR) skyrocketed more than 50% Wednesday, a day after the space travel support firm received a contract worth up to $4.82 billion from the National Aeronautics and Space Administration (NASA). 

The company announced the agreement will have Intuitive Machines provide "communication and navigation services for missions in the near space region, which extends from Earth's surface to beyond the Moon." The deal includes the deployment of lunar relay satellites for NASA's planned Artemis moon exploration program, which the company believes "is a strategic element in its vision to commercialize lunar activities."

Intuitive Machines shares were up 55% at $8.40 in late-morning trading and have more than tripled since the start of the year. They reached a peak intraday level of $13.25 on Feb. 21, soon after the company reported its IM-1 mission Nova-C class lunar lander had successfully launched on SpaceX’s Falcon 9 rocket

–Bill McColl

GE Vernova Shares Hit Another Record High

1 hr 40 min ago

GE Vernova (GEV) shares hit another record high in early trading Wednesday after closing higher yesterday for the seventh straight session.

The stock has benefitted this week from favorable comments from analysts. Analysts at Barclays initiated their coverage of the stock with an “overweight” rating and price target of $250, while Bank of America analysts upgraded GE Vernova to a “buy” rating and raised their price target to $300 from $200.

The banks argue that the stock remains undervalued compared to multi-industry peers due to the global energy giant’s greater exposure to the gas and electrification sectors, which sit poised for growth as demand for AI data centers and electric vehicle charging infrastructure accelerates in coming years.

According to our technical analysis, which you can read here, investors should be mindful of a potential short-term retracement, given the relative strength index points to extremely overbought conditions in the stock.

Important retracement levels to watch on GE Vernova's chart sit at $200 and $185, while the measuring principle projects an upside price target of $250.

–Timothy Smith

Market Expectations for Big Rate Cut Holding Steady

3 hr 30 min ago

Traders are holding firm in their belief that the Federal Reserve will start its rate-cutting cycle with a bang.

Early Wednesday, fed fund futures trading data indicated a 63% likelihood that the Fed will cut its benchmark rate by half a percentage point and a 37% chance of a quarter-point cut, according to the CME Group’s FedWatch tool. The likelihood of a half-point cut that's being priced in is little changed from Tuesday, but up from about 50% on Friday and 15% a week ago.

The lack of market consensus heading into a Fed meeting is unusual, and it means that whatever the central bank decides to do Wednesday could prove disappointing to a large group of market participants.

The Fed has held the influential fed funds rate at a two-decade high since mid-2023 as part of an effort to tame inflation. Fed officials have made clear that rate cuts are coming as inflation has moderated and the labor market cools, but they haven't commented on the pace or depth of the expected easing.

In addition to the decision on rates Wednesday, the Fed's policy committee will release its quarterly economic projections, which include forecasts from committee members on where the fed funds rate will be in the future. Those projections will be closely scrutinized by investors, as will the committee's statement and Chair Powell's comments at the post-meeting press conference, for signals on what the Fed might do in subsequent meetings.

The decision on rates and the economic projections will be released at 2:00 p.m. ET, with Powell's press conference to follow half an hour later.

Microsoft Price Levels to Watch

3 hr 49 min ago

Microsoft (MSFT) shares, which are riding a seven-session winning streak, are rising again in premarket trading Wednesday.

Gains this week have come as the company hiked its quarterly dividend by 10% and approved a $60 billion stock buyback. In addition, Microsoft and the world’s largest asset manager, BlackRock, announced plans late Tuesday to launch a $30 billion AI infrastructure fund to build data centers and energy projects aimed at meeting the growing demands for the technology’s computing power.

The stock may potentially be carving out a head and shoulders top, a chart formation that predicts a bullish-to-bearish trend reversal.

Investors should monitor important resistance levels on Microsoft's chart at $448 and $468, while eyeing key support areas at $410 and $385.

Read the full technical analysis piece here.

–Timothy Smith

Major Index Stock Futures Slightly Higher

4 hr 19 min ago

Futures tied to the Dow Jones Industrial Average were up 0.1%.

S&P 500 futures were up also up 0.1%.

Nasdaq 100 futures were up 0.2%.

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