Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US Stocks Were Mixed on Wednesday, with the three major indexes closing around flat. The lack of market movement comes ahead of the release of key US economic data, like first-quarter GDP numbers and the core personal consumption expenditures price index.

• 📈 | One Notable Gainer: Tesla’s stock popped 12% after CEO Elon Musk said the company plans to begin production of new affordable EV models by early 2025. This comes despite Tesla reporting on Tuesday that revenue fell 9% year-over-year.

• 📉 | One Notable Decliner: Shares of Boeing fell 3% despite reporting better-than-feared quarterly results and claiming the supply chain is stabilizing amid the 737 Max crisis. However, Boeing did reveal that it burned through nearly $4 billion in cash in the first quarter after the January 5th Max incident.

• 🦴 | Tomorrow's Trade: A Fascinating Pharma Stock. Scroll down for more.

Plus, try this simple Army water trick to strengthen your bladder and reduce constant nagging.

YESTERDAY’S POLL RESULTS

Which stock do you think will outperform following its earnings release?

🟨⬜️⬜️⬜️⬜️⬜️ Boeing (BA)

🟩🟩🟩🟩🟩🟩 Microsoft (MSFT)

MARKET MOVERS

Hilton, Texas Instruments, & Hasbro

ODFL (-11%) Old Dominion Freight Line reported a mixed first-quarter financial update, showing revenue of $1.46 billion, slightly under expectations (WSJ)

HLT (+4%) Hilton Hotels reported better-than-expected financial results and raised its fiscal year 2024 guidance (Benzinga)

TXN (+6%) Chip manufacturer Texas Instruments reported better-than-expected first-quarter results due to strong performance in its analog segment (Investing.com)

HAS (+12%) Toy maker Hasbro traded higher after the company reported earnings per share of 61 cents compared to the expected 27 cents (Barron’s)

ENPH (-6%) Solar stock Enphase Energy declined on the back of a miss on quarterly results and a downbeat current-quarter revenue outlook (Benzinga)

TOGETHER WITH NATIVE PATH

Hey Friend… it’s me—your bladder!

I’m trying to help you out here. 

I’ve noticed less water coming through lately… and you might think that will make leaks and urges better…

But the truth is, too much water is NOT the cause of your bathroom struggles…

In fact, it’s the opposite. 

Once you hit 50, a few things got out of whack.

Kidneys stopped filtering fluid as well as they once did - causing concentrated urine that irritates your bladder and causes spontaneous urges.

Thirst signals slow down, causing you to drink less- making bladder muscles lazy and leaks more frequent.

Luckily, US Army researchers decoded a shockingly easy water trick that can improve muscle strength by 36%, reduce UTIs by 58%, and give you control back…

All by targeting the true cause of bladder problems in as little as 2 hours. 

PLEASE…
Try this simple Army water trick to strengthen me and reduce my constant nagging.

We’re going to be feeling GREAT soon,
Your Bladder

OVERHEARD ON THE STREET

Bloomberg: Traders in the US interest-rates market have started to put on wagers that the Fed will refrain from cutting borrowing costs this year.

CNBC: The Biden administration announced new rules requiring airlines to provide automatic cash refunds and eliminate surprise fees.

NYP: Oracle founder Larry Ellison announced plans to move the company’s headquarters to Nashville, which he says is the center of the healthcare industry.

Fortune: Three top executives at Tesla have resigned in two weeks, with the latest departure occurring at the end of its earnings call.

CNBC: Food Locker debuted its “store of the future” as it looks to win back Wall Street’s confidence. The company will launch the new store design in five cities.

TOMORROW’S TRADE IDEA, TODAY

A Fascinating Pharma Stock

Massive Upside

RBC Capital Markets has its sights set on an under-the-radar pharma stock: Ultragenyx Pharmaceutical (RARE). 

According to the firm, Ultragenyx has multiple avenues of growth that could lead to significant stock gains over the next 12 months. RBC analyst Luca Issi recently initiated coverage with a price target of $77 and an outperform rating. That represents a 76% upside from Monday’s close. 

According to Issi, the stock is attractive from a risk-to-reward standpoint. He highlights its low valuation and the fact that its profitability doesn’t depend on allof its pipeline of products panning out.

Strong Product Pipeline

Ultragenyx expects to bring in revenue between $500 million and $530 million in 2024, with its rare bone disease drug Crysvita as a major driver. However, according to Issi, the company’s real value lies in its pipeline. 

The bone disorder Osteogenesis Imperfecta impacts around 60,000 individuals, and it doesn’t currently have any approved treatments. Issi expects Ultragenyx to move to Phase III testing on a drug to treat the disease towards the end of this year. He believes the drug could present a $1 billion opportunity.

Other Opportunities

The RBC analyst is also watching the company’s development of treatments for Angelman syndrome, GSD1a, and Wilson’s disease. Each new drug could present an opportunity for stock gains. 

According to Issi, the Wilson’s disease treatment could be lucrative. He points out that data has been strong so far, and the company could have a lot of pricing power. 

There’s no doubt that Ultragenyx has some big projects in the works. If Issi is right, the stock could benefit in a big way over the coming months and years.

TOGETHER WITH NATIVE PATH

Hey Friend… it’s me—your bladder!

I’m trying to help you out here. 

I’ve noticed less water coming through lately… and you might think that will make leaks and urges better…

But the truth is, too much water is NOT the cause of your bathroom struggles…

In fact, it’s the opposite. 

Once you hit 50, a few things got out of whack.

Kidneys stopped filtering fluid as well as they once did - causing concentrated urine that irritates your bladder and causes spontaneous urges.

Thirst signals slow down, causing you to drink less- making bladder muscles lazy and leaks more frequent.

Luckily, US Army researchers decoded a shockingly easy water trick that can improve muscle strength by 36%, reduce UTIs by 58%, and give you control back…

All by targeting the true cause of bladder problems in as little as 2 hours. 

PLEASE…
Try this simple Army water trick to strengthen me and reduce my constant nagging.

We’re going to be feeling GREAT soon,
Your Bladder

ON OUR RADAR 

CBS: The Biden administration expanded overtime pay to cover 4.3 million more workers if they work more than 40 hours a week.

Bloomberg: A Russian court has frozen JPMorgan's Russian assets and seeks to seize up to $440 million from the bank.

CNBC: Biden signed measures to provide aid to Israel, Ukraine, and Taiwan, as well as force the divestiture of TikTok from its Chinese parent company.

Bloomberg: Vacancies for industrial buildings in Los Angeles, the largest market for that property type in the US, have risen to the highest level in a decade.

CNN: Elon Musk said that Tesla should “be thought of as an AI-robotics company” and that valuing it as an auto company is the “wrong framework.”