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. Second-quarter woes continued today as the S&P 500 and Nasdaq Composite ended the day barely in the green. The Dow also shed 43 points as it was weighed down by Intel’s substantial stock decline.

• 📈 | One Notable Gainer: Spotify jumped 8% after a Bloomberg report said the company will raise prices for its premium subscription service in several markets.

• 📉 | One Notable Decliner: Shares of Intel plummeted 8% after the company revealed a $7 billion operating loss for its semiconductor manufacturing business in an SEC filing.

• ☕ | Tomorrow's Trade: Rolling Into Q2. Scroll down for more.

Plus, today’s partner is making the roads safer from distracted driving.

YESTERDAY’S POLL RESULTS

Which stock do you think will outperform this quarter?

🟨⬜️⬜️⬜️⬜️⬜️ Delta Airlines (DAL)

🟨🟨🟨🟨⬜️⬜️ Micron (MU)

🟩🟩🟩🟩🟩🟩 Microsoft (MSFT)

MARKET MOVERS

Ulta Beauty, Dave & Buster’s, and Ford

ULTA (-15%) Ulta CEO stated at a JPMorgan conference that they are seeing a slowdown across all price points and segments (Investing.com)

PLAY (+10%) Dave & Buster's exceeded estimates for EBITDA, boosted its stock buyback program, and gave a positive outlook in its earnings report (Investopedia)

F (+3%) Ford’s stock rose after the company’s delivery figures showed strong US sales in the first quarter, particularly for EV and hybrid models (Barron’s)

CALM (+4%) Egg producer Cal-Maine posted upbeat results for its first quarter, with $703 million in revenue and $3 in earnings per share (TradingView)

WOLF (-2%) Shares of semiconductor company Wolfspeed slipped after Wells Fargo downgraded the company amid EV market worries (Seeking Alpha)

TOGETHER WITH SAVERONE

Making The Roads Safer From Distracted Driving: SaverOne Inks Milestone OEM Agreement With IVECO

SaverOne 2014 Ltd. (Nasdaq: SVRE) is making inroads with its technology that prevents people from accessing distracting apps while driving, announcing a big original equipment manufacturing win with IVECO, the brand of Iveco Group N.V. (EXM: IVG). Under the terms of the deal, IVECO will use SaverOne’s safety technology in its 2024 production of light, medium and heavy commercial vehicles. 

It's the latest in a string of deals SaverOne has inked and underscores the desire on the part of transportation companies to find ways to limit distracted driver accidents, which cost companies $60 billion annually. SaverOne’s technology, which automatically locates the mobile device in the driver’s area and prevents the driver from using messaging and other distracting apps, is already installed in over 4,500 cars, trucks and buses and is integrated into fleets of more than 100 companies worldwide.  

Other big wins for SaveOne include Volvo Bus Corp., the unit of Volvo Group (OTCMKTS: VLVLY), GB Tours and Systems Logistics. As more companies look for solutions to prevent distracted driving and lower costs, expect to hear about more OEM deals for SaverOne.

Click here to learn more about SaverOne’s technology.

OVERHEARD ON THE STREET

CNBC: Atlanta Fed President Bostic sees only one rate cut this year that would occur in the fourth quarter and expressed concern about the pace of inflation.

CME: Traders see a nearly 99% likelihood that rates will remain unchanged at the Fed’s May meeting and estimate a 62.5% probability of a June rate cut.

WSJ: Disney’s Bob Iger defeated activist investor Nelson Peltz in a shareholder vote, with Peltz losing his bid to become a director.

CNBC: General Motors’s U.S. vehicle sales fell 1.5% during the first quarter, underperforming other major automakers.

Reuters: This month, Tesla will send a team to scout locations in India for a proposed $2 billion-$3 billion electric car plant.

TOMORROW’S TRADE IDEA, TODAY

Rolling Into Q2

Top Picks

The equities market got off to a hot start in 2024. All three major indexes hit all-time highs fueled by AI hype and hopes of Fed rate cuts. 

With Q2 now underway, Wells Fargo (WFC) has unveiled its top stock picks for the quarter. 

The list includes some heavyweights like Amazon (AMZN), Citigroup (C) and Tesla (TSLA).

Amazon & Starbucks

The bank has Amazon rated as overweight and believes a recent revamp of the ecommerce giant’s fulfillment services fee structure will result in cost savings. According to analyst Ken Gawrelski, the restructuring could result in up to $5.2 billion in annualized operating income.

Wells Fargo has given the stock a price target of $211, a 17% upside from Tuesday’s close.

Starbucks (SBUX) made the list as well, despite its shares falling around 5% this year. Wells Fargo believes it has a 15% upside with a price target of $105. Analyst Zack Fadem expects the company to outline potential ways to revamp growth and create menu innovation in its second-quarter earnings.

Biggest Movers

Insmed (INSM) has the most substantial upside of any stock on the list at 105.8%. Wells Fargo has given the biopharmaceutical company a price target of $55 per share. Insmed is awaiting results on the effectiveness of its new drug designed to treat bronchiectasis. 

Tesla, on the other hand, was given an underweight rating and a -28.7% upside, by far the lowest on the list. The bank’s price target of $125 indicates that it believes the EV maker has plenty of room to drop, largely due to delivery issues. Nevertheless, Wells Fargo views it as a good play this quarter. If shares fall as expected, there may be an opportunity to buy at historically low prices. 

As 2024 rolls along, Wells Fargo is providing investors with some possible game plans for continued portfolio growth.

TOGETHER WITH SAVERONE

Making The Roads Safer From Distracted Driving: SaverOne Inks Milestone OEM Agreement With IVECO

SaverOne 2014 Ltd. (Nasdaq: SVRE) is making inroads with its technology that prevents people from accessing distracting apps while driving, announcing a big original equipment manufacturing win with IVECO, the brand of Iveco Group N.V. (EXM: IVG). Under the terms of the deal, IVECO will use SaverOne’s safety technology in its 2024 production of light, medium and heavy commercial vehicles. 

It's the latest in a string of deals SaverOne has inked and underscores the desire on the part of transportation companies to find ways to limit distracted driver accidents, which cost companies $60 billion annually. SaverOne’s technology, which automatically locates the mobile device in the driver’s area and prevents the driver from using messaging and other distracting apps, is already installed in over 4,500 cars, trucks and buses and is integrated into fleets of more than 100 companies worldwide.  

Other big wins for SaveOne include Volvo Bus Corp., the unit of Volvo Group (OTCMKTS: VLVLY), GB Tours and Systems Logistics. As more companies look for solutions to prevent distracted driving and lower costs, expect to hear about more OEM deals for SaverOne.

Click here to learn more about SaverOne’s technology.

ON OUR RADAR

CNN: Last year, Americans spent over 113 billion on lottery tickets, more than they spent on movies, books, concerts, and sports tickets combined.

CNBC: Comedian Jon Stewart says Apple asked him not to interview FTC Chair Lina Khan. This comment comes after the DOJ’s antitrust case against Apple.

CBS: The White House is ordering all federal agencies to name chief artificial intelligence officers to oversee and manage AI risks.

Reuters: Amazon Web Services has eliminated several hundred sales, marketing, and tech roles, stating that they’ve identified areas to streamline its organization.

Bloomberg: President Biden and Chinese leader Xi Jinping discussed efforts to force the sale of TikTok in the U.S. during a wide-ranging discussion.