The ASX200 is eyeing a lift of 1.1% at the open.
GameStop (NYSE:GME), the centre of a Reddit-user buying frenzy, saw its shares fall 44% after Robinhood and Interactive Brokers placed restrictions on trades.
What to watch today:
- The iron ore price fell 0.4% overnight and oil stocks could come under pressure as the oil price fell 1.2%.
- Fortescue Metals (ASX:FMG), Galaxy Resources (ASX:GXY) and IOOF (ASX:IFL) report quarterly production today.
Local trading ideas:
- Car dealership business, Eagers Automotive (ASX:APE) was upgraded to a buy by Bell Potter, with a $15.50 price target as its earnings are growing more than expected and are likely to continue.
- Genetic Signatures (ASX:GSS) was reiterated as a Bell Potter speculative buy, with a slimmer $3.20 target.
- Yancoal Australia (ASX:YAL), Platinum Asset Management (ASX:PTM) and 5G Network (ASX:5GN) are giving off bullish charting signals according to Trading Central.