| | | July 29, 2022 Hey traders! It's Michael here with the BRAND NEW Stock Dork Premarket Report, your go-to guide for the day's biggest trading news and hottest premarket stocks! Today is Friday, July 29th. Let's get ready to trade! |
The S&P 500 tumbled 1.2% on Monday, while the Nasdaq sold off for 1.9%. The Dow and small-cap Russell 2K fared slightly better, with only a 0.7% loss on the day. Today, futures are on the rise ahead of the opening bell. S&P 500 futures are up 0.9%. Premarket Highlights The US economy is officially in a recession after yesterday's GDP reported revealed it contracted at a 0.9% annual rate in Q2, marking two consecutive quarters of negative growth. Instacart says it plans to go public via an IPO before the year ends, despite the challenging market conditions. The S&P 500 is on track for its best month since 2020 if it can hold onto its premarket gains through to the end of today's session. Amazon [AMZN] - Last Close: $122.28 Amazon is surging after a well-received earnings report. The eCommerce giant reported a ($0.20) per share loss in Q2, marking a second consecutive quarter with a net loss for the company. Analysts expected a $0.12 per-share profit. Revenues grew to $121.23 billion from $113.08 billion a year earlier and managed to top the Street's $119.14 billion target. Amazon's Q3 guidance also fell in line with Wall Street's expectations. AMZN is the most active S&P 500 stock, and it's leading the large-cap index with a 12.5% gain on the news.
Our Take: It looks like Amazon is having profitability issues, and it's likely that rising fuel costs and inflation weighed heavily on the massive companies bottom line. Despite its recent struggles, Amazon still has a P/E above 100, but the company could be a good long-term buy at this level if you have the patience to wait out any short-term volatility. CHW Acquisition Corp [CHWA] - Last Close: $9.25 CHW Acquisition is taking off after a shareholder vote.
The consumer-focused SPAC is breaking out after shareholders voted to approve the firm's proposed merger transaction with WagLabs Inc, an American pet services marketplace. At the company's general meeting, 94.60% of shareholders voted in favor of the business combination. Upon closing, CHWA will trade under the new ticket PET, and warrants will trade under the symbol PETW. CHWA is up 13.4% on the news. Our Take: SPAC fever has long since passed, but there are still a few gems out there floating around. I don't know if this is one of them, but today's pop will certainly provide some welcome relief for the SPAC's shareholders. If you're bullish on pet services, now might be a good time to get in this one for cheap. Thermogenesis Holdings [THMO] - Last Close: $0.2122 Thermogenesis Holdings is breaking out on rather thin news. The healthcare supplies stock is soaring to the top of the charts today after gaining a 6.1% yesterday. Yesterday, the company announced that it had appointed Dr. Russell Medford chairman of the board. Medford has extensive industry experience, and he also serves as Chairman & CEO of Covanos Inc, a MedTech firm focused on advanced cardiovascular diagnostics. This news seems minor, but the stock hasn't released any other major news that could explain this morning's large move. THMO is trading actively, and it's one of the top premarket stocks with a 68.1% gain. Our Take: This move isn't backed up by any legitimate catalysts that I could find, so I recommend treading lightly. This could be a meme stock/short squeeze situation, and you don't want to get caught holding the bag. Reviva Pharmaceuticals [RVPH] - Last Close: $0.8431 A new clinical update is lifting shares of Reviva Pharma this morning. The clinical-stage pharma firm released a clinical update in Thursday's premarket, which received little attention from the market. Shares sunk 4.2% in the following trading session. However, the move is reversing course today, and RVPH is breaking out in the premarket. In the clinical update, Reviva said it plans to initiate two Phase 2A trials targeting ADHD and pulmonary hypertension in the fourth quarter. The company also said enrollment is on pace for its Phase 3 clinical trial for a schizophrenia treatment at 15 US sites, and enrollment for site in Europe and India are will begin in Q3. Reviva said it expects top-line data from the trial to come in mid-2023. RVPH is one of today's top performers with an 18.6% gain. Our Take: It's unclear why this stock is rallying so dramatically. Yesterday's clinical update didn't seem particularly consequential. However, the report points to the potential for several catalysts to reveal themselves in the coming month, but it's a toss-up whether the drug will perform well in clinical trials. |
| Gainers Athersys [ATHX] >> +6.5% Senti Biosciences [SNTI] >> +33.9% NRX Pharmaceuticals [NRXP] >> +9.1% Decliners Missfresh Ltd [MF] >> (6.9%) Intel Corp [INTC] >> (11.3%) Roku Inc [ROKU] >> (22.0%) ExxonMobil [XOM] ... AM Procter & Gamble [PG] ... AM Chevron [CVX] ... AM AbbVie [ABBV] ... AM AstraZeneca [AZN] ... AM Enbridge [ENB] ... AM Charter Communications [CHTR] ... AM ColgatePalmolive [CL] ... AM Aon [AON] ... AM Phillips 66 [PSX] ... AM Eversource Energy [ES] ... AM Eni [E] ... PM |
| PCE inflation index [June] ... 8:30a Core PCE price index [June] ... 8:30a PCE price index (year-over-year) [June] ... 8:30a Core PCE price index (year-over-year) [June] ... 8:30a Real disposable income [June] ... 8:30a Real consumer spending [June] ... 8:30a Nominal personal income [June] ... 8:30a Nominal consumer spending [June] ... 8:30a Chicago PMI [July] ... 9:45a UMich consumer sentiment index (final) [July] ... 10a UMich 5-year inflation expectations (final) [July] ... 10a |
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