| Spirit Airlines [SAVE] - Last Close: $5.70 The discount airliner suffered a steep selloff this week, but shares are rebounding in today’s premarket. Spirit’s downward spiral began after U.S. regulators successfully blocked its bid to acquire JetBlue Airways [JBLU]. Shares of SAVE are down 62.4% over the past five trading sessions, but the trend is quickly reversing course today. SAVE is a top mover with a 26.2% gain on 7 million shares traded. My Take: The SAVE sell-off appears to have been a tad overdone, and now we’re seeing a correction. This stock could prove to be a steal at this price point.
Mesa Air Group [MESA] - Last Close: $0.6401
A new deal with United Airlines [UAL] is rallying shares of regional airline operator Mesa Air Group. According to a late Thursday press release, the deal gives Mesa access to improved operating and financing terms. Mesa said the deal will provide approximately $63.5 million in incremental revenue over the next 12 months. The company also issued an update on its efforts to sell excess CRJ-900 assets to reduce debt and bolster liquidity. MESA is up 65.6% on 5.7 million shares traded. My Take: MESA has been struggling since early December, but this new could help the stock get back on track.
Processa Pharma [PCSA] - Last Close: $0.2030
Early this morning, this tiny pharma firm announced plans to expand development of its NFC-Cap compound into a breast cancer treatment. Processa said the expanded development will begin with its next Phase 2 trial of NFC-Cap in breast cancer patients. The company said it made the decision after extensive discussions with the FDA, who agreed an indication for breast cancer had better approval chances. PCSA is today’s most active premarket stock. It’s up 54.4% on more than 11.2 million shares traded. My Take: PCSA is down nearly 70% over the past month, and it was trading near a strong support level before this news. It could find support around 30-cents if it can hold onto its gains through the close.
Treasure Group [TGL] - Last Close: $0.1030
A recent SEC disclosure revealed the Smart Money is taking a new interest in this small-float eCommerce stock. According to a newly published Form SC13G filing, VT Smart Venture SDN BHD acquired 10 million shares of TGL stock on Dec.19th, 2023. The fund’s holdings equal an 18.7% ownership stake in Treasure Group. TGL is one of the morning’s hottest stocks, with a 23.9% gain on more than 28 million shares traded. My Take: TGL has experienced a signifcant spike in trading volume over the past two days, so this rally could be worth keeping an eye on. Gainers HNR Acquisition [HNRA] >> +19.4% TC BioPharm [TCBP] >> +12.8% Vicinity Motor [VEV] >> +18.6%
Decliners iRobot Corp. [IRBT] >> (34.3%) C3Is [CISS] >> (31.5%) AST Spacemobile [ASTS] >> (21.8%) |
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