| | 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 Wednesday, June 22nd. Let's get ready to trade! |
Stocks opened the holiday-shortened trading week with a rally on Tuesday. The S&P 500 and Nasdaq both jumped 2.5%, and the Dow gained 2.2%. The small-cap Russell 2K added 1.7%. Today, futures are down in early morning trading. S&P 500 contracts are showing a 1.4% loss. Revlon Inc [REV] - Last Close: $6.06 Revlon is rallying with a vengeance after its bankruptcy announcement. The cosmetics company announced it was filing for bankruptcy earlier in the month, sparking a sharp sell off in the stock. However, the trend quickly reversed, and Revlon has been gaining steadily for the past five trading sessions, including a 62.5% gain on Tuesday. As of now, share prices have surpassed where they were at the time of the bankruptcy announcement. REV is rallying again with a 32.2% gain today, and it's this morning's most actively -traded stock. Our Take: REV's short ratio stood at 37.6% on May 31st, weeks prior to the bankruptcy announcement. A short squeeze could be the cause of its recent gains, but you might be a little late to the party if you're just trying to get in now. Quotient [QTNT] - Last Close: $0.3737 Quotient is rallying on upbeat earnings figures. The commercial-stage diagnostics company announced Tuesday that it would postpone its full fiscal Q4 release to Friday, June 24th, but it also gave investors a preview of its results. Quotient says it expects to report reagent business generated product sales of $9.8 million for the quarter and full-year revenues of $38.5 million. The company also said it had already secured $1.4 million worth of orders in the first quarter of its fiscal 2023. As of March 31, the company had $83.2 million in cash and investments, and $8.7 million in restricted cash. QTNT is leading the premarket with a 37.0% gain. Our Take: Quotient's earnings preview gave the stock a jolt, but the good news is probably priced in at this point. Be careful not to get caught in a bull trap on this one. US Well Services [USWS] - Last Close: $0.7188 A reported buyout deal is skyrocketing shares of US Well Services. ProFrac Holding Corp [PFHC] announced today that it would acquire the domestic oil exploration company in an all-stock deal. Under the terms of the deal, USWS shareholders will receive 0.0561 shares of ProFrac Class A common stock for each share of USWS Class A common stock. That comes out to about $1.21 per share. The newly combined company is expected to be the largest provider of electric fracking services with 12 electric fleets under its banner. The deal is expected to close in the fourth quarter of 2022, pending shareholder approval and customary closing conditions. USWS is trading actively with a 29.4% gain. Our Take: Institutional money and government regulators both have it out for the oil industry right now, so it's a tough place to invest. However, there could be good value in ProFrac if the market ever comes back around to oil stocks. Precision BioSciences [DTIL] - Last Close: $1.39 A newly announced offering is powering Precision BioSciences higher. The clinical-stage gene editing company is rallying today after announcing a new underwritten offering after Tuesday's closing bell. According to the press release, Precision BioSciences has agreed to sell almost 36 million shares at $1.39 apiece for proceeds of $50 million. The offering is expected to close on Friday, June 24th. Precision Bio says the proceeds will go towards funding ongoing and planned R&D efforts, as well as working capital and general corporate purposes. DTIL is up 12.2% on active trading volume. Our Take: The underwritten offering is a good sign that there's institutional demand for this stock, and following the smart money is usually a good strategy. DTIL is down big this year, so there could be big upside if the stock can turn itself around. |
Gainers Decliners - Athira Pharma [BHAT] >> (65.8%)
- Micro Focus ADR [ACAD] >> (18.1%)
- Ageagle Aerial Systems [NERV] >> (15.7%)
- H. B. Fuller [FUL] ... PM
- KB Home [KBH] ... PM
- Worthington Industries [WOR] ... PM
- Steelcase [SCS] ... PM
- KornFerry International [KFY] ... AM
- Winnebago Industries [WGO] ... AM
- Medicenna Therapeutics [MDNA] ... AM
- Quotient Limited [QTNT] ...AM
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Existing home sales (SAAR) [May].......10 am |
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