| | | June 1, 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 Wednesday, June 1st. Let's get ready to trade! |
The Nasdaq opened the holiday-shortened trading week with a 0.4% loss on Tuesday, while the S&P 500 fell 0.6%. The Dow slid 0.7%, and the small-cap Russell 2K sold off for 1.3%. Futures trading is volatile in early morning trading. S&P 500 contracts are wavering between small gains and losses, but they're currently flat. Salesforce [CRM] - Last Close: $160.24 Salesforce is rallying after an upbeat earnings release. The cloud services company released its fiscal Q1 earnings report following Tuesday's close, revealing earnings and revenues that topped Wall Street's expectations. Salesforce earned $0.98 per share on revenues of $5.96 billion. Consensus forecasts called for EPS of $0.94 on revenues of $5.89 billion.
Salesforce's strong Q1 numbers prompted the company to hike its full-year fiscal 2023 adjusted EPS guidance, and several major analysts hiked their price targets on the stock and upgraded their view following the promising report. CRM is leading the S&P 500 with a 9.1% gain on active trading volume. Our Take: Salesforce has all the ingredients of a good company with long-term staying power, and shares are down big from the start of the year. This stock could be a good value at its current price levels. Tonix Pharmaceuticals [TNXP] - Last Close: $2.44 Tonix Pharma's newest patent could put the company in an excellent position. The clinical-stage biopharma stock announced this morning that it has received a US patent for its TNX-801 smallpox/monkeypox vaccine entitled "Synthetic Chimeric Poxviruses" from the US Patent & Trademark office. The patent covers claims to develop the company's TNX-801 vaccine for the protection against monkeypox, smallpox and for the company's Recombinant Pox Virus platform for the protection against other pathogens, including SARS-CoV-2. Tonix will have US market exclusivity until 2037. TNXP is trading actively with a 26.2% gain. The news comes as Monkeypox fears continue to rise in the US and Europe. Tonix could be in key position to take advantage of the hysteria if its vaccine proves safe and effective. Our Take: Monkeypox could be a boom for Tonix, but does this company have what it takes to become the next Moderna? We're not sold. Trade smart and don't get caught up in the hype. VTV Therapeutics [VTVT] - Last Close: $0.5512 VTV Therapeutics has a powerful new backer, and shares are on the rise. This morning, the clinical-stage biopharma firm announced it has secured an investment of $25 million from G42 Investments AI Holding RSC. Under the terms of the arrangement, G42 purchased about 10.4 million shares of class A common stock at a value of $2.407 per share, well above its current share price, with $12.5 million cash paid at closing and the remainder paid on May 31, 2023. VTV Therapeutics can also issue another $30 million worth of class A shares if the FDA approves its marketing and sales plan for TTP399, an active ingredient in a key type 1 diabetes treatment. VTVT is up 85.1% on news of G42's investment in the company. Our Take: Something big must be brewing at VTVT if G42 was willing to pay more than four times its current share price to acquire shares. This could be an opportunity to "follow the smart money" into an up-and-coming biotech stock. Midatech Pharma PLC ADR [MTP] - Last Close: $0.626 Midatech Pharma is rallying on an upbeat regulatory decision. The drug delivery technology company announced this morning that the US Food & Drug Administration has granted a fast-track designation for its MTX110 development for the treatment of recurrent glioblastoma. The fast-track designation gives Midatech access to several key benefits, including FDA guidance and priority review. Details are currently scant on the company's plans moving forward, but markets are taking the news as a win. MTP is trading actively with a 38.9% gain. Our Take: It's unclear where this penny stock's long-term prospects stand, but the fast-track designation could be a sign of good things to come. |
| Gainers Endo Int [ENDP] >> +17.5% Vyant Bio [VYNT] >> +17.3% Pulse Bioscience [PLSE] >> +21.1% Decliners Blacksky Technology [BKSY] >> (10.1%) Redbox Entertainment [SNGX] >> (24.6%) Xtant Medical [XTNT] >> (19.6%) Capri Holdings [CPRI] ... AM Donaldson [DCI] ... AM UiPath [PATH] ... PM GameStop [DME] ... PM Chewy [CHWY] ... PM NetApp [NTAP] ... PM MongoDB [MDB] ... PM Hewlett Packard [HPE] ... PM Veeva Systems [VEEV] ... PM |
| ISM manufacturing index [May] ... 10a Job Openings / Quits [Apr] ... 10a Construction Spending [Apr] ... 10a Beige Book ... 2p |
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