| | | March 16, 2022 Welcome to the BRAND NEW Stock Dork Premarket Report, your go-to guide for the day's biggest trading news and hottest premarket stocks. Keep an eye out for our Premarket Reports moving forward and, as always, we invite you to reply to this email with your feedback, suggestions, or comments. Today is Wednesday, March 16th. Here's what's moving the market: |
Stocks gained yesterday as the S&P 500 advanced 2.1%, and the Nasdaq rallied 2.9%. The Dow jumped 1.8%, and the small-cap Russell 2K gained 1.4%. Today, futures are gaining ahead of the opening bell. S&P 500 contracts are currently showing a 1.2% gain. Wynn Resorts [WYNN] - Last Close: $69.52 Wynn Resorts is in the midst of a sharp rebound rally. The casino operator has struggled in recent weeks, and the stock recently set a new 52-week low at $66.88 yesterday as Chinese coronavirus lockdowns threatened its operations in Macau and soured investor sentiment. Investors also fear that worsening international relations could eventually disrupt the relationship between the US and China.
WYNN is rebounding from its recently-set 52-week low in today's trading session. The stock is one of the S&P 500's top premarket performers with a 6.5% gain. Alibaba Group Holdings [BABA] - Last Close: $76.76 Shares of Alibaba are surging despite recent difficulties. The Chinese eCommerce giant is set to snap a losing streak stretching back to last Thursday as shares soar in the premarket. JPMorgan downgraded BABA to underweight from overweight on Monday and cut its price target to $65 from $180. The massive downgrade prompted a sharp drop in shares of BABA, but the stock is rebounding on dovish statements from Chinese financial regulators and news that the company is taking action to improve its financial position. Alibaba announced this morning that it plans to slash its workforce by 30% as surging crude oil prices and a slowing Chinese economy provokes a slump in the country's key industries. However, Chinese financial regulators recently promised to take drastic action to support market stability, and the announcement has sparked a broad rally in Chinese tech stocks, with BABA leading the way. BABA is trading actively with a 21.0% gain in today's premarket. Didi Global [DIDI] - Last Close: $1.80 Didi Global is breaking out as Chinese stocks rebound. News of new lockdowns in China has sent many Chinese tech stocks tumbling, including Didi Global. The Beijing-based ride-hailing firm has struggled as of late, but shares are trending higher in today's session thanks to a broad rally in Chinese tech stocks. The company hasn't reported any major news as of late, so the move is most likely tied to Chinese regulators recently announcing several dovish initiatives to ease investor fears and ensure stability in capital markets.
DIDI is today's most active stock, and it's up 39.4%. Sonnet BioTherapeutics [SONN] - Last Close: $0.2758 Sonnet BioTherapeutics is skyrocketing on news of a regulatory breakthrough.
The oncology-focused biotech company announced today that the US Food & Drug Administration has approved the company's Investigational New Drug (IND) application for SON-1010, a proprietary version of Interleukin 12 (IL-12) configured using Sonnet's Fully Human Albumin Binding (FHABâ¢) technology. The FDA green light clears the way for Sonnet to initiate first-in-human Phase 1 trials with adult oncology patients sometime in the second quarter. The multiple-ascending dose study will evaluate the drug's safety, tolerability, and effectiveness. SONN is trading actively with a 95.8% gain. |
| Gainers RLX Technology [RLX] >> +22.2% NIO ADR [NIO] >> +19.6% Pinduoduo [PDD] >> +35.5% Decliners Tantech Holdings [TANH] >> (9.6%) Incannex Health [IXHL] >> (26.7%) Sonim Technologies [SONM] >> (23.1%) PagerDuty [PD] ... PM WilliamsSonoma [WSM] ... PM ZTO Express Cayman [ZTO] ... PM Endeavor Group [EDR] ... PM Lennar [LEN] ... PM |
| Retail Sales [Feb] ... 8:30a Import Price Index [Feb] ... 8:30a Fed announces new funds rate ... 2p Fed Chair J. Powell press conf. ... 2:30p |
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