| | | August 2, 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 Tuesday, August 2nd. 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%. There's lots of M&A chatter this morning. Apollo Group, TD Bank, and Estée Lauder are all reportedly in acquisition talks with smaller companies. A year-long run of record-breaking growth in apartment rents is finally starting to cool off. Apartment rents rose 9.4% YoY in Q2, marking a slowdown from its previous 11% annual rate. DaVita Inc [DVA] - Last Close: $84.85 DaVita is taking off a strong earnings report. On Monday evening, the kidney dialysis provider shared its second-quarter results, and the numbers were strong. DaVita generated earnings of $2.30 per share, beating analysts' $2.09 EPS target.
However, revenues of $2.927 billion narrowly missed the Street's $2.93 revenue view. DaVita expects full-year earnings between $7.50 and $8.50 for the year, which fell in line with analysts' estimates.
DVA is one of the top S&P 500 stocks with a 5.7% gain in today's premarket.
Our Take: DaVita looks like a good value with a 10.1 P/E, and its business model is as recession-resistant as they come. Shares have been up-trending since mid-June, and today's breakout could put it over the hump. Uber Technologies [UBER] - Last Close: $24.60 Uber Technologies is rallying after an early-morning earnings release.
The ride-share giant released its Q1 results this morning, and the report is getting a warm reception in the premarket. Uber swung to a Q2 operating loss of $1.33 per share after earning net income of $0.58 per share a year earlier. Analysts expected a much smaller loss of $0.27 per share. However, revenues surged to $8.07 billion in the second quarter from $3.93 billion a year earlier, as higher gas prices and inflation drove many cost-conscious riders back to the platform. Analysts only expected $7.37 billion in revenues. Despite its Q2 operating loss, Uber returned to positive free cash flow of $382 million, reversing the negative cash flow it reported in the year-earlier quarter. UBER is trading actively with a 13.1% gain on the news. Our Take:Uber just CANNOT turn a profit. It seems the more money this company makes, the more it loses. Its negative EPS was nearly 5X higher than analysts expected despite a sizeable revenue beat. The recessionary environment is sapping demand for high-growth, no-profit tech companies like Uber, and I am not confident in this company's ability to consistently generate profits. I don't think UBER has seen its bottom yet. Virax Biolabs Group Ltd. [VRAX] - Last Close: $11.85 Monkeypox stocks are officially a thing, and Virax is one of the small stocks taking center stage. Last week, Virax announced that it was launching PCR test kits for monkeypox and Varicell-Zoster viruses, and the stock has been moving on monkeypox news ever since. Virax Biolabs has been extremely volatile the last week, but the stock rallied when the World Health Organization and New York City declared the disease a health emergency. Today, shares are continuing their march higher after a 119.4% gain in Monday's session. VRAX is one of today's most active stocks, and it's showing a 24.0% gain. Our Take:Monkeypox stocks might not have the same kind of staying power as Moderna and other COVID-19 winners. You could cash in on some short-term gains here, just be careful you don't get stuck onboard for the fall back to Earth. Faraday Future Intelligent Electric [FFIE] - Last Close: $2.00 A fresh injection of cash is lifting shares of Faraday Future. The EV company announced today that it has signed a non-binding term sheet with one of its major shareholders, FF Top Holding, for up to $600 million in potential senior secured convertible notes financing. FF Top said it will find several investors to participate in the financing deal through new or existing investment vehicles in a principal amount of at least $100 million. Instead of purchasing the notes, FF Top will instead pledge a portion of its shareholdings as downside protection to the potential lead investor, according to a statement from the holding company. News of fresh financing round is boosting FFIE to a 15.0% gain this morning, and its the premarket's most actively traded stock. Our Take: EV stocks are a little tricky, and I've never heard of this one before. The chart is showing pretty good support at $2 per share, but the chart also has the hallmarks of a battleground stock. Use your judgement, but know the risks. |
| Gainers AMTD IDEA Group [AMTD] >> +305.8% 36Kr Holdings Inc [FFIE] >> +55.9% Quoin Pharamceuticals [QNRX] >> +62.9% Decliners Eliem Therapeutics [ELYM] >> (30.3%) Enhabit Inc [EHAB] >> (11.0%) Tetra Technologies [TTI] >> (20.9%) S&P Global [SPGI] ... AM Caterpillar [CAT] ... AM BP [BP] ... AM Illinois Tool Works [ITW] ... AM Eaton [ETN] ... AM Advanced Micro Devices [AMD] ... PM PayPal [PYPL] ... PM Starbucks [SBUX] ... PM Gilead Sciences [GILD] ... PM Airbnb [ABNB] ... PM Occidental Petroleum [OXY] ... PM Pioneer Natural Resources [PXD] ... PM |
| Job openings [Jun] ... 10a Quits [Jun] ... 10a Rental vacancy rate [Q2] ... 10a Homeowner vacancy rate [Q2] ... 10a Real household debt [Q2] ... 11a |
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