| | | October 16, 2023 Hey traders! It's Michael here with the Stock Dork Cheat Sheet: Premarket Report, your go-to guide for the day's biggest trading news and hottest premarket stocks! Happy Monday! It's October 16th. I hope you had a great weekend. Now, let's get ready to trade! |
| Stocks closed out the trading week with a lackluster performance on Friday. The Dow was the loan gainer with a 0.1% advance, while the Nasdaq suffered a 1.2% sell-off. The S&P 500 lost half a point, while the Russell 2K fell 0.8%. Today, futures are ticking higher in early trading. S&P 500 contracts are up by around 0.3%, so we could be headed for a higher open. FedCoin Could Send this $3 Stock Skyrocketing The government-backed digital dollar, better known as "FedCoin", is finally set to "go live"... Think of the 40-year-old U.S. banking system as the dial-up internet of the late 1990s... And FedCoin as wireless, high-speed internet. The man named Bloomberg's #1 forecaster says it even stands to drive one of the largest waves of wealth in American history. Get a Full Briefing Here 📉 Rite Aid Goes UnderPharmacy operator Rite Aid [RAD] filed for bankruptcy on Sunday in the State of New Jersey, capping off a long decline for the embattled retailer. The cost of a massive lawsuit stemming from its role in the opioid epidemic, along with poorly planned mergers and years of financial underperformance, drove the final nail into the struggling retailer's coffin. As part of a strategy to restructure its outstanding debt of over $3 billion through Chapter 11, the company is set to receive around $200 million in fresh financing from lenders. Additionally, pharmacy benefit management company MedImpact has proposed a $575 million acquisition of Rite Aid's Elixir division. An auction is in the pipeline to explore the possibility of receiving a more competitive offer, according to inside sources quoted by The Wall Street Journal. |
| Mettler-Toledo International [MTD] - Last Close: $1,033.64 Mettler-Toledo is breaking out in early trading. The precision manufacturer is on the rise this morning despite a lack of company-specific news. Mettler-Toledo suffered a 5.9% steep sell-off among a spike in trading volume on Thursday, despite no negative headlines that would explain the news. It's possible there are some macro considerations driving this move, but there hasn't been any major news surrounding the stock for more than a month. Whatever the reason, MTD is leading the S&P 500 in the premarket with a 5.9% gain. My Take: There could be some kinda macro issue here that I am overlooking, but, from what I can tell, there's no concrete impetus behind this MTD's recent volatility. PCTEL [PCTI] - Last Close: $4.66 A buyout deal is boosting shares of PCTEL. Late Friday, the company announced it had agreed to be acquired by Amphenol [APH] in an all-cash deal worth roughly $139.7 million. Shareholders will receive $7 in cash for each share of common stock in their possession, representing a 50% premium from its Friday closing price. The companies say they expect to close the deal sometime in Q4 or early 2024, subject to shareholder approval and customary closing conditions. PCTI is up 47.8% on news of the deal. My Take: PCTI landed a nice deal for itself, but the upside between its current price and the buyout premium is fading fast. Processa Pharma [PCSA] - Last Close: $0.48 A flurry of insider trading activity is rallying Processa Pharma. Last week, at least half a dozen insiders at the company disclosed significant share purchases via Form 4 filings. Most notably, CEO George Ng acquired a total of 200,000 shares, while CAO Wendy Guy picked up 14,771, and CBSO Patrick Lin picked up 5,000 shares. The company also said it will participate at the upcoming ThinkEquity Conference in New York starting on Oct. 19th. PCSA is one of this morning's top stocks with a 60.4% gain. My Take: Judging by the insider buying, PCSA may be gearing up for a big announcement at this upcoming conference. This one might be worth keeping an eye on. LQR House [LQR] - Last Close: $0.1723 LQR House is rocketing higher in a rebound rally. The tiny stock sold off on Friday after announcing the pricing of a public offering of 28.42 million shares, priced at $0.19 apiece. LQR House expects to reap gross proceeds of approximately $5.4 million from the sale, before deducting expenses and underwriting discounts. EF Hutton division of Benchmark Investments is the sole book runner for the offering. LQR fell 27.2% on Friday following the announcement, but shares are rebounding in dramatic fashion in today's premarket. LQR is this morning's top-performing stock with a 188.9% gain. My Take: LQR looks like a pump-and-dump but you might be able to cash in on the volatility if you play your hand right. GainersMingzhu [YGMZ] >> +73.3%Redhill [RDHL] >> +28.3%Almacenes Exito [EXTO] >> +34.4% DeclinersSigma Labs [SASI] >> (27.6%) Shift Technologies [SFT] >> (19.7%)BioPath [BPTH] >> (17.3%) Charles Schwab [SCHW] ... AM
Guaranty Bancshares [GNTY] ... AM
Equity Lifestyle Properties [ELS] ... PM
Servisfirst Bancshares [SFBS] ... PM
Enerpac Tool Group [EPAC] ... PM
FB Financial Corporation [FBK] ... PM
Cross first Bankshares [CFB] ... PM Empire State manufacturing survey [Oct] ... 8:30a |
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