| | | August 3, 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, August 3rd. Let's get ready to trade! |
| The S&P 500 slid to a 0.7% loss yesterday, while the Nasdaq fell 0.2%. The Dow lost 1.2% on the session, and the small-cap Russell 2k was down 0.1%. Today, futures are on the rise ahead of the opening bell.S S&P 500 contracts are up 0.3%. Premarket Highlights Gasoline prices have fallen for 49 straight days and are approaching $4 per gallon.Robinhood Crypto fined $30 million by New York's top financial regulator. PayPal Holdings [PYPL] - Last Close: $84.85 PayPal is getting a boost from its latest earnings report.
The payment processing stock released its Q2 results on Tuesday evening, and investors are buzzing. PayPal reported adjusted EPS of $0.93 per diluted share on revenues of $6.81 billion, which topped the Street's expectation of $0.87 EPS on $6.78 billion in sales. However, PayPal's Q3 and full-year guidance came in slightly below analyst expectations. The biggest story to come out of the report was PayPal's disclosure that activist investing firm Elliott Management has taken a $2 billion stake in the company. PYPL is leading the S&P 500 with a 12.6% gain on active volume.
Our Take: Elliott Management's push into PayPal could be good news for shareholders. The activist firm has a talent for squeezing profits out of companies and pushing them towards more aggressive growth. I am liking PayPal on a pullback here. SoFi Technologies [SOFI] - Last Close: $6.41 SoFi Technologies is trending after an upbeat earnings report. The digital financial services stock reported Q2 results that beat the Street's expectations for both earnings and revenues. SoFi reported a Q2 loss of $0.12 per share, which narrowly topped analysts' prediction of a $0.13 per share loss. Net revenues of $356.09 million were 50% higher than the year-earlier quarter and beat the Street's target of $346.48 million. SoFi also reported it added 450,000 new members in the quarter, and the company raised its full-year guidance in response to the strong quarter. SOFI is up 11.5% in today's premarket. Our Take: SOFI's growth numbers look good, but it's always tough for company's like this when the market is struggling. I would be cautious before jumping into this one with both feet, as I'm fairly confident they'll see a slowdown in Q3. Applied DNA Sciences [APDN] - Last Close: $2.80 ð A new clinical update is skyrocketing shares of Applied DNA. The genetic testing firm announced Tuesday that it's validating a newly-developed PCR-based test that can detect the monkeypox virus. If the test is validated, the company will submit a validation package to the NY State Dept. of Health for approval. If approved, Applied DNA's test will become New York's go-to choice monkeypox testing programs. APDN surged to a 311.2% gain in yesterday's session following the announcement, and it's up again in today's premarket. APDN is trading actively with a 115.4% gain ahead of today's opening bell. Our Take: These are some big numbers, but you're taking on significant downside risk if you jump in this trade now. APDN is up more than 600% since yesterday, and that move could quickly reverse once short-term traders start taking profits off the table. Rigel Pharmaceuticals [RIGL] - Last Close: $1.30 A new licensing deal is giving Rigel Pharma a premarket boost. The biotech firm announced a new licensing deal with Forma Therapeutics for Olutasidenib, a novel mutant IDH1 inhibitor to treat of relapsed or refractory Acute Myeloid Leukemia. According to the Tuesday evening announcement, recent Phase 2 data demonstrates the drug's potential, and the US FDA has accepted Forma's NDA for olutasidenib with a target action date in Feb. 2023. Under the terms of the deal, Forma will receive an upfront payment of $2.0 million, and it's eligible to receive up to $17.5 million in milestone payments with another $215.5 million in commercial milestones on the table. If approved, olutasidenib would be Rigel's second commercial product in hematology-oncology and highly synergistic with Rigel's existing commercial and medical affairs infrastructure RIGL is up 16.9% on active volume following the announcement. Our Take: The market likes this move, and it seems like investors expect olutasidenib to get approved. If the FDA approves it, it's very likely we'll see another large rally in shares of RIGL. However, it will be months before a full approval comes through, so play this one patiently. |
| GainersEargo [EAR] >> +118.6%Helius Medical A [HSDT] >> +221.9%ChemBio [CEMI] >> +65.8%DeclinersMMTEC Inc [MTC] >> (19.9%)Hydrofarm [HYFM] >> (23.6%)Match Group [MTCH] >> (21.3%) CVS Health [CVS] ... AMModerna [MRNA] ... AM Regeneron Pharmaceuticals [REGN] ... AMEnterprise Products Partners [EPD] ... AMExelon [EXC] ... AM Booking Holdings [BKNG] ... PMMcKesson [MCK] ... PM MetLife [MET] ... PM Fortinet [FTNT] ... PMNutrien [NTR] ... PM Realty Income [O] ... PM |
| S&P U.S. services PMI (final) [Jul] ... 9:45a ISM services index [Jul] ... 10a Factory orders [Jun] ... 10a Core capital equipment orders (revision) [Jun] ... 10a |
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