My Take: Shares of GPS are down big this year, but it doesn't look like this company is doing all that bad. This stock is beginning to look like a pretty good value at this price point.
PDD Holdings [PDD] - Last Close: $60.02
Pinduoduo parent company PDD Holdings is moving higher on an earnings beat.
This morning, the eCommerce company posted better-than-expected results on its Q1 earnings report, and shares are trending on the news.
PDD Holdings generated Q1 non-GAAP earnings of 6.92 renminbi ($1.01) per American depositary share, topping the consensus of 4.44 renminbi.
The company posted Q1 revenues of 37.64 billion renminbi, which beat analysts' 31.94 renminbi estimate and marked a steep increase from last year's figure.
PDD is one of today's top premarket performers with a 15.1% gain.
My Take: PDD is another stock that has struggled in recent months, but this earnings report looks promising. Chinese consumers are coming back, and PDD has a lot of eCommerce platforms geared towards budget-conscious shoppers.
Elevation Oncology [ELEV] - Last Close: $3.01
A late-Thursday regulatory filing is lifting shares of Elevation Oncology.
After yesterday's close, a Form SC 13G filing revealed a prominent investor has taken a position in the micro-cap oncology company.
According to the filing, Wall Street rock star Stephen Cohen's Point72 Asset Management has amassed a position of 2.121 million shares of ELEV.
The firm's position equals an 8.7% ownership stake in the company.
ELEV is up 40.2% on news of Cohen's interest in the tiny company.
My Take: The market seems to really like this deal. KBNT might have hit a home run with this one.
MediaAlpha [MAX] - Last Close: $7.60
A newly-launched tender offer is driving up shares of MAX.
Early today, White Mountains Insurance Group [WTM] said it's commencing a cash tender offer to purchase up to 5 million shares of MAX at $10 apiece.
The offer will expire on June 26th, unless it's extended or terminated, and it includes a minimum condition of 2.5 million shares properly tendered.
White Mountains representatives specified that they're making the offer because they believe it's a valuable investment, and the tender offer wasn't made "for the purpose of acquiring or influencing control of the... company."
MAX is up 27.7% on the news, and it's currently trading just below the proposed tender bid of $10.
My Take: The Smart Money at White Mountains Insurance sees an opportunity here, so that's a good indication that this stock could be worth taking a look at. You're too late to cash in on the tender offer, but WTM wouldn't have made the deal if they didn't think share prices would go up. Keep an eye on MAX.
