| Qualcomm [QCOM] - Last Close: $106.14 Qualcomm is bouncing back after an announcement. This morning, the high-tech chipmaker announced a new agreement to supply Apple [AAPL] with 5G chips until 2026. The two companies originally linked up with a similar deal in 2019, but the 2019 contract is set to end this year. Under the terms of the deal, Qualcomm will supply chips for Apple phones that come out each year until 2026. Qualcomm also said it extended its patent licensing deal with Apple. Financial details of the agreement weren't disclosed. QCOM is the top-performing S&P 500 stock with an 8.1% gain. My Take: QCOM is coming off a pullback, but this could be the catalyst it needs to get back on track. I like this stock, and it looks like there could still be some upside left on the table after this initial move. Hostess Brands [TWNK] - Last Close: $28.11 Hostess Brands just landed itself a sweet merger deal. The snack cake company has agreed to be acquired by The J.M. Smucker Co. [SJM] in a $5.6 billion cash-and-stock deal. Under the terms of the agreement, TWNK shareholders will receive $30 in cash and 0.03002 shares of SJM for each share of common stock they hold. The purchase price has a total cash value of $34.25 per share, representing a 21.8% premium compared to TWNK's Friday closing price. Both companies' boards have approved the deal, which is set to close in Q3 of JM Smucker's current fiscal year ending on April 30th, 2024. TWNK is up 14.6% on active trading volume in today's premarket. My Take: CRNX has struggled since hitting stiff resistance at $22.50 per share in May. However, it found some support at the $15 mark, and today's rally could put it back on the right track. Crinetics Pharmaceuticals [CRNX] - Last Close: $15.97 Crinetics Pharmaceuticals is moving higher after a clinical update. This morning, the micro-cap pharma firm said paltusotine for acromegaly met its primary and secondary endpoints in a Phase 3 trial. Crinetics said the drug was well tolerated and produced no serious adverse events in the trial. The results bode well for an ongoing open-label trial of paltusotine in patients with carcinoid syndrome. HC Wainwright & Co reiterated its "buy" rating on the stock and maintained a $33 price target on CRNX after the news dropped.
CRNX is today's top premarket stock with a 67.8% gain. My Take: CRNX has struggled since hitting stiff resistance at $22.50 per share in May. However, it found some support at the $15 mark, and today's rally could put it back on the right track. BioLineRX [BLRX] - Last Close: $2.09 News of a drug approval is boosting shares of BioLineRX. This morning, the pharma firm said the FDA had approved APHEXDA⢠(motixafortide) in Combination with Filgrastim (G-CSF). The drug combination was approved as a treatment to "mobilize... stem cells for ... transplantation in patients with multiple myeloma." BioLineRX said it was the first innovation in stem cell mobilization to be approved in the U.S. in over a decade. Management will hold a conference call tomorrow at 8 a.m. EDT to discuss the approval. BLRX is one of today's top gainers with a 20.5% gain. My Take: BLRX is having difficulty breaking through resistance at $2.50 per share. If it can break through, it could find new support at that level, but, so far, this rally hasn't been enough to get it over the hump. GainersVersus Systems [VS] >> +27.8%Aurora Mobile [JG] >> +20.0%Virax Biolabs [VRAX] >> +19.2%Reading Int B [RDIB] >> +18.1%DeclinersTenon Medical [TNON] >> (25.1%) Elutia [ELUT] >> (20.4%)Impel Neuropharma [IMPL] >> (16.8%)Solowin [SWIN] >> (13.6%) Bowlero Corp. [BOWL] ... AM
Oracle Corporation [ORCL] ... PM
Casey's General Stores, Inc. [CASY] ... PM
Mission Produce, Inc. [AVO] ... PM
Matrix Service Company [MTRX] ... PM None scheduled |
