| | | July 13, 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 Thursday, July 14th. Let's get ready to trade! |
The S&P 500 lost 0.5% yesterday after June's CPI report showed inflation hit a new high of 9.1% year-over-year. The Dow fell 0.7%, and the Nasdaq declined 0.2%. The small-cap Russell 2K edged 0.1% lower. Today, futures are deep in the red again ahead of the opening bell. S&P 500 contracts are currently down 1.2% heading into the open, setting the stage for a potential sell-off in today's session. First Republic Bank [FRC] - Last Close: $2.23 First Republic is taking off after a strong quarterly report.
The mid-cap bank stock released its Q2 earnings results this morning, and the report is getting a warm reception from investors. First Republic Bank reported Q2 earnings of $2.16 per diluted share, beating the Street's $2.09 EPS target. Better-than-expected revenue of $1.51 billion also topped Analysts' $1.48 billion revenue forecast.. The company also maintained its quarterly dividend of $0.27 per share, payable to shareholders of record on July 28th. FRC is leading the S&P 500 with a 5.2% gain. Our Take: Bank stocks could be on the up-and-up with interest rates set to rise for the foreseeable future. However, investors' faltering faith in the US economy's outlook could stunt their performance in the months ahead. Theravance Biopharma Inc [TBPH] - Last Close: $8.63 Theravance is trending after landing a key deal. On Thursday evening, the biopharma firm announced it has entered into an agreement to sell its royalty interest in GSK's Trelegy Ellipta to Royalty Pharma for more than $1.6 billion. Under the terms of the deal, Theravance will receive an upfront payment of about $1.31 billion, and it can earn another $300 million through sales milestone payments. The company said it plans to use the advance for reducing its debt and returning cash to shareholders. The deal is expected to close in ten business days.
TBPH is trading actively with a 16.2% gain. Our Take:TBPH's plan to return cash to shareholders could mean more catalysts down the road. If the firm announces a share buyback or a special dividend in the weeks ahead, this stock could rally again. Exela Technologies [XELA] - Last Close: $0.0955 Shares of Exela are on the rise on news that the company has a suitor. Late Wednesday, the IT services firm said it has received an offer to buy one of its business units that brings in $200 million in annual revenue. Exela didn't identify the potential buyer or the business unit in question, and representatives said the offer is a "preliminary non-binding proposal" and they're considering "additional acquisition proposals." The company didn't respond to questions from the Dallas Morning News regarding the proposal. XELA is up 7.9% on active volume following the news. Our Take:XELA fell from $4.34 to less than 10-cents per share over the past year, and the company is desperately trying to turn it around. This could be a comeback story in the making, or the final throes of a dying company. TransGlobe Energy Group [TGA] - Last Close: $3.18 TransGlobe Energy is breaking out on news of a buy-out deal. Vaalco Energy has agreed to acquire the oil & gas firm in an all-stock deal valued at $307 million. Under the terms of the agreement, TransGlobe shareholders will receive 0.6727 shares of Vaalco for each share of TGA they own. The deal pays a 24.9% premium over TGA's 30-day volume weighted average share price as of Wednesday. Upon closing, Vaalco plans to delist TGA from public exchanges, including the NASDAQ and Toronto Stock Exchange. The deal is expected to close in the second half of 2022, and both boards have already approved the deal. TGA is trading actively with an 8.8% gain on the news. Our Take: Oil & gas stocks have fallen out of vogue in the past few years, but these stocks can be great values. Vaalco (EGY) has a P/E ratio of just 4.36, and share prices have been trending higher since the start of the year. |
| Gainers Shineco [SISI] >> +52.0% Xeris Pharmaceuticals [XERS] >> +15.1% Novo Integrated Sciences [NVOS] >> +12.8% Decliners ContraFect Corp [CFRX] >> (77.2%) Idera Pharma [IDRA] >> (10.7%) Versus Systems [VS] >> (10.0%) JPMorgan Chase & Co [JPM] ... AM Ericsson [ERIC] ... AM Morgan Stanley [MS] ... AM Conagra Brands [CAG] ... AM Taiwan Semiconductor [TSM] ... AM Cintas [CTAS] ... AM First Republic Bank [FRC] ... AM OrganiGram [OGI] ... AM Theratechnologies [THTX] ... AM American Outdoor Brands [AOUT] ... PM Engine Gaming and Media [GAME] ...PM |
| Producer price index final demand [June] ... 8:30a Weekly jobless claims [July 9] ... 8:30a |
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