| | October 20, 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 Friday! It's October 21st. I hope you have a great weekend. Now, let's get ready to trade!
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| US benchmarks closed Thursday's session lower as investors weighed corporate earnings and jobless claims data. The Nasdaq fell 0.9%, while the S&P 500 followed close behind with a 0.8% loss. The Dow fell 0.7%, and the small-cap Russell 2K sold off for 1.5%. Today, futures are down again in early trading. S&P 500 contracts are down 0.2%. Wall Street Caliber A.I. for the "Little Guy" For years, Wall Street's been using A.I. to gain an edge. Now, a top tech company is "leveling the playing field." For over six years now, they've been developing a cutting edge A.I. algorithm that can predict future stock prices with astonishing accuracy. Get the full story here 📈 Bitcoin Tops $29K as Crypto RalliesBitcoin [$BTC] is eyeing the $30,000 mark, up 4.3% from Thursday, fueling optimism that the SEC might finally greenlight a Bitcoin ETF. The Big Players: Grayscale [GBTC], hot off a legal win, is fast-tracking plans to morph its Bitcoin Trust into an ETF. Meanwhile, Ripple [$XRP] leapt by over 6% as the SEC withdrew a lawsuit against Ripple Lab execs. Why This Matters: The SEC's actions are hinting at a more crypto-friendly stance, and investors are loving it. This could set the stage for further gains in the crypto market. Keep an Eye On: Any SEC moves related to Bitcoin ETFs. If approved, we're likely looking at another crypto surge. 📉 SolarEdge Casts Clouds on Solar SectorSolarEdge's [SEDG] grim Q3 outlook sent shockwaves through the solar sector. The Israel-based company plunged 29%, dragging down peers like Enphase Energy [ENPH] and SunRun [RUN]. Why It's Hot: CEO Zvi Lando blamed slow European demand for the slashed forecasts, while higher costs and interest rates are already putting the renewable-energy sector under pressure. The Bottom Line: SolarEdge, already the S&P 500's worst performer this year, is dimming hopes for a quick recovery in the solar industry. Keep an eye out; more clouds could be on the horizon. |
| Bio-Techne [TECH] - Last Close: $63.50 Bio-Techne is trending after an executive shake up. The mid-cap health tech stock announced Thursday morning that it has appointed Kim Kelderman as its CEO, effective Feb. 1st 2024. To prepare her for the role, Kelderman will serve as Chief Operating Officer on Nov. 1st, so she can assist in running the company's day-to-day operations. Kelderman will succeed form CEO Chuck Kummeth, who is set to retire after a ten-year run. Kummeth will serve as a senior advisor once Kelderman takes over. TECH nosed lower when the news broke yesterday, but shares are rebounding in today's premarket. TECH is leading the S&P 500 with a 3.4% gain in early premarket trading. My Take: TECH has had a rough couple of months. Its P/E is still pretty high, but it could have solid upside potential once this down-trend bottoms out. Lipella Pharmaceuticals [LIPO] - Last Close: $1.61 A regulatory decision is rallying shares of Lipella Pharma. Seconds ago, the tiny pharma firm said the U.S. FDA approved its investigational new drug application for LP-310 for Phase 2a, dose-escalation clinical trial. The study will assess LP-310's safety and efficacy as a treatment for oral lichen planus, which is a high morbidity condition with no effective treatment. CEO Jonathan Kaufman said the approval "demonstrates our ability to ... advance our value proposition by adding a phase-2, clinical-stage asset to our pipeline." Chief Medical Officer Michael Chancellor said, "We look forward to the opportunity to develop an effective treatment." LIPO is breaking out with an 85.8% gain, making it one of today's top premarket stocks. My Take: LIPO has been on fire the past couple of days. This rally almost looks like it's a little too hot, so watch out for a pullback. American Well Corp [AMWL] - Last Close: $0.9437 A newly-announced contract is boosting shares of American Well. The health care technology company landed a contract to "power the 'Digital First' transformation of the Military Health System with a hybrid care tech platform." Leidos Holdings [LDOS] was also chosen to participate in the contract by supplying its Amwell Converge hybrid care platform. Under the terms of the contract, American Well will provide automated care programs, including behavioral health and integrated telehealth solutions. If all options are utilized, the task order spans 22 months and can be worth up to $180 million, according to a statement from the companies. AMWL is one of this morning's top stocks with a 19.3% gain. My Take: Government contracts can be game-changers for tiny companies like AMWL. This could prove to be a pivot point for the down-and-out stock. Akso Health [AHG] - Last Close: $1.25 Akso Health is rebounding after a steep selloff. Previously, the Chinese tech company ran into some trouble with Nasdaq's minimum bid price requirement, but it just regained compliance on Monday. Akso enjoyed a brief pop after it announced Nasdaq's decision, and share prices reached as high as $2.11 per share. Unfortunately, the gains didn't last long. AHG pulled back and closed Thursday's session at just $1.25. However, it appears the pullback was overdone because shares are rebounding in today's premarket. AHG is up 16.8% in early trading. My Take: AHG is a Chinese company with a very small float, so this stock could be extremely volatile. Be very cautious chasing this one. GainersXORTX Therapeutics [XRTX] >> +105.9%FaZe Holdings [FAZE] >> +39.5%Hub Cyber Security [HUBC] >> +32.9% DeclinersWebuy Golbal [WBUY] >> (31.0%) SolarEdge Technology [SEDG] >> (28.0%)Enphase Energy [ENPH] >> (14.3%) American Express Company [AXP] ... AM
Schlumberger [SLB] ... AM
Regions Financial Corporation [RF] ... AM
Huntington Bancshares Incorporated [HBAN] ... AM
Interpublic Group Of Companies [IPG] ... AM
Autoliv [ALV] ... AM
Comerica Incorporated [CMA] ... AM
Euronet Worldwide [EEFT] ... AM
First Bancorp. [FBP] ... AM
Sensient Technologies Corporation [SXT] ... AM Cleveland Fed President Loretta Mester speaks ... 12:15p |
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