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Today's Winners: Hot Pre-Market Stocks & FDA News!
Noor Saba
July 18, 2024
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Hello Part-time Trader…👋
US stocks were largely unchanged in Thursday's premarket session after the Nasdaq Composite experienced its worst session since 2022, driven by a rotation out of big tech high-flyers. Wall Street has been offloading shares of this year’s artificial intelligence beneficiaries, as the increasing likelihood of a September rate cut boosts optimism in the broader market. Despite a 1% decline on Wednesday, the Russell 2000 small-cap index has surged over 9% in the last five trading days.
Investors are hopeful for a broadening market amid concerns that the tech-driven rally may be losing steam. However, some analysts caution that the shift in market leadership might not be enough to shield stocks from potential challenges ahead, including an economic slowdown.
In corporate news, Discover Financial jumped 3% after its second-quarter results exceeded expectations. Beyond Meat tumbled about 16% after reports that the company is meeting with bondholders to discuss restructuring its balance sheet. Meanwhile, U.S.-listed shares of Taiwan Semiconductor rose 0.7% in premarket trading following strong second-quarter earnings.
Additionally, jobless claims data for the week ending July 13 are due out Thursday morning. Economists polled by Dow Jones expect claims to come in at 229,000, up from 222,000 the previous week.
Happening Today
✓ 08:30 AM ET – Initial Jobless Claims
✓ 08:30 AM ET – Philadelphia Fed Manufacturing Index (Jul)
✓ 10:00 AM ET – US Leading Index (MoM) (Jun)
✓ 01:00 PM ET – 10-Year TIPS Auction
✓ 04:00 AM ET – TIC Net Long-Term Transactions (May)
✓ 04:30 PM ET – Fed's Balance Sheet
✓ 01:00 PM ET – 20-Year Bond Auction
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PREMARKET SNAPSHOT📈
Market futures are mixed, with the S&P 500 and NASDAQ showing gains, while the Dow is slightly down.
S&P500$5646.00 ⬆️0.12% | Dow$41435.00 ⬇️ 0.15% | NASDAQ$20072.25 ⬆️ 0.37% |
SECTOR SNAPSHOT✨
The market exhibited a mixed performance with Consumer Staples and Energy leading the gains, indicating strong demand in these sectors. Financials and Health Care also contributed positively to the market's overall sentiment. However, the day was marked by significant declines in Information Technology and Communication Services, while Consumer Discretionary and Industrials also faced notable losses. Despite these setbacks, the broader market sentiment remained buoyed by gains in key defensive sectors.
NAME | PRICE | %CHANGE |
|---|---|---|
Consumer Discretionary | 1,544.32 | -1.80% 🔴 |
Consumer Staples | 843.66 | +1.43% 🟢 |
Energy | 713.37 | +1.08% 🟢 |
Financials | 729.29 | +0.85% 🟢 |
Health Care | 1,754.45 | +0.48% 🟢 |
Industrials | 1,070.81 | -1.30% 🔴 |
Materials | 578.65 | -0.20% 🔴 |
Real Estate | 256.58 | +0.80% 🟢 |
Information Technology | 4,363.62 | -3.72% 🔴 |
Communication Services | 303.33 | -2.09% 🔴 |
Utilities | 356.08 | +0.04% 🟢 |
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PreMarket Unusual Volume Stocks
📈Bionomics Ltd. ADR (BNOX): Bionomics Ltd. ADR saw a significant increase in trading activity with a volume of 7,892,044, well above its average volume of 180.14. This notable rise in volume corresponds with a 25.09% price change, reflecting heightened market interest.
📈SAI.TECH Global Corporation (SAI): SAI.TECH Global Corporation experienced a substantial rise in volume, trading 1,611,178 shares compared to its average of 156.58. This dramatic increase in trading volume resulted in a 9.28% price change, indicating strong investor activity.
📈Apollomics Inc (APLM): Apollomics Inc saw its trading volume surge to 4,160,630, significantly higher than its average of 725.93. The stock's price change of 20.23% mirrors this spike in trading volume.
📈Addentax Group Corp (ATXG): Addentax Group Corp's volume spiked to 393,240, a substantial increase from its average of 69.99. Despite the high trading volume, the stock experienced a modest 0.38% price change.
📈Onconetix Inc (ONCO): Onconetix Inc saw its volume rise to 25,551,672, far exceeding its average of 5,569.01. The stock's 34.30% price change reflects the surge in trading volume.
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Premarket Picks
Bionomics (BNOX) stock jumped nearly 23% in pre-market trading to over $1.00 per share on exciting news. The company announced they've begun screening patients for a critical Phase 3 trial testing a new treatment for social anxiety disorder.
Apollomics (APLM) soared almost 20% pre-market, reaching $0.27 a share. This surge follows news that they've been granted a six-month extension to meet Nasdaq listing requirements.
Siyata Mobile (SYTA) saw a pre-market surge of nearly 46%, pushing its stock price above $1.00. The company secured new orders for its SD7 handsets and accessories, totaling over $4.5 million from U.S. wireless carriers.
Chuy's Holdings (CHUY) stock skyrocketed a whopping 46% pre-market, reaching $37.06 per share. This jump comes after the announcement of Darden Restaurants acquiring Chuy's Holdings in a deal valued at approximately $605 million.
Below is a list of other hot stocks in pre-market today:
Pre Market Gainers | Pre Market Change | Pre Market Volume |
|---|---|---|
ONCO | +36.58% | 22.58M |
VIRI | +9.24% | 4.39M |
APLM | +23.17% | 3.78M |
DSY | +17.14% | 1.75M |
SAI | +11.34% | 1.40M |
LILM | +5.05% | 1.07M |
MMV | +13.85% | 445.74K |
ATXG | +3.17% | 344.55K |
SYTA | +32.97% | 256.62K |
WBD | +3.37% | 181.31K |
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Important FDA
Recently Announced
Verona Pharma plc (VRNA) received FDA approval for their COPD treatment Ensifentrine, under the brand name Ohtuvayre, for the maintenance treatment of COPD in adult patients on June 26, 2024-.
Merck & Co Inc. (MRK) faced a setback for their drug Patritumab deruxtecan as the FDA issued a CRL due to inspection findings at a third-party manufacturer on June 26, 2024-.
Rocket Pharmaceuticals, Inc. (RCKT) also received a Complete Response Letter from the FDA for their drug KRESLADI on June 28, 2024-.
On the other hand, Arcutis Biotherapeutics Inc. (ARQT) achieved a win with the FDA greenlighting their Roflumilast Cream for atopic dermatitis on July 9, 2024.
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Upcoming Announcements
Phathom Pharmaceuticals Inc (PHAT) has an upcoming FDA decision on VOQUEZNA Tablets for the Treatment of Heartburn Associated with Non-Erosive GERD on July 19, 2024.
AstraZeneca PLC (AZN.L, AZN) will have an FDA panel to review IMFINZI in combination with chemotherapy as neoadjuvant treatment, followed by IMFINZI as monotherapy after surgery, for the treatment of adult patients with resectable non-small cell lung cancer on July 25, 2024.
scPharmaceuticals Inc. (SCPH) has an upcoming FDA decision to expand the FUROSCIX indication to include New York Heart Association Class IV heart failure patients on August 1, 2024.
Happy investing,
Maeve Grace
Editor In Chief
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Important: This newsletter does not provide investment advice. The stocks mentioned should not be taken as recommendations. Your investments are solely your decisions.
Disclosure: I hold no positions in any companies mentioned, either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article.
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