| Stocks sank to kick off the week on Monday. The S&P 500 fell 0.7%, and the Dow lost 0.6%. The tech-heavy Nasdaq was the hardest hit benchmark, with a 1.0% loss, and the small-cap Russell 2K closed with a 0.9% decline. This morning, futures are creeping higher ahead of the opening bell. S&P 500 futures are currently showing a 0.8% gain. NASA scrubs launch of Artemis I moon rocket after a defect was discovered in one of the engines. The agency could attempt a relaunch as soon as Friday.Exxon is threatening to sue in a dispute with Moscow over a decree that bars the oil giant from exiting its stake in a Russian energy project. Baidu Inc [BIDU] - Last Close: $147.32 Baidu is rallying after an early morning earnings release. The Chinese eCommerce company's Q2 results revealed its quarterly non-GAAP earnings increased despite revenue declines. Baidu reported EPS of 15.79 renminbi for the quarter to outpace the Street's 10.83 target by a wide margin. Second-quarter Revenues came in at 29.65 billion renminbi and barely topped analysts' expectation of 29 billion. The strong quarter is lifting BIDU to the top of the Nasdaq-100 in today's premarket. Shares are up 3.3% on active trading volume. My Take: China is having some issues right now, and the state of the Chinese consumers is unclear. However, this eCommerce stock's better-than-expected quarter could be a bullish signal for Chinese consumers. Bed Bath & Beyond [BBBY] - Last Close: $13.35 Bed Bath & Beyond is back on our list for the second day in a row. I called out the stock when it was up 5% in the premarket, and it closed the day with a 24.8% gain. But, the rally didn't stop at the closing bell. BBBY carried its momentum through the after-hours and into today's premarket trading session. Investors are eagerly awaiting a company update after prominent investor Ryan Cohen sold his stake in the struggling retailer early this month. Shares are moving as investors position themselves for the big catalyst. BBBY Is trading actively today, and it's up 10.7% in the premarket. My Take: BBBY has more struggles ahead of it, but this stock clearly has a following. However, don't be surprised if you see this stock dump right after the company releases its update later in the week. Blue Water Vaccine [BWV] - Last Close: $2.85 Blue Water Vaccine is surging on news of a powerful new backer. The cutting-edge vaccine stock is moving after a corporate disclosure revealed Cincinnati Cornerstone Investors (CCI) had taken a significant position in the micro-cap biotech firm. A recently filed Form SC 13D revealed CCI holds 3.11 million shares of the company, amounting to a position worth roughly $8.86 million at Monday's closing prices. Blue Water Vaccine also released another SEC filing revealing the company has put forward a preliminary prospectus for an offering of 8.9 million shares of common stock from selling shareholders. BWV is trading actively with an 8.1% gain on the news. My Take: BWV seems like it's gearing up for a big push. It's securing new backing and additional funding, perhaps for a major expansion effort. The chart shows strong support around the $2.35 mark, so there could be some solid upside in this potential swing trade. IN8bio Inc [INAB] - Last Close: $1.98 IN8bio has officially landed on Wall Street's radar. The micro-cap biotech firm is rallying today after analysts from HC Wainwright initiated coverage on the stock with a bullish rating. HC Wainwright & Co. analyst Swayampakula Ramakanth initiated coverage on INAB with a "buy" rating and a price target of $14. If the analyst's projection proves accurate, it would represent a roughly 606% upside from INAB's current price point. The bullish note is lifting INAB to an 11.6% gain in today's premarket. My Take: I wouldn't put too much stock in the $14 price target, but the fact that this stock is starting to get the attention of institutional analysts is a good sign. This could be a good growth play, but make sure you get in at a solid price point. |
