| | | June 17, 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 Friday, June 17th. Let's get ready to trade! |
| Stocks sold off in Thursday's session as investors absorbed the reality of the Fed's recent announcement of a 75-point interest rate hike. The Nasdaq tumbled to a 4.1% loss on the day, while the S&P 500 fell 3.3%. The Dow lost 2.4%, and the small-cap Russell 2K ended the session with a whopping 4.7% decline. Today, futures are pointing to a rebound at the open. S&P 500 futures are currently up 0.8% in early morning trading. Carnival Cruise Line [CCL] - Last Close: $8.75 Carnival is gaining on a bullish company update. The cruise line announced yesterday afternoon that it would resume guest operations in New York City's Manhattan Cruise Terminal. The news marks the end of a two-year pause in operations at the Big Apple, and Carnival has now reactivated operations in all 14 of its US home ports. CCL is leading the S&P 500 with a 4.3% gain, and it's currently the index's most actively traded stock. Our Take: CCL has sold off for sharp losses in recent days, but this news could mark a turnaround point for the company. However, it's still facing plenty of challenges, so this stock isn't exactly screaming, "buy!" Revlon [REV] - Last Close: $1.95 Revlon is skyrocketing on rumors of strong buyout interest. The cosmetics company announced it would file for bankruptcy earlier in the week, prompting a sharp drop in share prices. However, the company has at least one interested suitor who could come to its rescue. Recent reports say Indian conglomerate Reliance Industries is considering buying Revlon as part of its continuing push to diversify away from its reliance on its oil business. Reliance has already made acquisitions in the telecom and retails sectors. Neither company has confirmed the report, nor responded to requests for comment. Financial details of the talks have not been disclosed. REV is one of today's most active stocks, and it's up 74.8%. Our Take: I told you about Revlon's bankruptcy filing earlier in the week, and I mentioned the possibility it could be rescued by an acquisition. It seems that timeline is playing out, and the stock is up big. Still, tread lightly. There's no telling how much upside is left in this trade, if any. Blackbox Stocks [BLBX] - Last Close: $1.30 Bullish insider trading activity is boost Blackbox Stocks in today's premarket. A recent Form 4 filing from the investment media and fintech firm revealed Director Ray Balestri bought 71,366 shares of BLBX at an average prices of $1.22 per share. The SEC disclosure was released just after Thursday's closing bell, and it quickly attracted the attention of the bulls. BLBX is up 23.1% in the wake of Balestri's vote of confidence. Our Take: Balestri spent about $90K to expand his stake in the company, and investors love to see executives with skin in the game. It's unclear what the outlook if for this stock, especially with the market taking such a beating, but at least one executive believes the stock is a good value. ObsEva SA [OBSV] - Last Close: $1.83 News of a key drug approval is rallying shares of ObsEva. Today, Swiss biotech firm announced the European Commission (EC) has granted its marketing authorization for Yselty® (linzagolix), an oral treatment for moderate to severe symptoms of uterine fibroids in women over 18 years of age. Yselty® is the first and only approved GnRH antagonist that gives patients flexible dosing options both with and without hormonal add-back therapy. ObsEva has tapped Theramex to commercialize Yselty® in exchange for royalties on commercial sales and developmental, commercial, and sales-based milestone payments. The drug is currently under review by the US Food and Drug Administration, and US regulators are expected to issue an update by Sept. 13th, 2022. OBSV jumped 13.1% on the upbeat news. Our Take: The European Commission's marketing authorization fares well for the company's application with the US FDA. The FDA ruling could be a potential catalyst down the road. Also, OBSV was trading for more than $10 per share less than a year ago, so there could be upside if the company gets it right with Yselty. |
| Gainers Embark Technology [EMBK] >> +8.9% Electric Last Mile [ELMS] >> +27.7% Exela Tech [XELA] >> +12.6% Decliners Advent Technologies [ADN] >> (12.3%) Addex Therapeutics [ADXN] >> (35.4%) Foghorn [FHTX] >> (30.9%) Alithya Group [ALYA] ... AM |
| Industrial Production Index [May] ... 9:15a Leading Economic Indicators [May] ... 10a |
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