Microchip Technology Inc [MCHP] - Last Close: $59.46
A strong quarterly report is lifting shares of Microchip Tech today.
The semiconductor stock posted record-breaking results on its fiscal Q2 earnings report Thursday evening, and shares are rallying in response.
Microchip Tech posted non-GAAP EPS of $1.46 on revenues of $2.073 billion. The figures beat the consensus estimate of $1.44 on revenues of $2.06 billion.
The board also declared a record quarterly cash dividend of $0.328 per share for holders of its common stock.
MCHP is leading the S&P 500 with a 9.4% gain.
My Take: MCHP is in a down-trend, and share prices have been volatile this year. However, it looks like a decent value at this point, and this breakout report could be a pivot point for the stock.
BioAtla Inc [BCAB] - Last Close: $6.63
BioAtla is taking off after an earnings report that included updates on several key drugs.
The clinical-stage biopharma firm announced its Q3 results on Thursday evening, and the report included updates on several key drug candidates.
BA3071 is progressing through a Phase 1 study. So far, the first two cohorts have been completed without dose-limiting toxicities or serious adverse events reported.
Enrollment in part two of a Phase 2 trial of BA3011 for undifferentiated pleomorphic sarcoma is expected to begin by year-end.
Mecbotamab vedotin (BA3011) Phase 2 part 1 interim results in NSCLC continue to show antitumor activity with additional patients enrolled.
BCAB is trading actively with a 46.2% gain.
My Take: I'm not sure which piece of information sparked this rally, but Thursday's earnings report was clearly the catalyst. The drug updates likely played a bigger factor in the run-up than the financial portion of the report.
Cutera Inc [CUTR] - Last Close: $41.32
Strong quarterly earnings sent shares of Cutera rallying this morning.
The dermatology-focused medical device firm released its Q3 2022 financial results, and the numbers were unexpectedly strong.
Cutera posted a thinner-than-expected loss of -$(0.24) per share. Analysts had expected a -$(0.30) per share loss for the company.
Revenues came in at $62.81 million for the quarter, marking a 9.0% growth rate from the previous year, and beat the consensus by a tiny margin.
The news rallied CUTR to a 33.1% gain in today's premarket.
My Take:CUTR could find support at the $44 mark if it can hold onto its gains. The stock has been very volatile over the past three months, but there is significant upside on the table if it can return to its previous highs.
Xpeng Inc [XPEV] - Last Close: $6.86
Xpeng is moving higher after completing a public listing.
The Chinese smart vehicle manufacturer issued of US$133.5 million worth of automobile leasing carbon-neutral asset-backed securities (ABS) on the Shanghai Stock Exchange.
The company also listed carbon ABS securities on the Shenzen Stock Exchange in last March.
Xpeng's Shanghai-listed ABS produced a coupon rate of 2.8%, a record-low for automobile leasing ABS among Chinese automakers.
The issued ABS in the senior A tranche with a debt rating of AAA have a coupon rate of 2.80%. The issued ABS in the senior B tranche with a debt rating of AA+ have a coupon rate of 3.00%
News of the issuance fueled a 17.5% rally, and XPEV is one of this morning's highest-volume movers.
My Take:XPEV is locked into a pronounced long-term downtrend, but the slide is showing some signs of bottoming out. Chinese stocks can be extremely volatile, but this could be an interesting EV trade if you have the nerve to ride out a potentially wild ride.
