| | | July 12, 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 Tuesday, July 12th. Let's get ready to trade! |
The Nasdaq sold off for 2.3% to kick off the trading week on Monday, while the S&P 500 lost 1.2%. The Dow was down 0.5% on the day, and the small-cap Russell 2K index tumbled 2.1%. This morning, index futures are pointing to more losses at today's open. S&P 500 futures are down 0.7% in early premarket trading. Seagate Technologies [STX] - Last Close: $74.33 An analyst upgrade is lifting shares of Seagate Technology.
Late Monday afternoon, Columbine Capital Services announced it had upgraded STX from "2" to "1", marking the latest in a series of upbeat opinions on the stock.
Just last week, Benchmark Capital maintained its "buy" rating on the stock, although it also lowered its price target by 7% from $100 to $93 to account for worsening market conditions. STX is leading the S&P 500 in early-morning trading with a 6.3% gain. Our Take: STX looks like a value. It just rebounded sharply from a 52-week low, and it has a P/E ration under 10. The stock's long-term outlook is unclear, but it could be a swing trade opportunity. Canoo Inc [GOEV] - Last Close: $2.37 Canoo is exploding on news of a powerful new partner. Walmart announced today that it has selected Canoo EV to help it electrify its fleet of delivery vehicles, according to a company statement released this morning. The retail giant has agreed to buy 4,500 electric vehicles from Canoo as part of its goal to achieve net-zero emissions by 2040. The deal also includes an option clause that would allow Walmart to purchase another 10,000 units to electrify its fleet. Financial terms of the deal were not disclosed. GOEV is up 70.5%, and it's this morning's most actively-traded stock. Our Take:This deal could bring in even more business for the up-and-coming EV stock. Canoo could be worth watching, although there might not be a lot of upside left in today's rally. Novo Integrated Sciences Inc [NVOS] - Last Close: $1.89 An upbeat earning update is boosting shares of Novo Integrated Sciences. The healthcare stock released an interim Q3 sales report this morning that showed the company is making notable headway. Novo said Q3 revenues grew by as much as 484% in the third quarter, year over year, and as much as 384% from the previous quarter. Novo's CEO stated, "The addition of product development and sales to our corporate bandwidth is proving to be a successful strategy toward accelerating the Company's growth." NVOS is trading actively with a 13.8% gain in today's premarket. Our Take:Novo is clearly doing something right. It's not easy to notch revenue growth like that in today's business landscape. However, the good news is likely already priced into the stock's share price. Akanda Corp [AKAN] - Last Close: $0.7845 Akanda Corp is running hot after announcing a new supply deal.
The UK-based cannabis cultivator announced today that it had entered into an agreement to supply Tetra Bio-Pharma with pharmaceutical-grade cannabis for FDA trials of QIXLEEG. QIXLEEF(TM) is a proprietary botanical inhaled investigational new drug currently enrolled in two FDA clinical trials for various types of cancer-related pain.
The move marks Akanda's first foray into cannabinoid drug development, and the company will become Tetra's Contract Development and Manufacturing Organization for Tetra's clinical drug and commercial supply programs. Under the terms of the deal, Akanda will supply Tetra with pharma-grade cannabis and CBD flower starting in Q3, and Tetra's supply commitments could reach over 10 metric tonnes per year if the drug is approved. AKAN is up 49.1% on elevated trading volume ahead of today's opening bell. Our Take: This is new territory for Akanda Corp, but it could be a good way for the company to branch out of the increasingly challenging consumer cannabis market and diversify its revenues. |
| Gainers Histogen Inc [HSTO] >> +88.8% First Wave BioPharm [FWBI] >> +13.7% Versus Systems [VS] >> +53.2% Decliners Chicken Soup for the Soul Entertainment [CSSE] >> (28.1%) Kaspien Holdings [KSPN] >> (16.9%) Fulcrum Therapeutics [FULC] >> (12.1%) PepsiCo [PEP] ... AM Telekom Austria [TKAGY] ... AM AngioDynamics [ANGO] ... AM |
| NFIB small-business index [June] ... 6a |
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