AstraZeneca [AZN] - Last Close: $61.05
AstraZeneca is rallying after an earnings beat.
The British pharma firm released its Q3 earnings results this morning, and the report topped the Street's expectations.
AstaZeneca generated EPS of $1.67 per share in Q3 and beat the Street's $0.72 EPS target by 131.9%.
Revenues of $10.98 billion also topped analysts' $10.91 billion estimate, although by a much narrower margin than its EPS beat.
The company said strong sales of its cancer drugs, like Tagrisso, Imfinzi and Enhertu, was the driving force behind the strong quarter.
AZN also hiked its FY2022 EPS growth forecast to "high twenties to low thirties percentage" from its previous guidance of "mid-to-high twenties percentage".
AZN is leading the Nasdaq 100 with a 4.9% gain on active volume.
My Take: AZN's earnings report looked fantastic. This stock has been beaten down, but it looks like it's in the early phases of a recovery.
Purple Innovation Inc [PRPL] - Last Close: $3.41
Purple is popping off after a strong earnings release.
The boxed mattress company's released its Q3 earnings report on Wednesday afternoon, and the results exceeded analysts estimates.
Purple posted a surprise profit of $0.03 per share against analysts' estimate of a -$(0.05) per share loss.
Revenues of $143.28million also topped the Street's $139.18 million target, and Purple hiked its guidance on the news.
Previously, the company expected to end FY22 with a EBITDA loss of $5 to $15 million, but it now expects to turn a profit ranging from $2 million to $7 million.
The breakout quarter boosted PRPL to a 14.3% gain in today's premarket.
My Take: It's good to see Purple making progress in the profitability department. This company looks like it's on the up and up.
Huadi International Group Co. Ltd. [HUDI] - Last Close: $8.65
Huadi Intl. is moving higher after closing a major offering.
The Chinese steel company announced the closing of a $25 million registered direct offering after Wednesday's closing bell, and the news sparked a move higher.
Huadi announced the registered deal with two institutional investors last week, and it will bring in approximately $25 million from the deal.
The offer included 1 million ordinary shares at a purchase price of $25, and Huadi plans to use the proceeds as working capital.
HUDI is carrying a 21.3% gain on active trading volume.
My Take:I have never seen a stock make a more dramatic reversal than HUDI did last week. It closed at $180 on Friday after a massive run, but it lost 91% by the time it opened Monday. Talk about a bull trap! There's some shady price action going on here, so be very cautious.
Fast Radius Inc [FSRD] - Last Close: $0.1018
A favorable court ruling is boosting Fast Radius today.
The cloud company announced Wednesday evening that the US bankruptcy court in the District of Delaware approved all first-day motions related to its Chapter 11 bankruptcy petition on Nov. 7th.
The ruling allows Fast Radius to continue operations in normal course while the voluntary bankruptcy filing progresses, allowing the firm to pay its employees, vendors, and other essential programs.
The court has set another hearing for Nov. 14th.
FSRD is the most active premarket stock, and it's showing a 78.2% gain on the news.
My Take:I'm having trouble making sense of this move. This company is bankrupt, and this court ruling just clears it to continue spending on operations. It's possible there is some target manipulation going on here. I would stay away from it.
