The S&P 500 lost 0.7% on Monday, while the Dow slid to a 0.3% loss. The Nasdaq lagged its cohorts with a 1.0% decline, and the small-cap Russell 2K fell 0.6%. Today, futures are in the red again as we approach the opening bell. Currently, S&P 500 contracts are down 0.6% in early-morning trading. This Crypto Could Skyrocket by November ð
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The packaging company tumbled on Friday after the company's stock entered into a so-called "death cross" on its chart. A death cross occurs when the 50-day moving average moves below the 200-day average. Oftentimes, this technical pattern signals a changing long-term trend Shares dropped 2.6% on Friday as investors reacted to the news, but AMCR has been rebounding this week. AMCR is the leading S&P 500 stock in today's premarket with a 3.0% gain. My Take: Death cross is never a good sign, and AMCR hasn't broken its down-trend just yet. If you like this stock, I would hold off for a better entry point. Right now, I expect its long-term down-trend to continue. DICE Therapeutics [DICE] - Last Close: $24.65 DICE Therapeutics is breaking out on a major clinical breakthrough. The biopharma firm is moving higher after announcing DC-806 achieved clinical proof-of-concept in its Phase 1 trial studying the drug as a potential oral treatment for psoriasis. DC-806 showed a mean reduction in psoriasis area and severity index from baseline of 43.7%, compared with 13.3% with placebo, after four weeks of treatment. DICE said the trial supports further development of DC-8067, and it has plans to advance the drug candidate to a Phase 2b trial in patients with moderate-to-severed psoriasis. The trial also showed the drug candidate was well tolerated, with an "excellent" safety profile. DICE is trading actively with a 95.2% gain on news of its clinical home run. My Take: Things are looking up for DICE. The DC-806 breakthrough is consequential, plus the stock is locked in an up-trend, and share prices just broke through a key resistance point at $22.50. We might see a pullback after this rally, but the long-term trends look good for this micro-cap biotech stock. Laser Photonics Corp [LASE] - Last Close: $1.87 A new government contract is rallying shares of Laser Photonics. The industrial laser company announced today that it has received an order from the U.S. Navy for its LPC-1000CTH CleanTech Laser Blasting System for delivery later this month. The navy will use the device for submarine maintenance, repair, and operations. Financial details of the deal weren't immediately available. However, CEO Wayne Tupuola said the navy spends $22 billion on "the fight to control corrosion across its fleet." LASE is one of this morning's most active stocks, and it's up 32.6%. My Take: Anytime you can land a contract with the US military, it's a very big deal. This is a very bullish development for LASE, and it could mean more government deals to come for the newly-IPO'd company. Chromadex Corp [CDXC] - Last Close: $1.25 Chromadex just announced a new deal with a powerful partner. The bioscience firm and Nestle Health Sciences have agreed to a new supply deal that includes a $5 million investment in the company. The agreement extends Nestle's non-exclusive rights to sell ChromaDex's Niagen in its multi-ingredient dietary supplements. Under the terms of the deal, Nestle committed to $1.975 million in purchase in 2022 alone. ChromaDex is also eligible for commercial milestone payments and tiered royalties based on Nestle's sales of products containing Niagen. News of the supply deal is lifting CDXC to a 12.8% gain in today's premarket. My Take: This deal demonstrates the Nestle is happy with its Niagen deal. If the ingredient proves to be a real money-maker for Nestle, I could see this stock eventually becoming a buyout target for the company. Senti Biosciences [SNTI] - Last Close: $4.48 Senti Biosciences is rebounding from steep losses on Friday.
The pre-clinical biotech stock took a 31.2% loss on Friday after Morgan Stanley started it at "equalweight" with a $7.50 price target. However, the selloff may have been overdone because SNTI is rebounding ahead of the week's first opening bell. SNTI is up 13.6% on active trading volume in today's premarket. My Take: SNTI has been very volatile the past week or so, despite no major news. Not sure what's going on here, but the stock is still up big from the new 52-week low it set in September. Kalara PLC [KAL] - Last Close: $1.15 Kalara is trending after a new corporate filing. The vertical farming company filed a registration statement with the SEC on October 7th for the issuance and sale of up to about 15.7 million units. Each unit includes one share of KAL common stock and a Class A Warrant. According to the filing, each unit will be offered at a price of $1.27 per share. Kalara says the proceeds will go towards general corporate purposes. KAL is one of this morning's top performers with a 29.5% gain. My Take: The moves in this stock seem a little erratic, which is no surprise given its tiny market cap of only $26.9 million. I suspect there may be some coordinated market manipulation at play here. |
