| | | May 27, 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, May 27th. Let's get ready to trade! |
The Nasdaq rallied 2.7% on Thursday, and the S&P 500 jumped 2.0%. The Dow added 1.6% on the session, and the small-cap Russell 2K gained 2.2%. Today, futures are showing gains in early premarket trading. S&P 500 contracts are currently up 0.3%. Ulta Beauty [ULTA] - Last Close: $377.96 Ulta Beauty is soaring on stronger-than-expected earnings.
After Thursday's close, the cosmetics retailer reported Q1 sales grew 21% year-over-year to $2.35 billion for the quarter, beating Wall Street's $2.12 billion target. Comp sales also jumped 18%. Ulta also reported improvements in gross margins that helped it post earnings of $6.30 per share for the quarter, easily topping the consensus forecast of $4.46 and marking a sharp gain from Q1 2021's EPS of only $4.10. The strong quarter led Ulta to hike its full-year forecast. The firm now expects net sales ranging from $9.35 billion to $9.55 billion for the year. ULTA is leading the S&P 500 with an 8.2% gain. My Take: Ulta dipped below $350 last week, but it's trading for above $400 after the Q1 report. There could still be some upside in this stock, but the bulk of the short-term gains are likely in. Expect resistance around $425. Pinduoduo [PDD] - Last Close: $41.93 Pinduoduo is on the rise after a strong earnings report.
The Chinese eCommerce firm reported better-than-expected EPS of 2.95 renminbi per share in Q1. Analysts only expected the company to earn 1.83 per share. Revenues of 23.79 billion renminbi also beat the Street's forecast by a wide margin. Consensus estimates only called for revenues of 20.60 renminbi for the quarter. News of the strong earnings is driving PDD higher in today's premarket. The stock is showing a 9.0% gain on active trading volume. My Take: Chinese stocks are showing signs of life, and PDD could have a lot of upside if the stock can turn things around. Just last year, this stock was trading for more than $125. Avedel Pharmaceuticals [AVDL] - Last Close: $1.07 Avedel Pharmaceuticals is rebounding after sharp losses on Thursday.
The pharma stock plunged 68.3% yesterday after the company announced the US Food & Drug Administration responded to its new drug application for its narcolepsy therapy FT218 by deeming it "inappropriate." Regulators have requested that Avedel add a certification to the Risk Evaluation and Mitigation Strategies, or REMS, patent for the new drug application. The company said it now expects to receive tentative approval for the drug by June 2023. Shares plunged on the news, but the selloff may have been overdone because the stock is rebounding in today's premarket. Shares of AVDL are up 45.8% on active trading volume following yesterday's big selloff. My Take: It sounds like FT218 could still be on track for approval, so AVDL could have potential if you are patient enough to stick around for the right catalyst. Adicet Bio [ACET] - Last Close: $10.26 Upbeat clinical data is rallying shares of Adicet Bio ahead of today's open. The company released a clinical update from Phase 1 trials of its ADI-001 treatment for relapsed/refractory Non-Hodgkin's Lymphoma (NHL) as of its Feb. 14th, 202, ASCO abstract data-cut date. Studies found the drug demonstrated a 67% complete response rate with positive preliminary durability data. It also had a favorable safety and tolerability profile. Adicet also said it will present updated data from a May 31st data-cut date at ASCO Annual Meeting on June 6th, 2922, at 9 a.m. ET. "We look forward to presenting updated data on safety, efficacy, pharmacokinetics and longer follow up, including available data from patients enrolled in dose level 3," said Adicet President & CEO Chen Schor. ACET is up 9.9% in today's premarket. My Take: Sounds like Adicet is ready to make another big announcement about ADI-001 in a couple of weeks. It could be a catalyst, but choose your entry points carefully to ensure you don't get caught holding the bag. |
| Gainers Didi Global [DIDI] >> +11.9% Solo Brands [DTC] >> +13.9% Arcellx Inc [ACLX] >> +15.3% Decliners Iovance Biotherapeutics [NRXP] >> (45.7%) Performance Shipping [PSHG] >> (36.8%) SpringWorks Therapeutics [SWTX] >> (33.6%) Canopy Growth [CGC] ... AM Big Lots [BIG] ... AM Pinduoduo [PDD] ... AM Hibbett Sports [HIBB] ... AM Viomi Technology [VIOT] ... AM |
| PCE Inflation [Apr] ... 8:30a Consumer Spending [Apr] ... 8:30a Advanced Trade in Goods [Apr] ... 8:30a Consumer Sentiment [May] ... 10a |
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