| | 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, June 21st. Let's get ready to trade! |
Stocks posted gains to close out last week. The Nasdaq added 1.4% on Friday's session, and the S&P 500 gained 0.2%. The Dow slid to a 0.1% loss, and the small-cap Russell 2K added 1.0%. Today, futures are rallying in early morning trading, with S&P 500 contracts showing a 1.8% gain. Nasdaq-100 contracts are up 1.9%. Kellogg [K] - Last Close: $67.54 Kellogg is surging on news of a major corporate restructuring. The snacks and convenience foods firm announced this morning that it will split itself into three separate, independent companies. Each spin off company will have a unique focus on a particular sector: snacks, North American cereal, and plant-based businesses. Kellogg said its U.S., Canadian, and Caribbean cereal and plant-based divisions collectively represented about 20% of its net sales in 2021, while the remaining business accounted for about 80% of sales. K is leading the S&P 500 with an 8.4% gain. Our Take: The market is taking news of the split-up as a positive, and - with a potential recession ahead - consumer staple stocks like K could be in high demand in coming months. Valneva [VALN] - Last Close: $13.71 Valneva just got a big vote of confidence from one of its most powerful backers. Pfizer has agreed to purchase an 8.1% stake in Valneva for 90.5 million euros (US$95 million) as part of an equity subscription agreement. Under the terms of the agreement, Pfizer will pay 9.49 euros per share for its stake through a reserved capital increase that will further support the companies' strategic partnership on their Lyme disease vaccine candidate VLA15. Valneva said it will use the investment to support Phase 3 development of the Lyme disease program, which is expected to begin sometime in Q3. Valneva will now fund 40% of the remaining shared development costs of the collaboration, up from 30% cited in the initial agreement between the companies. In turn, Pfizer will pay Valneva tiered royalties as high as 22% along with $100 million worth of potential milestone payments. VALN is up 81.6% on news of the Pfizer investment. Our Take: This stock could be promising, but there's already a lot of hype factored into its share price. After an 81% gain, it's not clear how much short-term upside is in this trade. However, Pfizer's interest is plenty reason to be bullish. If the drug is successful, the pharma giant might consider an all-out buyout of the smaller company down the road, which could send shares of VALN skyrocketing. Convey Health Solutions Holding [CNVY] - Last Close: $4.32 News of a buyout deal is driving shares of Convey Health Solutions to the moon. The healthcare software and analytics firm has agreed to be acquired by asset management firm TPG in an all-cash deal valued at roughly $1.1 billion. TPG will pay $10.50 to acquire all outstanding shares of CNVY that it doesn't already own, representing a 143% premium to the stock's Friday closing price. The deal is expected to close in the second half, and Convey Health will become a private company after the close. Its shares will no longer be listed on the NYSE, and shareholders will receive the above-mentioned compensation. Convey's board has already approved the deal. CNVY is up 137.3% on news of the deal. Our Take: There's not much upside left in this trade, but it could be worth watching in the week's ahead. If something happens that threatens the deal, we could see share prices drop, and you might be able to get in for cheap in anticipation of the $10.50/share payout. However, nothing in the market is certain. Keep the risks in mind before you make a move. Symbiotic [SYM] - Last Close: $16.80 Symbiotic shares are surging just days after hitting the market. The newly-listed stock went public via a reverse merger with SVF Investment Corp. 3 SPAC a couple of weeks ago, and shares have been on a wild ride ever since. On Friday, SYM shot to a 23.8% gain after a round of SEC disclosures revealed the company had several major institutional investors in its corner. Today, analysts from Cowen & Co. initiated coverage on the stock with an "outperform" rating and a price target of $18. Today, SYM is showing a 19.9% gain ahead of the opening bell. Our Take: The market clearly sees potential in this stock. It's been exhibiting substantial volatility since its debut, but shares have been posting steady gains as of late and Wall Street seems to be behind the company. This one could be worth looking into. |
Gainers -
Great Panther Mining [GPL] >> +57.6% -
Advent Technologies [ADN] >> +13.8% -
NLS Pharmaceuticals [NLSP] >> +32.9%
Decliners - Blue Hat [BHAT] >> (43.0%)
- ACADIA [ACAD] >> (30.3%)
- Minerva Neurosciences [NERV] >> (26.3%)
- Lennar [LEN] ... AM
- LaZBoy [LZB] ... PM
- Reservoir Media [RSVR] ... AM
- Acasti Pharma [ACST] ... AM
- D S SMITH [DITHF] ... AM
|
Existing home sales (SAAR) [May].......10 am |
Thanks for reading! Don't forget, I'm always eager to hear from you. Reply to this email with your questions, comments, or general feedback, and I'll get back to you as soon as I can. Wishing you big returns on your investments this week, as always! - Michael "The Stock Dork" Taylor P.S. Want My Alerts Delivered To Your Cell Phone? Sign up for mobile alerts and get the latest updates delivered to your cell. Disclaimer © 2022 TheStockDork.com. All rights reserved. This message was sent by TheStockDork.com and may contain commercial elements such as advertising. Read full terms here. |
|
|
|
| | |
|
