| US indexes closed out last week with another strong session on Friday. The Nasdaq led the way with a 1.8% gain, while the S&P 500 added 0.9%. The Dow lagged with a small gain of 0.1%, and the small-cap Russell 2K advanced 0.7%. Today, futures are edging lower ahead of the opening bell. S&P 500 contracts are down 0.4% in early morning trading. Top 5 Tech Stocks Every Investor Should Buy Right Now
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Control of Congress Remains Undecided. Some districts are still counting votes, and results aren't expected for several days. Democrats are expected to maintain control of the Senate, but the House is still up for grabs. FTX Collapse Garners Scrutiny. The spectacular failure of FTX crypto has put its founder, Sam Bankman-Fried, in the crosshairs of financial regulators. He is expected to face criminal liability over the company's lax accounting processes and misrepresentations to shareholders. Biogen Inc [BIIB] - Last Close: $289.45 Biogen is up this morning because of upbeat drug data.... from another company. Roche Holding AG [RHHBY] announced two Phase 2 studies evaluating gantenerumab in Alzheimer's patients failed to slow clinical decline. The trial showed small benefit, but without statistical validity. The news prompted moves in Biogen and other companies conducting Alzheimer's research. Now, investors likely see Biogen and its partner, Eisai [ESALY], as the news leaders in the field of Alzheimer's drug development. In July, the FDA accepted Biogen's partner Eisai's [ESALY] filed a biologic license application for lecanemab for an accelerated FDA review. The sentiment shift is powering BIIB to the top of the S&P 500 with a 5.8% gain. My Take: BIIB has been red-hot lately. The stock is locked in a dramatic uptrend, and the good news just seems to keep coming for Biogen. Despite the gains, it's still trading at a reasonable P/E of 14.75. Monday.com LTD [MNDY] - Last Close: $95.19 A strong earnings report is giving Monday.com a premarket boost. The software stock posted its Q3 results on Monday, and the results exceeded analysts' expectations.
Monday.com reported a surprise profit of $0.05 per share against The Street's estimate of a -$(0.54) per share loss. Revenues came in at $136.9 million and beat the consensus estimate of $130.5 million. Monday.com issued FY2022 revenue guidance of $509 to $511 million per share, which also surpassed analysts' target of $501.2 million. News of the blowout quarter rocketed Monday.com to the top of today's charts. The stock is up 21.8% ahead of the opening bell. My Take:This was a great earnings report for Monday.com, but the longer-term trends I see in this stock's chart don't look promising. It's been locked in a narrow trading range since May, but maybe this rally can help it break out. Opiant Pharmaceuticals Inc [OPNT] - Last Close: $9.50 Opiant Pharma is skyrocketing on buyout news.
The specialty pharma firm has greed to be acquired by Indivior PLC in a deal that could be worth as much as $145 million. Under the terms of the agreement, OPNT shareholders will receive an upfront payment of $20 per share and contingent value rights worth an additional $8 per share. Both boards have already agreed to the deal, and the transaction is expected to close in Q1 of 2023. OPNT is this morning's top premarket performer with a 118.0% gain. My Take: The upfront buyout price was more than double what this stock was trading for, and it's chart looks ugly lately. OPNT shareholders got very lucky with this deal, but the stock's remaining upside is likely to be minimal. Sono Group NV [SEV] - Last Close: $1.37 Sono Group just landed a valuable new partner. Last week, the company announced it was teaming up with Bosch in a long-term partnership for servicing and repairing Sono Motors' vehicles across the European continent. Bosch will train and qualify 50 of its repair facilities as authorized service centers for Sono's Solar Electric Vehicle, with further expansion expected to follow. Sono says it also plans to provide approximately 22,000 independent German repair shops with an abridged version of the vehicle's factory service manual. News of the partnership lifted SEV to a 21.2% gain on Friday, and it carried its momentum into this morning's premarket. SEV is trading actively with an 11.8% gain. My Take:Sono certainly seems to have an innovative product, but I don't know enough about the company to speculate about whether it's the real deal. However, Bosch seems to think so, and that's saying something. |
