| | | June 3, 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, June 3rd. Let's get ready to trade! |
The Nasdaq rallied 2.7% on Thursday, and the S&P 500 added 1.8%. The Dow gained 1.3%, and the Russell 2K jumped 2.3%. Futures are slipping ahead of today's May jobs report. S&P 500 contracts are currently showing a 0.5% loss. Turning Point Therapeutics [TPTX] - Last Close: $34.16 Turning Point Therapeutics has agreed to a buyout deal. The clinical-stage oncology biopharma firm has agreed to be acquired by Bristol-Myers Squibb in an all-cash deal valued at roughly $4.1 billion. Under the terms of the deal, Bristol will launch a tender offer to acquire all outstanding shares of TPTX for $76 apiece, more than double its Thursday closing price of $34.16. Bristol expects to finance the deal with cash on hand, and closing is expected to come in the third quarter. TPTX is up 117.1% on news of the deal. Our Take: There's very little upside left in this trade after the stock's 117% run-up, but it could be worth watching in the weeks ahead. Okta [OKTA] - Last Close: $93.68 Okta is rallying on the heels of its recent earnings report.
The cybersecurity firm released its fiscal Q1 earnings report on Thursday evening, revealing YoY revenue that grew 65% to $415 million and beat the Street's $388.99 million target. Okta reported a loss of $0.27 per share, better than analysts' expectations of a $0.34 per share loss. The cybersecurity firm's Q2 forecast of $428 million to $430 million also topped the Street's expectation of $422.25 million. The strong earnings report is powering OKTA to a 16.2% gain in the premarket. Our Take: Cybersecurity could be a strong sector in the months ahead as tensions grow between the US, China, Russia, and other major global players. Okta's strong numbers could be a sign of good things to come for the company. StoneCo [STNE] - Last Close: $10.42 StoneCo is surging on strong earnings number. The Brazilian fintech firm reported revenues of BRL 2.07 billion in Q1 2022, marking YoY revenue growth of 138.6%, and earnings came in at BRL 132.2 million, more than four times higher than the previous quarter. Adjusted earnings came in at 0.43 per share ($0.09), and the company estimates Q2 revenues will come in at BRL 867.7 million. "The pricing initiatives have gained traction and we have raised the quality of our customer base. We are at a time of inflection for the company, with significant improvement in profitability," says Stone CEO, Thiago Piau. STNE is showing a 12.2% gain in today's premarket. Our Take: Stone's extremely strong growth figures are very promising for shareholders. If this firm can maintain its momentum, it could have a bright future. Amylyx Pharmaceuticals [AMLX] - Last Close: $9.77 Amylyx Pharma is rising on a favorable regulatory decision. The biopharma firm announced today that the US Food and Drug Administration has extended the review timeline for its new drug application for AMX0035 to treat ALS. The updated goal date is now Sept. 29. The FDA extensions gives the company more time to review additional data from clinical studies. The FDA has determined that the information submission constitutes a major amendment to the NDA, resulting in the extension of the date. Representatives from Amylyx say they are "confident" in the drug's ability to help patients living with ALS and other neurodegenerative diseases. AMLX is up 23.3% on news of the FDA decision. Our Take: The upcoming FDA decision could be a catalyst for this tiny biotech stock. Mark the date, and keep an eye on this one. If the review proceeds is planned, this stock could see a big catalyst in September. |
| Gainers Energy Focus [EFOI] >> +31.5% Alaunos Therapeutics [TCRT] >> +16.9% Good Times [GTIM] >> +23.0% Decliners Bit Origin [BTOG] >> (40.5%) TC BioPharm Holdings [TCBP] >> (33.6%) Sigma Labs [SASI] >> (18.7%) BRP [DOOO] ... AM Yatra Holdings [YTRA] ... AM |
| Jobs Report [May] ... 8:30a ISM Services Index [May] ... 10a |
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