| US benchmarks notched gains for the first time in several days and kicked off Q4 on a high note with broad gains. The S&P 500 rallied 2.5%, the Dow added 2.6%, and the Nasdaq jumped 2.2%. The small-cap Russell 2K outperformed with a 2.6% advance. Today, futures are indicating stocks could rally at the opening bell. S&P 500 contacts are currently showing a 1.6% gain. The #1 Lithium Stock for October 2022 🔋
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A federal risk panel warned that crypto could pose a threat to the global financial system's stability. Nvidia will cease operations in Russia and close down its offices in the country, citing the war with Ukraine as the primary reason for the move. Celanese Corp [CE] - Last Close: $94.24 Celanese is trending after an analyst upgrade. Yesterday morning, analysts at Deutsche Bank reiterated its bullish rating on CE, and shares began trending higher on the news. The decision came from Deutsche Bank analyst Dave Begleiter, who maintained a 'buy' rating on the stock, but also lowered his price target from $140 to $110. Investors seem to be taking the news well, as CE has been moving higher since the news first hit the market. Shares gained 3.3% yesterday, and they're up again in today's premarket.
CE is one of this morning's top S&P 500 stocks, with a 4.8% gain. My Take: This industrial chemical stock is trading around its lowest levels in more than a year. It could be a good value at this price point, but it could take some time before it fully recovers due to a slowing economy. Connect Biopharma Holdings Inc [CNTB] - Last Close: $1.31 New clinical data is boosting shares of Connect Biopharma. This morning, the clinical-stage biopharma firm said its lead candidate, CBP-201, met all its primary and secondary endpoints in a pivotal Atopic Dematitis (AD) trial in China. The drug demonstrated significant clinical effectiveness, and it was generally well tolerated, with safety results comparable to placebo. Connect says it plans to engage with China's Center for Drug Evaluation in the next several months regarding a new drug application filing. CNTB is trading actively with an 18.3% gain on the news. My Take: Sounds like this drug could be headed for an approval, but you never really know with China. The targeted disease is fairly common, so there could be a good-sized market for the drug, if it can make it through the approval process. AeroClean Technologies [AERC] - Last Close: $0.88 AeroClean Technologies is moving higher after a merger announcement. After Monday's closing bell, the air purification announced it had agreed to combine with Molekule Inc in an all-stock merger deal. Upon closing, AERC stockholder will own 50.5% of the combined business, and Molekule shareholders will own the remaining 49.5%. According to the companies, the combined company is expected to generate about $45 million in revenues in full-year 2022 on a pro forma basis. The deal is expected to close early in the first half of 2023. AERC is one of this morning's top premarket performers, with a 29.9% gain. My Take: AeroClean has greatly improved its chances of surviving the coming economic downturn by combining with Molekule, so this looks like a good deal on the surface. However, there's likely to be challenging times ahead for the company. Alset EHome Intl. Inc [AEI] - Last Close: $0.2322 Alset EHome is moving higher after a big announcement on Monday. After yesterday's closing bell, Alset Ehome announced sweeping changes to the company and its management structure. Effective today, Alset Ehome will change its name to Alset Inc as part of a rebranding effort. As part of the move, Alset will also move its incorporation from Delaware to Texas, although the stock will continue to trade on the Nasdaq under the same ticker. According to a recent press release, the company also plans on expanding its board to include positions for three new directors. AEI is up 18.6% on active trading volume. My Take: I'm not sure if this news fully explains the rally, but it partially explains why the stock is getting attention. I would be careful here. |
