Analog Devices [ADI] - Last Close: $182.54
Analog Devices is moving higher on strong earnings results.
The global semiconductor firm reported better-than-expected fiscal Q1 2023 results, and raised its cash dividend.
Analog Devices reported EPS of $2.75 per share on revenues of $3.25 billion. Analysts expected EPS of $2.60 on $3.15 billion in sales.
The company's Q2 revenue outlook also topped the Street's forecast, and it boosted its quarterly dividend by 13%.
ADI is this morning's top S&P 500 stock with a 4.9% gain.
My Take: ADI appears to be hitting on all cylinders. The stock just broke through a pivotal resistance point at $180, and it appears to be building more momentum after its earnings report.
Wag Group [PET] - Last Close: $2.29
Shares of Wag Group are up big on reports of insider buying.
The pet service platform released several Form 4 filings after Tuesday's close, and the the stock is moving higher on the news.
Brian Yee, a director at the company, purchased 992,436 shares for more than $2.62 million, bringing his total holdings to 6.34 million shares.
A 10%+ owner, Scott Stanford, also executed a purchase of 992,436 for the same price, and he now has control over 6.34 million shares as well.
It's anyone's guess why these insiders are pumping millions into this stock, but the market is taking it as a promising signal of things to come.
PET is one of today's top performers with a 39.3% gain.
My Take: Is something big brewing at PET? It's impossible to say at this point, but it's certainly interesting that two insiders purchased the exact same number of shares at the exact same time.
Pagaya Technologies [PGY] - Last Close: $1.34
Pagaya Tech is up big after an earnings beat.
The FinTech firm reported its Q4 and full-year 2022 results early this morning, and the announcement sparked a rally in its shares.
Pagaya generated an adjusted net loss of $(0.01) per share against the Street's estimate of a $(0.03) per share loss.
Revenues of $192.9 million also beat the consensus of $163.4 million by a wide margin.
The company's full-year 2023 guidance also beat analysts' expectations.
The strong quarter lifted PGY to the top of today's premarket leader board. Shares are up 25.3%.
My Take: PGY's revenue beat is promising, and shares have been trending higher since mid-January. It could see more gains if it can keep up this bullish momentum.
Transcode Therapeutics [RNAX] - Last Close: $0.47
The market is applauding Transcode Therapeutics for cancelling an offering.
After Tuesday's close, the biopharma firm requested the withdrawal of a previously-issued registration statement for the sale of its shares.
Transcode originally filed the registration statement on Feb. 1st, 2023, but it has "determined not to pursue a sale of the securities... at this time."
As part of its withdrawal, the company also requested all fees paid to the Commission in connection with the statement be credited for future use.
Investors applauded the company's decision, and shares are rallying on the news. RNAZ is this morning's top performer with a 97.8% gain.
My Take: This move seems overdone, but the stock has experienced some volatility lately and it's carrying a short percentage of 5.32%. I would be wary of a sudden pullback here.
