| US indexes snapped a two-day winning streak on Wednesday and closed the day in the red. The S&P 500 lost 0.6%, and the Dow declined 0.3%. The Nasdaq fell 0.8%, and the small-cap Russell 2K tumbled 1.7%. Today, futures are slipping ahead of the opening bell as investors await more key earnings releases in today's session. However, S&P 500 contracts are currently holding onto a 0.3% gain in early-morning trading. 3 Tiny Stocks Primed to Explode The world's greatest investor รขยย Warren Buffett รขยย has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors, that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. Click here for full details and to join for free. Asian markets are struggling. The Japanese yen's exchange rate against the US dollar just hit a 32-year low, and Hong Kong's Hang Seng Composite broke a 13-year low overnight. Intl. Business Machines Inc. [IBM] - Last Close: $122.51 IBM is at the top of today's charts after a strong earnings release.
The IT services company released its Q3 results after Wednesday's close, and the report beat analysts expectations. IBM reported Q3 adjusted earnings of $1.81, down slightly from last year's EPS of $1.83 but still enough to beat The Street's $1.80 target. Revenues of $14.1 billion also topped analysts' consensus forecast of $13.5 billion. IBM is leading the S&P 500 with a 3.4% gain in the premarket. My Take: IBM is a strong company, and share prices just bounced off a strong support level at $115 per share. If this stock can keep its momentum rolling, it could see solid gains in the coming weeks. HOOKIPA Pharma Inc [HOOK] - Last Close: $1.21 HOOKIPA Pharma is running hot after a key announcement. The clinical-stage biopharmaceutical company announced a strategic collaboration and licensing agreement with Roche. Under the terms of the deal, Roche will receive license for HOOKIPA's HB-700 program and option to license a second undisclosed therapy. In exchange, HOOKIPA will receive $25 million in upfront cash and potential success-based milestone payments up to approximately $930 million for both programs, plus tiered royalties. HOOK is trading actively with a 44.6% gain. My Take: HOOK is making a big move on this news, and it could have a bright future depending on how successful the drug turns out to be. But, it's a tiny stock, so be prepared for volatility. Corbus Pharmaceuticals Holdings [CRBP] - Last Close: $0.1120 Corbus Pharma is moving on an analyst upgrade. Refinitiv/Verus upgraded its rating on CRBP from "hold" to "buy" in a note released this morning. The details of the upgrade weren't immediately available at the time of writing, but the stock is moving on the move. Earlier in the week, the company announced it will present pre-clinical data for CRB-601 at the Immunotherapy Of Cancer's 37th annual meeting in November. CRBP is up 23.2% on active trading volume. My Take: Not much info behind this move, so I wouldn't put too much stock in it. CRBP has a short percentage of 2.98%. Mullen Automotive [MULN] - Last Close: $0.34 Mullen Automotive is running hot after a big announcement yesterday. On Wednesday, the EV company announced a US Bankruptcy Court has approved its acquisition of Electric Last Mile Solutions' assets in an all-cash deal. Mullen said its cash on hand and funding commitments give it access to $275 million to close the deal. The company said acquiring Electric Last Mile's plant, property, and equipment assets will increase the company's output capacity by 50,000 vehicles a year. MULN is one of today's most active stocks, and it's showing a 15.8% gain. My Take: MULN could be a good dark horse play in the EV space. The stock is locked in a brutal downtrend, but maybe this deal is a sign that the losses have been overdone. |
