Etsy, Inc [ETSY] - Last Close: $87.54
Upbeat earnings results are lifting shares of ETSY.
The eCommerce stock reported its Q3 earnings results on Tuesday evening, and the numbers surpassed analysts' expectations.
Etsy generated a diluted net loss of $7.62 after incurring an $8.20 impairment charge, but revenues of $594.5 million beat the Street's $564.2 million target by a wide margin.
The company also reported that its new buyer additions are 'well-above' pre-pandemic averages after its upbeat Q3.
ETSY is one of today's top S&P 500 stocks with a 9.5% gain.
My Take: ETSY is starting to look like a decent deal. It has support at the $70 mark, and its P/E ratio is a surprisingly digestible 31.36. This could be a promising swing trade if ETSY can get its groove back.
Virax Biolabs Group Ltd [VRAX] - Last Close: $1.68
Virax Biolabs is moving higher on a premarket announcement.
Today, the London-based biotech introduced the public to its new RSV-Influenza-COVID Triple Virus Antigen Rapid Test Kit.
The testing kits have been launched in markets accepting the CE mark, like the EU.
Test kits can be used both at-home and in point-of-care, and it produces results in about 15 minutes.
Shares of VRAX are up 22.6% on the heels of the new product launch.
My Take: This UK-based biotech stock has been up-trending for a week or so, but expect volatility if you plan to dabble in this one.
Starry Group Holdings [STRY] - Last Close: $0.28
Starry Group is running hot after it mad a key comment in its quarterly report.
The wireless technology developer reported its Q3 results early Wednesday, and the release sparked a sharp rally.
Starry Group's Q3 EPS came in at -$(0.37), slightly worse than the expectation of a -$(0.36) per share loss.
Revenues of $8 million also disappointed analysts' $8.8 million target.
However, Starry Group's admission that it had retained PJT Partners to explore potential mergers and acquisitions got investors' attention.
STRY soared 55.5% on Wednesday in light of the stock's potential as a buyout target, and the rally continued into today's premarket.
STRY is trading actively with a 17.8% gain ahead of today's opening bell.
My Take: Buyout rumors seem to be driving this rally, but the potential upside must be greatly reduced after two days of sharp gains. The trade has paid off for early movers, but I'm afraid it's a little late in the game for newcomers.
Aptose Biosciences Inc [APTO] - Last Close: $0.55
A strong quarterly report is giving Aptose Biosciences a premarket boost.
The clinical-stage biotech firm reported a loss of C$(0.11) in Q3, beating the consensus target of a C$(0.12) per share loss.
Aptose also said it had a cash runway that fund operations and R&D through the first quarter of 2024.
The earnings release also included some promising clinical updates on HM43239, AKA tuspetinib.
CEO William Rice said, the company is looking forward to "providing the full scope of blast reduction and response rate data from the Phase 1/2 trial in the ASH timeframe next month."
APTO is up 18.1% on the upbeat earnings results.
My Take: APTO's financial figures weren't particularly impressive, so I would guess that the update on tuspetinib is the primary driver of this rally. The market seems to think the drug has promise, but it's too early to know for sure if it will get a full approval.
