Meta Platforms [META] - Last Close: $90.79
Meta is moving higher after a corporate update.
Early this morning, Facebook's parent company updated investors on its latest moves to combat a slowing economy.
Meta announced plans to cut 11,000 jobs - about 11% of its workforce - reduce discretionary spending, and extend its hiring freeze through Q1.
CEO Mark Zuckerberg took responsibility for the over-optimism that led to the cuts, telling investors, "I was wrong."
Meta also confirmed its Q4 revenue outlook was unchanged.
The news pushed META shares to the top of the S&P 500 with a 4.4% gain, and it's one of the premarket's most actively traded stocks.
My Take: META has big problems, and I am not entirely sure how they will overcome them. I generally like this stock, but I don't think its downtrend has bottomed out just yet.
Merrimack Pharmaceuticals Inc [MACK] - Last Close: $4.00
Merrimack Pharma is moving higher after a clinical update.
European pharma firm Ipsen announced upbeat data from Phase 3 NAPOLI 3 trial of Onivyde® (irinotecan liposome injection) plus 5 fluorouracil/leucovorin and oxaliplatin (NALIRIFOX regimen).
The drug combination met its primary and secondary endpoints, and showed marked improvements over the control arm.
The drug candidate appears to be on track for a full approval, which would trigger a $225 million milestone payment to Merrimack Pharma, a holding company with zero employees.
It is expected that the $225 million payment will be distributed to MACK shareholders, so the stock is skyrocketing on the Ipsen news.
MACK is today's top mover with an eye-popping gain of 233.2%, and it's this morning's most active stock.
My Take: Took me a minute to figure out what was going on here, but this potential milestone payment appears to be the reason for the move. However, it looks like it's priced into the stock at this point.
Neurobo Pharmaceuticals Inc [NRBO] - Last Close: $1.25
Neurobo Pharma is rebounding from a steep selloff.
The clinical-stage biotech stock plummeted to a 42.1% loss on Tuesday, but shares are recovering today.
This morning, Neurobo announced it had closed a $32.3 million underwritten public offering, including a full exercise of its over-allotment option, and a concurrent private placement.
The report helped the stock revers direction from yesterday's selloff, and it's showing gains this morning.
NRBO is up 16.8% on active premarket volume.
My Take:This chart looks bad. I have trouble believing this rally is anything more than a short-term correction from Tuesday's selloff.
Kala Pharmaceuticals, Inc [KALA] - Last Close: $5.22
Kala Pharma is moving higher after an analyst upgrade.
The biopharma firm released its Q3 results on Tuesday morning, and the news only solicited a tepid response from markets.
However, analysts at Wedbush published a note this morning that's giving the stock a boost.
Wedbush raised its price target on KALA to a whopping $47 from its previous PT of $3 in response to the earnings report. The analyst also maintained KALA at "outperform."
News of the optimistic analyst note and generous price target hike is sending KALA soaring today. It's up 22.4% in the premarket.
My Take:I don't have access to the analyst's full note, but I speculate that he/she must've seen something significant in KALA's earnings results to warrant such a dramatic price target hike.
