Wednesday, October 26, 2022

Biotech Company Pumps After Positive News

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see US futures fell on Wednesday, squashing a three-day rally on Wall Street. While several companies are reporting strong earnings, experts are calling for more volatility. Goldman Sachs strategists said certain conditions in US equities are not visible yet and there could be more pain in 2023.

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Here's a look at the top-moving stocks this morning.

Ensysce Biosciences (Nasdaq: ENSC)

Ensysce Biosciences is up 48.68% premarket as the company shows signs of progressing in its pursuit of a solution to the opioid crisis. Through its proprietary TAAP technology, Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid. It will be important to pay attention to the updates by the company as potential candidates move through the approval process.

 

AcelRx Pharmaceuticals (Nasdaq: ACRX)

AcelRx Pharmaceuticals is down 24.39% premarket after announcing a reverse stock split of its common stock at a ratio of 1-for-20. The stock will begin trading on a split-adjusted basis when the market opens on Wednesday, Oct. 26, 2022.

 

Sketchers (Nasdaq: SKX)

Sketchers is down 13.13% premarket after coming out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.74 per share. The report represents an earnings surprise of -25.68%. This is the first time in the last three quarters the company failed to meet earnings expectations.

 

Microsoft (Nasdaq: MSFT)

Microsoft is down 6.73% premarket after the company posted disappointing cloud revenue and weak guidance. Shares of Google (GOOG) also fell 6% premarket while Amazon (AMZN) was down 4%. Overall, the tech sector has lost a combined $2.5 trillion in market value so far this year.

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How you can profit from big swings in the market

Tracking insider buying (the legal kind) can be an effective strategy for predicting massive swings – especially during earnings season. And in today's rough markets, this strategy could be the edge you need. Our Head Fundamental Tactician Karim Rahemtulla shows members how to see what the big money people are doing in his Insider Matrix.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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