Friday, October 14, 2022

Meat is Back on the Menu!

Trade of the Day Wake-Up Watchlist

Good morning, Wake-Up Watchlisters!

"We gotta have another bag of beans around here somewhere, right?!"

Said the guy who is now starting his Friday morning off with a fine Earl Grey. Hope you still got coffee for the pot, let's get into it!

Today is big bank Q3 earnings day, JP Morgan (JPM) and Wells Fargo (WFC) kicked things off this morning, both exceeding expectations in interest-based income, which should come as no surprise given the record interest rate hikes this year. Shareholders seem placated, both stocks are up in the premarket and the indexes are green across the board.

 

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Now, let's take a look at the top-moving stocks this morning.

 

IMARA Inc. (Nasdaq: IMRA)

IMARA Inc. is up 31.39% premarket. Yesterday after the close it was announced that the biopharmaceutical company would be merging with private company, Enliven Therapeutics Inc. The combined company will focus on furthering the research and development of precision oncology treatments which target several cancers specifically blood and lung cancers. If the merger is approved the company will use the Enliven Therapeutics name and trade under the symbol ELVN.

 

Nutanix Inc. (Nasdaq: NTNX)

Nutanix Inc. is up 19.72% premarket. The cloud computing company saw its shares blastoff this morning after a report was released indicating the company was looking to sell. This news sent ripples through the market as larger cloud-computing rival VMware (VMW) was acquired by Broadcom (AVGO) for $61 billion in May. The hype is real, but the deal is far from being done, no offers are on the table yet as Nutanix is now gauging interest with major private equity and industry players.

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Beyond Meat (Nasdaq: BYND)

Beyond Meat is down 9.75% premarket. This comes after news that the plant-based meat alternative company announced a plan to cut 200 or so workers along with other costs in order to achieve positive cash flow. Q3 revenue is expected to have dropped 23% compared to the previous year. Company leadership points to the refrigerated segment, the subset found in grocery stores, as being the hardest hit by inflation and rising costs. Many of their customers have returned to lower cost protein products I.e., meat.

 

Novo Integrated Sciences (Nasdaq: NVOS)

Novo Integrated Sciences Inc. is down 52.01% premarket. Last night the patient-first health and wellness company announced it would be making a public offer to raise $2 million in cash, pricing 4 million units at $0.50 apiece. Each of those units includes a share of the stock as well as a warrant to buy another share of the stock for $0.50. With 8 million shares now available at $0.50 its no wonder nobody wants to buy the stock at its most recent closing price of $0.75.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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