Tuesday, October 11, 2022

This MedTech Company Just Turned it up to 11!

Trade of the Day Wake-Up Watchlist

Good morning, Wake-Up Watchlisters!

Grab your favorite mug, toss the Donut Shop cup in the Keurig and feed the cat before she loses her mind. Then let's check out what's going on in the premarket…

The markets are down across the board and JPMorgan's CEO has come out predicting a recession in the next 6 to 9 months. This does not bode well for the country, and certainly not for the financial giant's upcoming earnings report at the end of the week. At this rate Fed Chairman Powell will never win a Nobel prize like his predecessor.

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

SeaSpine Holdings (NASDAQ:SPNE)

SeaSpine Holdings up 26.49% premarket. Shares took off this morning after it was announced that the medical technology company would be merging with Orthofix Medical Inc. (Nasdaq: OFIX). The deal sets a price of $7.66 for each of Seaspine's shares a 37.5% premium over where they were on the last market close. Seaspine also released its 3rd quarter earnings results this morning exceeding expectations with 45% revenue growth year-over-year and raising forward guidance. Orthofix and Seaspine are down over 40% since the beginning of the year. This merger and awesome earnings report could be a great catalyst to change that momentum.

 

Edgio (Nasdaq: EGIO)

Edgio is up 17.86% premarket. The American company provides a content delivery network service, used for delivery of digital media content and software. Recently, big institutional investors BlackRock Fund Advisors, Granahan Investment Management, and Newton Investment Management Nort added to their positions. Not only that, but the consensus price target is also now $6.17, a very bullish number given the shares now sit around $3.

 

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M-Tron Industries (NYES: MPTI)

M-Tron Industries Inc. is down 16.03% premarket. The microwave technology company officially separated from The LGL Group (NYSE: LGL) this past Friday and relisted on the markets under the new symbol MPTI. Since then, it's been a wild ride for shareholders with the stock shooting up to nearly $20 on Monday only to fall to around $13.25 this morning. While they may now lack the stability that incorporation brings, M-Tron leadership is excited about the possibilities of the independence and looks forward to the company making a name for itself on the market with high quality microwave and RF technology.

 

Argo Blockchain plc (Nasdaq: ARBK)

Argo Blockchain plc is down another 23.13% premarket making it onto our watchlist two days in a row! We wrote about the crypto-mining company raising capital and selling mining devices in an effort to gain some liquidity in the midst of the current crypto bear market. When it rains it pours in the crypto market as Argo executives reported this morning that September mining results are down from the previous month sending shares into a downward spiral again. Tough times for crypto indeed.

 

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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