Tuesday, November 1, 2022

Biotech Company Jumps 48%

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stocks rose on Tuesday. Investors are betting that China will phase out its stringent Covid Zero policy. The news stems from an unverified social media post that Beijing is looking to gradually unwind restrictions - and US-listed Chinese stocks soared as a result.

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

Abiomed, Inc.(Nasdaq: ABMD)

Abiomed is up 48.38% premarket afterthe biotech company reached an agreement to be acquired by Johnson & Johnson (JNJ). The deal consists of an upfront payment of $380.00 per share in cash, plus an enterprise value of approximately $16.6 billion which includes cash acquired. The transaction will broaden Johnson & Johnson MedTech's position as a growing cardiovascular innovator.

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Carvana (NYSE: CVNA)

Carvana is up 11.97% premarket after JPMorgan upgraded its stock to neutral, announcing a $20 price target. Right now Carvana is at 13.53 per share. The analyst said the car retailer is 'not out of the woods' yet, but noted the company can better manage through its liquidity.

 

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Varonis Systems (Nasdaq: VRNS)

Varonis Systems is down 33.96% premarket after missing earnings and revenue estimates. The data company came out with quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.06 per share. The quarterly report represents an earnings surprise of -16.67%.

 

Uber Technologies (NYSE: UBER)

Uber Technologies is up 7.49% premarket despite missing on expectations for gross bookings and reporting greater losses per share than Wall Street expected. Revenue, however, was up 72% year-over-year. Revenue came in at $8.34 billion versus an anticipated $8.13 billion.

 

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Many stocks have struggled in 2022, and the conflict between Russia/Ukraine has been a major catalyst. Its also led to an energy crisis in Europe that just got more complicated. Russia recently cut off all gas supplies through the Nord Stream 1 pipeline to Europe – and energy prices have spiraled out of control as a result.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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