Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stock futures lagged on Wednesday as investors await the big Federal Reserve announcement. It's expected the Fed will deliver the seventh and final interest rate hike of 2022. It will likely be a half percentage point increase, and the markets could be volatile this afternoon during the move. If you want to see how we're playing this potentially volatile event, we invite you to join us in The War Room. Our Head Fundamental Tactician Karim Rahemtulla has been preparing traders for this day since last week, and his recent strangle trade suggestion on Invesco QQQ Trust already came to light. Click here to unlock The War Room for more trades. Here's a look at the top-moving stocks this morning. Vallon Pharmaceuticals (Nasdaq: VLON) Vallon Pharmaceuticals is up 144.07% premarket after the company announced its entered into a merger agreement with GRI Bio. The combined company will focus on advancing GRI Bio's innovative pipeline of NKT cell regulators for the treatment of autoimmune diseases. Clovis Oncology, Inc. (Nasdaq: CLVS) Clovis is up 17.19% premarket after entering bankruptcy. The maker of ovarian cancer drug Rubraca filed for chapter 11 a few days ago and also proposed selling a separate therapy to a Novartis affiliate. Novartis Innovative Therapies AG has agreed to make an upfront payment of $50 million for Clovis's clinical FAP-2286, and could pay an additional $333.75 million if certain development milestones are reached. Stocks in the health sector can sometimes be home to some of the biggest gains, and one effective strategy for positioning yourself at the right time is by tracking insider buying (the legal kind). Our Head Fundamental Tactician Karim Rahemtulla has a 77% win rate on his insider plays this year, with a total return of 18.30%. Click here to learn more about The Insider Matrix. |
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