Wednesday, October 21, 2020

These 5 Companies Making Big Moves Today

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The S&P 500 closed at a new all-time high yesterday after advancing 0.2% on the session. The NASDAQ also advanced 0.7% on the day, but the Dow fell 0.2%.

The S&P’s new high marks the index’s official breakout from bear market territory. From peak to peak, the entire ordeal only last 126 trading days and marked the S&P’s fastest-ever recovery from a bear market. Today, stocks are looking to keep the momentum going as U.S. futures indicate we’re headed for a higher open.

Asian stocks were mixed overnight. The Japanese Nikkei 225 gained 0.3% while China’s Shanghai composite sold-off for 1.3%. Meanwhile, in Europe, stocks are mostly in the green this morning with the Eurozone Stoxx 600 up 0.3%.

This morning’s featured earnings slate includes Lowe’s (LOW), Target (TGT), and TJX Companies (TJX). After the close, look out for NVIDIA (NVDA).

These stocks are trading actively today.

Target (TGT)

Target crushed its Q2 earnings report this morning and share prices are rallying. The company reported surging revenues and earnings that blew Wall Street forecasts out of the water. Target’s double-line beat drew from a 24% increase in comp sales and a staggering 195% spike in digital revenues. Target CEO Brian Cornell said enhanced unemployment benefits and stimulus checks helped fuel the company’s strong second-quarter performance.

TGT is up 7.2% on the back of its blow-out earnings report, and it’s on of the most active pre-market stocks.

Momenta Pharmaceuticals (MNTA)

Momenta Pharmaceuticals has agreed to be acquired by Johnson & Johnson (JNJ) in an all-cash transaction worth $6.5 billion. All and all, JNJ will pay a 70% premium to acquire Momenta at $52.50 per share. JNJ says the acquisition will help its Janssen Pharmaceutical subsidiary expand its offerings in immune-mediated and autoantibody-driven diseases. The Janssen unit will also acquire Momenta’s portfolio of clinical and pre-clinical drug candidates under the terms of the deal.

MNTA shares are rallying to close the gap between yesterday’s close and JNJ’s acquisition price. The stock is currently up 69.4% in the pre-market.

Light in the Box Holding Co. (LITB)

LITB’s Q2 earnings report came out this morning, and the firm’s performance was surprisingly strong. The company reported an unexpected profit of $0.04 per share on revenues that nearly doubled last year’s totals. The cross-border eCommerce firm set its Q3 revenue forecast at $95 to $110, which would equal YoY revenue growth of 59% to 85%.

Shares of LITB are trading actively on a sharp, post-earnings rally. LITB is currently up 31.5% in the pre-market.

Hudson Ltd. (HUD)

Hudson Ltd has agreed to a buyout bid from its controlling shareholder, Swiss travel retailer Dufry AG (DFRYF). Dufry currently holds a 57.4% stake in Hudson, and it will pay $7.70 per share to acquire the rest of the company. The deal marks a 50.1% premium over HUD’s Tuesday close, and it is expected to close by year end.

HUD is taking off on this news. It’s currently up 48.3% in the pre-market.

Teligent Inc. (TLGT) 

This tiny New Jersey-based pharma firm released its Q2 earnings report today, and the market is showing its approval. Teligent report 82% quarterly revenue growth thanks to strong demand for its U.S. topical products and injectable products sold in Canada. The revenue jump fueled a 315% increase in gross profits, although the firm reported an adjusted EBITDA loss of $2.3 million.

The company also updated shareholders on a warning letter issued by the FDA in November 2019. The FDA says Teligent’s response to its comments were inadequate and the firm needs to submit additional responses and supporting documentation. Teligent CEO: “This news is both disappointing and unexpected. However, the letter is not an indication of further imminent action on the FDA’s part.”

TLGT is trading actively on a sharp upward move this morning. It’s currently up 36.2% in the extended hours trading session.

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