The S&P 500 pulled back from its newly acquired all-time high yesterday and 0.4% on the session. The NASDAQ also declined 0.5% and the Dow lost 0.3%.
The uncertainty regarding stimulus talks in Washington is also beginning to weigh on the market. Negotiations between both parties seem to be hopelessly deadlocked, and investors are beginning to worry that it may never happen. Keep an eye on the developing media narrative over the coming days.
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It looks like we’re headed for another day of losses. Futures are currently pointing a significantly lower open and, if the performance of international markets is any indication, the market could be headed for a multi-point sell-off in today’s session.
Asian stocks were down sharply overnight. The Japanese Nikkei 225 tumbled 1.0%, while China’s Shanghai composite sold-off for 1.3% and Hong Kong’s Hang Seng lost 1.5%. European a stocks are also a sea of red, with the Eurozone Stoxx 600 down 0.9%.
This morning’s featured earnings slate includes Alibaba (BABA) and BJ’s (TGT).Later, look out for Ross Stores (ROST) after the close.
These stocks are trading actively today.
Intel Corp. (INTC)
Intel is rallying today after it announced a major share buyback yesterday and the CEO called the company’s stock, “too cheap.” Share prices have been down significantly since the company released its last earnings report, but traders believe the stock is significantly undervalued. The CEO’s comments and stock buy-back reinforce those notions, and INTC is one of the top gainers in the NASDAQ 100 in the extended hours session. Keep an eye on this stock today.
Intel is one of this morning’s most active S&P 500 stocks and it’s also one the leading large-cap gainers with a 3.8% extended-hours bump.
Airnet Technology Inc. (ANTE)
Airnet has secured a major capital funding agreement form one of its most prominent stakeholders. Details are sketchy at the moment, but it looks DragonPass Co. Ltd. agreed to subscribe for a 1.61% of equity interest in one of the company’s units. The Chinese in-flight connection provider says the firm made an initial installment of RMB10,000,000 in an extended agreement that includes later payments of RMB 30,000,000 and RMB 20,000,000.
China stocks can often be volatile, but this one is up big today. ANTE is currently one of the most active pre-market stocks and it’s up 41.7%.
Excel Brands (XELB)
Xcel’s released its Q2 earnings report late yesterday and the results topped consensus expectations. The company reported an unexpectedly strong earnings figure of $0.06 per share, double the $0.03 EPS analysts expected. However, they’re weren’t so strong in the revenues department, quarterly revenues of $5.1 million missed the consensus target of $8.7 million.
Regardless of the mixed earnings report, traders like what they see. XELB is running hot in the extended hours trading session and it’s currently up 32.2%.
OpGen Inc. (OPGN)
OpGen is making a sharp move this morning after announcing plans to move forward with the launch of its new SARS-CoV-2 test. One of Opgen’s European subsidiary, Curetis GmBH, received a CE mark certification from the European Union for its COVID-19 detection kit. This clears the way for the company to launch the product in the E.U. very soon.
“The CE-IVD Marking is an important step in advancing our efforts to support critical COVID-19 testing; the Curetis SARS-CoV-2 Kit with PULB provides additional testing capacity in countries that recognize the CE Mark to test patients,” says OpGen COO Johannes Bacher.
COVID-19 testing is big business, so it’s no surprise shares on spiking on this news. OPGN is trading actively and it’s currently up 45.8%.
Eyepoint Pharmaceuticals Inc. (EYPT)
Eyepoint is rallying today after the firm announced an expansion of its distribution agreement with its Chinese partner, Ocumension Therapeutics. The two firms say will expand their exclusive licensing agreements of the development and commercialization of YUTIQ® and DEXYCU® in certain Asian markets. Under the terms of the deal, Ocumenions will pay Eyepoint a one-time payment of $9.5 million for the rights to commercialize and market the products under their own brand names in South Korea and other Southeastern Asian markets.
EYPT is up sharply on news of the cash infusion. It’s trading actively in the pre-market and it’s currently up 30.7%.