Wednesday, October 21, 2020

4 Breakout Stocks to Start Your Week On Right Foot

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US indices gained ground last week, with the S&P and NASDAQ advancing over 3%.

Today, futures are in the green as the market looks to start the week strong. It will be the first official trading week of September, which is historically not a good month for stocks. However, this year is anything but typical. The August Employment report set for Friday’s release is also going to be a big deal, so keep an eye out for that.

Asian stocks opened the week in the red with the exception of Japan’s Nikkei 225, which gained 1.1%. Europe is looking better, with most indices’s positive except for the British FTSE 100. Overall, the continental Eurozone Stoxx 600 is up 0.3%

Also, Apple and Tesla stock splits went into effect today, so don’t freak out if you see big red numbers in your portfolio. Your shares are worth less than they were yesterday, but you’ll notice that you have more shares so so it all balances out.

We got Zoom Video (ZM) reporting after the close but outside of that it’s a pretty quiet day for earnings.

Here’s what’s moving the market today.

DISH Network (DISH)

After the market closed on Friday, news broke that AT&T wanted to make a move with its struggling DirecTV business, and one of the options being considered is a spin-off and merger with DISH. However, there are some antitrust concerns over a potential tie-up, so it’s not exactly a sure thing.

Either way, some traders are buying the rumors. There is some strong activity around the stock this morning, and DISH is up 5.5% on the merger rumors.

Aimmune Therapeutics (AIMT)

European giant Nestle plans to acqure AIMT for $34.50 per share. Considering Friday’s closing price, shareholders are applauding the deal and the market is racing to catch up. Nestle’s bid represents a 173% premium over the Friday’s market rate Aimmune primary focuses on food allergy treatments, and Nestle is interested in some of its products. Nestle previously owned a 25% stake in the company, and its expecting to close on the deal in the fourth quarter.

AIMT is one of the morning’s most active stocks and it’s currently up 170.8%. Keep an eye on this one today.

Akcea Therapeutics (AKCA)

Ionis Pharmaceuticals already owns a large stake of Akcea, but they want the whole thing. They’re buying the remaining 24% of common shares fir $18.15 per share in a $500 million all-cash deal. Ionis will also gain full access to Akcea’s significant cash on hand of about $390 million as of June 30, and to future cash flows to support its capital allocation strategy, among other actions. The deal is expected to close in Q4. Ionis plans to fund the deal through existing cash resources.

AKCA is up 58.9% in the pre-market on news of the buyout bid.

UTStarcom (UTSI)

Starcom officially announced the launch of SkyFlux this morning. The “converged packet transport platform” allow carriers to effectively manage resources for 5G systems. The company also announced an updated released of its SOO Station SDN Controller, another control and management platform. However, the telecom equipment company said it will postpone its financial release due to some “undetermined terms.”‘

It seems like anytime the word “5G” is mentioned in a press release, some trading algorithm starts buying. UTSI is up 24.6% in the premarket.

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