Wednesday, October 21, 2020

Four Stocks Making Sharp Moves Today

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The market tanked yesterday after a massive sell-off in tech stocks fueled a nearly 5.0% loss for the NASDAQ, while the S&P 500 lost 3.5% The DJIA held up better, but it still lost 2.8%.

Today, futures are currently pointing to a muted rebound, so investors may be poised to recoup some losses. The market is eagerly awaiting the August Jobs Report 8:30 a.m. release. Any disappointments could send stocks tumbling again.

Asian stocks followed the U.S. lower overnight with most major indices notching losses. The Nikkei 225 dropped 1.1%. In Europe, markets are mostly in the green this morning. The Euro Stoxx 600 is currently flat.

There are no significant earnings reports scheduled for release today.

Here’s what’s moving the market this morning:

Tesla Motors (TSLA)

High-valuation tech stocks fared particularly poorly through yesterday’s sell-off, including EV maker Tesla. TSLA lost over 9.0% during yesterday’s tech selloff, and it’s continuing its tumble into the extended hours.trading session.

TSLA is one of the most active stocks in the NASDAQ 100 this morning, and it’s currently down 4.9% from yesterday’s close.

DPW Holdings (DPW)

DPW’s Coolisys Power electronics business announced new partner testing and expected orders figures for its electric vehicle charger product this morning. The innovative chargers are expected to produce a full charge for an electric vehicle in just 30 minutes. The market is expected to grow at a CAGR of 34.7% over the next few years.

The market responded well to the DPW release. It’s currently the most active pre-market stock with a market-leading 48.0% gain.

Anpac Bio-Medical Science Co. Ltd. (ANPC)

Anpac released the results of a multi-year lung cancer prognosis and recurrence clinical study this morning, and the results were promising for the company. The study found that the company’s CDA technology could act as a viable tool for measuring and evaluating recurrence in patients in remission. The technology could also be useful in gauging the efficacy of lung cancer treatments.

The study’s findings were bullish for Anpac, and the stock is rallying on the release. It’s currently one of the leading pre-market stocks with a 27.4% gain.

LMP Automotive Holdings (LMPX)

LMP Automotive announced the acquisition of two new dealership property’s after yesterday’s closing bell. The purchases include two new Kia vehicle franchises and 58 acres of property and facilities servicing the Florida market. LMP Auto’s execs say they believe they’re seeing a “robust acquisition market” and it has a “pipeline of prospective acquisitions for which we are in active negotiations.”

Management’s indication that more deals are on the way could be a hint at prospective catalysts for traders. LMPX is currently up 17.1% in pre-bell trading.

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