Thursday, October 22, 2020

TradeThese 4 Stocks: Up Sharply Today

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Stocks closed Tueday’s session in the green the week with tech stocks continuing their recent rebound. The S&P 500 advanced 0.5% while the Nasdaq rallied 1.2%.

Early-morning futures action is currently pointing to a higher open. S&P 500 and Nasdaq futures are both up 0.5% this morning.

The market will be watching today’s 2 PM Fed press release carefully. Fed Chairman Jay Powell will host his monthly press conference at 2:30 PM.

Asian stocks were mixed overnight. Japan’s Nikkei 225 gained 0.1% and China’s Shanghai Composite declined 0.3%. In Europe, most major indices are in the green. The Eurozone Stoxx 600 is currently up 0.4%.

Today’s featured earnings docket includes a pre-bell report from Brady [BRC]. After the session closes, we’ll hear from Oak Street Health [OSH].

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

Eastman Kodak (KODK)

Eastman Kodak is running hot today after an independent committee ruled the company’s public disclosure of its government loan didn’t violate the law. The company was embroiled in a controversy after it announced a $765 million deal with the government to produce pharmaceutical ingredients domestically, but a law firm hired by the company’s board found the public disclosure didn’t violate internal policies.

The ruling clears the way for Kodak to move forward with the agreement. KODK is this morning’s most active stock and it’s currently up 53.6%.

Myomo Inc. (MYO)

After yesterday’s close, Myomo announced that it had received authorization to become a Medicare provider. The company was approved for secured authorization from the Centers for Medicare & Medicaid Services, and it is now included in the Medicare Supplier Directory. The ruling allows Myomo to bill Medicare directly for its MyoPro powered orthosis in 39 states and the District of Colombia.

Shares of MYO are up sharply on the news. The stock is trading actively and it’s up more than 37.4% in the after-hours trading session.

ReTo Eco-Solutions (RETO)

ReTo has entered into an cooperation agreement with Yangbi Yi county in China. The company will undertake the design and construction of an industrial park and elderly wellness center in Yangbi, China, and the local government will help promote the effort. The project will cover more than 125 hectares, and ReTo will benefit from active government support and attractive financial incentive programs.

RETO is rallying this morning on news of the China deal. The stock is up 21.8% in today’s pre-market trading session.

Axogen Inc. (AXGN)

Shares of Axogen are on the rise this morning after the company raised its Q3 revenue forecast after yesterday’s closing bell. The health care firm now expects to generate at least $30 million in the third quarter, higher than the initial forecast of $28.6 million or less. The company raised its revenue outlook because the anticipated impact from regional COVID-19 flare-ups has been less problematic than the company originally anticipated.

AXGN is rallying on the forecast hike. It’s currently up 19.5% in the pre-market.

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