Vaccine Provider Falls After Sell-Off

Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see U.S. stock futures dropped on Thursday morning as Wall Street recovered from another rate hike from the Federal Reserve. Fed Chair Jerome Powell also emphasized he and colleagues will continue to lift rates in 2023 to an upwardly revised rate of 5.1%.

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Here’s a look at the top-moving stocks this morning.

Novavax Inc. (Nasdaq: NVAX)

Novavax, Inc. is down 10.04% premarket after the company announced its intention to sell millions of its debt and stock. The company said the proceeds could go toward the global launch of its Nuvaxovid COVID vaccine and the repayment or repurchase of some of the $325 million convertible debt due in February.

Reviva Pharmaceuticals (Nasdaq: RVPH)

Reviva Pharmaceuticals is up 17.57% premarket after announcing positive safety data from its clinical study of Brilaroxazine. The study was investigating the potential effect of CYP3A4 enzyme on brilaroxazine in healthy subjects, and it found the enzyme plays a pivotal role in helping the body metabolize and remove small foreign molecules and is primarily found in the liver and intestine.

Positive news in the health sector can sometimes be a major catalyst for stock gains. Right now our friend Alexander Green is high on one company he believes could make the ‘next big leap’ in the health sector. Tesla CEO Elon Musk recently sent this device into orbit, and right now it’s trading for under $3.

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Drive Shack, Inc. (NYSE: DS)

Drive Shack is down 16.25% premarket after the Dallas-based golf company received a notice from the NYSE that its securities are not in compliance with continued listing standards. The company decided to delist due to expected cost savings.

Core Scientific (Nasdaq: CORZ)

Core Scientific is up 45.60% premarket after the B. Riley Financial (RILY) issued an open letter to the block chain company’s shareholders and lenders. B. Riley is expected to restructure Core Scientific’s debt and provide liquidity to avoid a potential unnecessary and value destructive bankruptcy proceeding. It also urged the company’s board to work with creditors to achieve a productive resolution.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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