Pharmaceutical Company Sends Biotech Stock Skyward
Good morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stocks slid on Tuesday as the Federal Reserve prepares for its latest rate hike. The move is expected to deal a third-straight 75-basis-point increase to its benchmark interest rate.
The markets are in a highly volatile spot right now – and the Tech sector is really feeling the pain. In fact, Wednesday will mark 238 days without a tech IPO worth more than $50mn, surpassing the previous record set in aftermath of the 2008 financial crisis.
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Here’s a look at the top-moving stocks this morning.
Renovacor (NYSE: RCOR)
Renovacor is up 25.26% premarket after the biotechnology company agreed to be acquired by Rocket Pharmaceuticals. Rocket will acquire Renovacor in an all-stock transaction for an implied value of approximately $2.60 per share.
Change Healthcare (Nasdaq: CHNG)
Change Healthcare is up 7.34% premarket after a federal judge OK’d a $8 billion UnitedHealth takeover. UnitedHealth said adjusted profits for three months ended in June came in at $5.34 a share, up 13.6% from the same period last year and 14 cents ahead of the Wall Street consensus forecast.
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Ford (Nasdaq: F)
Ford is down 4.82% premarket as the car company deals with larger costs due to inflation and supply chain challenges. Ford now sees inflation related supply costs to be about $1 billion higher during the quarter compared to its previous estimate. It also expects supply shortages to affect about 40,000 to 45,000 vehicles.
Cognex (Nasdaq: CGNX)
Cognex is up 5.44% premarket after the manufacturer raised its revenue guidance for the third quarter. The company cited its ability to ‘fulfill customer demand faster than expected’ as the reason for the boost. Cognex now sees revenue between $195 million and $205 million, up from $180 million to $190 million.
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Those are the top market movers today.
Happy trading!
The Wake-Up Watchlist Research Team