Feedback On Latest Melonoma Product Sends Stock Upwards
Good morning Wake-Up Watch Listers! While you’re sipping that first cup of coffee you’ll see stock futures are dipping as investors await the latest data on the Federal Reserve’s tighter policies. Fed Governor Lael Brainard indicated support for higher interest rates as soon as May, which immediately sent stock futures downward.
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Here’s a look at the top-moving stocks this morning.
Iovance Biotherapeutics (Nasdaq: IOVA)
Iovance Biotherapeutics is up 4.05% premarket after the biotech company received positive feedback from the FDA on its license application for lifeileucel in metastatic melanoma. This feedback brings them one step closer to going to market with the lifeileucel product for melanoma patients. Iovance stock is trending upward.
Pacific Gas & Electric Corporation (NYSE: PCG)
PG&E Corporation is up 2.99% premarket after the company announced it will seek to cut down on electrical-caused wildfires by expanding its use of advanced technology. As of Dec. 31, 2021, these enhanced safety settings have reduced ignitions by 80%. Pacific Gas & Electric is looking strong.
Acuity Brands (NYSE: AYI)
Acuity Brands is up 2.87% premarket as the company saw second-quarter 2022 profit and sales soar compared to last quarter. This increase was fueled by price hikes to counter rising costs. The industrial tech company announced net sales of $909.1 million, an increase of $132.5 million compared to last quarter. Executives also noted that increased productivity was a main factor in the 13% gain in profit. Keep an eye on Acuity Brands going forward.
JetBlue Airways (NYSE: JBLU)
JetBlue Airways is down 4.62% premarket after the airline company submitted a proposal to acquire budget carrier Spirit Airlines (NYSE: SAVE). As often happens in takeover offers, the stock price of the offering party dipped. Spirit also agreed to be acquired by Frontier Group Holdings (Nasdaq: ULCC) before JetBlue swooped in. This is still a developing situation and JetBlue’s stock could be volatile going forward.
Lemonade, Inc. (NYSE: LMND)
Lemonade is down 2.38% premarket as investors are starting to worry over the company’s lack of profitability. Lemonade relies on AI to generate accurate claims, however the AI is struggling to generate accurate insurance claims as the volatility of the pandemic has caused unpredictable rises in housing and auto insurance that the AI isn’t familiar with. Lemonade should be viewed as a riskier investment going forward.
Those are the top market movers today.
Happy trading!
The Wake-Up Watchlist Research Team
