Good MorningThe equities market made an abrupt about-face on Thursday as fear that a deadlock in Washington will put an end to the market melt-up. A lingering impasse has held up talks between Congressional Democrats and White House Republicans keeping aid from millions of needy Americans. The tech-heavy NASDAQ Composite led the day’s rout with a loss of 5.0% with much of the weakness in FAANG names.
The S&P 500 and Dow Jones Industrial Average both shed smaller if no less alarming, amounts. In technical terms, Thursday’s price action confirms near-term reversals that could lead the indices much lower. For now, traders will be closely watching the 30-day moving average for signs of weakness. If price action on the indices falls below that level a much deeper correction could be in store.
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Markets | | | I've had my eye on Nautilus, Inc (NYSE:NLS) for some time. The stock came up on my radar early in the pandemic as a winner in fitness from stay-at-home trends and its performance in the time since can only be described as phenomenal. Read the Full Story |
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This year, the era of cloud technology dominance has officially begun. With cloud stocks leading the Nasdaq to record highs regularly, many investors are trying to figure out just how much potential these companies will have over the next decade. It’s easy to understand why businesses that a... Read the Full Story |
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DocuSign (NASDAQ:DOCU) stock has been a major beneficiary of the remote workforce trend that has emerged during the pandemic. However, the company is far from being a one-hit wonder tied to COVID-19. Growth was strong prior to 2020 and the recent events have only accelerated what was already an ex... Read the Full Story |
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Toy products entertainment giant Hasbro, Inc. (NYSE: HAS) shares are trying to grind back towards pre-COVID levels as the benchmark S&P 500 index (NYSEARCA: SPY) grinds to new all-time highs. Shares are still trading more than 20% below its year-to-date (YTD) highs. The Company has pivoted to ... Read the Full Story |
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Ambarella, A Diversified Play On Specialty Semiconductors
Ambarella (NASDAQ:AMBA) made a name for itself providing chips and technology for GoPro’s (NASDAQ:GPRO) popular line of digital, connected, cameras. Unfortunately for both companies, the GoPro narrative did not play out quite as we t... Read the Full Story |
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The Early Bird Stock Of The Day Sorrento Therapeutics, Inc., a clinical and commercial stage biopharmaceutical company, develops a portfolio of next-generation treatments for three therapeutic areas: cancer, infectious disease,and pain. It operates through two segments, Sorrento Therapeutics and Scilex. The company provides cancer therapeutic by leveraging its proprietary G-MAB antibody library and targeted delivery modalities, which include chimeric antigen receptor T-cell therapy (CAR-T), dimeric antigen receptor T-cell therapy, and antibody drug conjugate, as well as bispecific antibody approach; and Sofusa, a drug delivery technology that deliver biologic directly into the lymphatic system. Its clinical programs in development include anti-CD38 CAR-T therapy for the treatment of multiple myeloma, as well as for amyloidosis and graft versus host disease. The company develops resiniferatoxin, a non-opioid-based TRPV1 agonist neurotoxin for late stage cancer and osteoarthritis pain treatment; and ZTlido, a lidocaine topical system for the treatment of post-herpetic neuralgia. It engages in the development of SEMDEXA, an injectable viscous gel formulation, which is Phase III trial for the treatment of sciatica, a pathology of low back pain; SP-103, an investigational non-aqueous lidocaine topical system undergoing clinical development in chronic low back pain condition; and SP-104, a novel low-dose delayed-release naltrexone hydrochloride formulation for the treatment of fibromyalgia. It has collaboration with SmartPharm Therapeutics Inc. to develop gene-encoded antibody vaccine to protect against COVID-19; and Mayo Clinic for Phase Ib pilot study using sofusa lymphatic drug delivery technology to deliver Ipilimumab in patient with melanoma. The company was founded in 2006 and is based in San Diego, California. On February 13, 2023, Sorrento Therapeutics, Inc., along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The plan was later approved as Chapter 11 liquidation on November 30, 2023. | | View Today's Stock Pick |
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