9 Major Stock Movers to Watch for Wednesday
With tax reform having cleared the Senate and going back to the House, investors were looking for a higher stock market open on Wednesday, December 20. It’s hard to imagine, but there are only seven trading sessions left in 2017.
24/7 Wall St. has tracked several stocks on the move for Wednesday morning. Some companies had earnings or other news on Tuesday and were active in the after-hours session. Others may be on the move from premarket news.
Exelixis Inc. (NASDAQ: EXEL) was up 2.3% at $26.68 on Tuesday and was indicated up another 7.7% at $28.75 on Wednesday morning. The company announced on Tuesday night that announced that the FDA has approved Cabometyx tablets for the expanded indication of patients with advanced renal cell carcinoma, the most common form of kidney cancer in adults. The company already had a market cap of $7.9 billion ahead of this news.
FedEx Corp. (NYSE: FDX) was last seen trading 2.6% higher after earnings and guidance beat expectations. FedEx also said that tax reform might further bolster its 2018 guidance ahead. Its shares were up 0.26% at $242.54 ahead of earnings and were indicated up 2.6% at $248.90 on Wednesday’s earliest trading indications.
Galectin Therapeutics Inc. (NASDAQ: GALT) is a micro-cap low-volume stock, but the company announced a $10 million credit facility with stockholder and new director Richard E. Uihlein, who has been an investor for some time. The company is targeting a NASH-CX trial for patients with cirrhosis due to NASH and the funding is said to offer support through 2019. After Galectin closed down 3.5% at $1.93, its shares were indicated up at $2.30 on Wednesday, and its 52-week trading range is $0.92 to $3.68.
Micron Technology Inc. (NASDAQ: MU) was up over 4% initially after earnings, and then shares were up just about 3% after about 30 minutes of after-hours trading. Micron shares went out in the evening up $2.37 (5.4%) at $46.35 on more than 8.6 million shares in the after-hours session alone. The very early trading session indications on Wednesday had shares up about 6.8% at $47.00. See the full Micron earnings analysis.
Nova Lifestyle Inc. (NASDAQ: NVFY) is up on crypto-news. After a 1.4% gain to $2.22 on Tuesday, its shares were last seen up 21% at $2.70 on Wednesday morning. The company announced the launch of a wholly owned subsidiary “I Design Blockchain Technology Inc.” This is said “to enhance product sales through a Blockchain technology-empowered digital platform, integrating designers, interior decorators, manufacturers, stagers, customers and marketers surrounding Nova-designed modern lifestyle products.” Just keep in mind that this is a modern lifestyle furniture company.
Nxt-ID Inc. (NASDAQ: NXTD) was up 14.5% at $1.82 on Tuesday, but its shares were last seen up over 50% at $2.85 ahead of Wednesday’s open on crypto-news. The company announced that it and Cascade Financial Technology have entered into an agreement for the joint development of a platform that gives cryptocurrency holders the ability to use the value of their currency to make purchases at millions of retail locations worldwide. This new platform is targeting devices with stored value exchanged from cryptocurrency to be used for traditional payment transactions.
Red Hat Inc. (NYSE: RHT) was down almost 0.5% at $128.86 ahead of earnings on Tuesday, but the shares were last seen down about 4% despite beating earnings and giving solid guidance. One issue is that Red Hat is still valued at almost 50 times expected 2018 earnings.
Stitch Fix Inc. (NASDAQ: SFIX) was up almost 4% at $24.76 ahead of earnings on Tuesday, but the company’s first earnings release as a public company did not seem to enthrall investors with declining growth metrics and subscriber numbers that were already known from the clothing-subscription model’s IPO documents. Stitch Fix was last seen indicated down 12.1% at $21.75 on Wednesday, and its after-hours reaction was the same drop with some 316,884 shares registered as after-hours trading volume.
TherapeuticsMD Inc. (NASDAQ: TXMD) was down after saying that its New Drug Application resubmission for its investigational applicator-free estradiol vaginal soft gel capsule (TX-004HR) for the treatment of moderate-to-severe vaginal pain during sexual intercourse was accepted by the FDA. The release also noted that the FDA has acknowledged that the resubmission is a complete, class 2 response to the Complete Response Letter received on May 5, 2017, and that the PDUFA target action date for the completion of the FDA’s review is May 29, 2018. This stock was down 6.3% at $6.17 on Tuesday and down another 6.8% at $5.75 in the after-hours session.