Wednesday, August 31, 2022

Organic Health Company Takes a Dive

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping morning coffee you'll see stock futures were mixed Wednesday. The markets are headed for monthly declines as price squeezes are expected to sting the global economy.

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

New Age (Nasdaq: NBEV)

New Age is down 33.93% premarket after the organic and healthy products company filed under chapter 11 of the United States Bankruptcy code. It secured a commitment for a 'debtor in possession' financing facility of $16 million, which is still pending approval. The company also intends to pursue a sale.

 

HP, Inc. (NYSE: HPQ)

HP Inc. is down 6.82% premarket as the computing giant missed earnings estimates. The company said fiscal third-quarter sales fell 4.1% from a year ago, pushed lower by a 32% decline in notebook computer units sold. The company also fell short of estimates for total sales, posting $14.7 billion vs. $15.6 billion in revenue.

 

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Bed Bath & Beyond (Nasdaq: BBBY)

Bed Bath & Beyond is down 19.16% premarket after the company disclosed it could offer more of its common shares, sending the stock value down. The struggling retailer did not reveal the size of the potential offering. Its shares have gained more than 13% overall in the run-up to its upcoming strategy update this week.

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Sorrento Therapeutics (Nasdaq: SRNE)

Sorrento Therapeutics is up 6.24% premarket after one of it companies, Scilex, has been granted fast track designation by the FDA for a drug to help with acute lower back pain. Fast track designation makes the drug eligible for written communication needed support drug approval and eligibility for accelerated approval.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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