Wednesday, November 2, 2022

Vaccine Maker Spikes After Latest Deal

Trade of the Day Wake-Up Watchlist

Good morning Wake-Up Watchlisters! While you're sipping coffee you'll see stocks wavered on Wednesday. Wall Street is preparing for the Federal Reserve's latest announcement, which likely includes raising interest rates another 75 basis points. Investors will assess remarks form Fed Chair Jerome Powell in the aftermath of the rate decision.

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

Arcturus Therapeutics (Nasdaq: ARCT)

Arcturus is up 34.03% premarket after the company announced a collaboration with CSL to develop and commercialize self-amplifying mRNA vaccines. Artcurus will receive an upfront payment of $200 million and more than $4 billion in potential development and commercial milestones. It also includes 40% profit sharing for COVID-19 vaccines, up to double digit royalties for influenza, pandemic preparedness and three additional respiratory infectious disease vaccines.

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Chegg, Inc. (NYSE: CHGG)

Chegg is up 18.90% premarket after the online-learning platform reported fiscal third-quarter revenue and earnings that exceeded expectations. Chegg reported net income of $251.6 million, compared with net income of $6.65 million, in the year-ago quarter.

 

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Match Group (Nasdaq: MTCH)

Match Group is up 15.13% premarket after the online-dating company exceeded revenue expectations for its latest quarter and said it would "accelerate" cost-control efforts. Third-quarter revenue was $809.5 million, compared to estimates for $794.4 million. The number of paying users rose 2% to 16.5 million, compared with analyst estimates.

 

The Estee Lauder Companies (NYSE: EL)

Estee Lauder is down 10.52% premarket after cutting its full-year sales sand profit forecasts on Wednesday, signaling a hit to sales from persistent COVID-19-related lockdowns and store closures in China. The subsequent restrictions have curbed traffic in stores and curtailed distribution capacity in the region.

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Those are the top market movers today.

Happy trading!

The Wake-Up Watchlist Research Team

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