Market Movers August.26th

6:47am, Futures up 178 points, volume 101,719. Things weren’t looking good last night, but they recovered after Trump announced negotiations would resume after a phone call with President Xi. Sounds like pumping..

Only a 1 basis point spread between the 10 year and the 2 year. Not inverted though

“Arcadia Biosciences Announces Management Succession; Provides Financial Guidance”, prnewswire, Read more
As of 7:13am it is up 25% on 175,873 shares

Reuters front page archived

7:16am, Fuwei Films is down 12%, volume 22,267. It went up 200% yesterday

“Amgen to acquire Otezla from Celgene for $13.4B in cash”, reports

“Bristol-Myers to raise accelerated share repurchase to $7B from $5B”, Read more
Up 5.5% on 56 000 shares at 7:25am

7:41am, MDCO is up 7% on 84 000 shares after announcing ORION-11 study meets primary, secondary endpoints, reports

“Lyft will turn a profit by 2021, Guggenheim says in upgrade as shares rise”, CNBC

“Analyst Brett Hundley upgraded Canopy to buy from neutral and hiked his price target on the stock to $31 per share”. CNBC

8:45am, Futures up 214 points, volume 114,486

9:07am, futures up 231 points, volume 119,387

There doesn’t seem to be as many premarket movers as usual this morning

Dow opens up 262 points

“KFC partners with Beyond Meat to test plant-based nuggets, wings”, Financial Post. Up 5% at the open on 344,513 shares

“Pitney Bowes Announces Sale of its Software Solutions Business to Syncsort for $700 million”, Financial Post. Up 11% on 905,603 shares as of 9:38am

“PDC Energy to buy SRC Energy for $971 million”, Financial Post. Up 20% on 555,563 shares at 9:40am

9:45am, VIX up 0.3%

” “You can say we’re having very meaningful talks, much more meaningful than I would say at any time frankly,” Trump said while meeting with German Chancellor Angela Merkel on Monday. “Maybe I’m wrong but we’re in a stronger position now to do a deal, a fair deal for everyone,” he added”.

“Still, a spokesman for China’s foreign ministry wasn’t able to immediately confirm the details of the phone calls on Monday. Later, Hu Xijin, editor-in-chief of China’s Global Times newspaper, said in a tweet that top trade negotiators hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts”. Bloomberg reports

12:11pm, Dow up 236 points, volume 85,991,017

ARCI is up 88% as of 12:24pm on 8,423,819 shares after announcing “ARCA Recycling Opens New Syracuse, NY Recycling Center”

PolarityTE, Inc. is down 23% as of 12:34pm on 640,015 shares after the company entered into an agreement with their former CEO which dictated under an Executive Employment Agreement that he is to receive, among others things :

-Dr. Lough will be paid $1,500,000 in cash on October 1, 2019 and paid an additional $1,500,000 payable in equal monthly installments beginning November 1, 2019 and ending April 1, 2021. In addition, the Company will award to Dr. Lough 200,000 restricted stock units that vest in 18 equal monthly installments beginning October 1, 2019.

-The Company and Dr. Lough are parties to a Registration Rights Agreement dated March 6, 2018, as amended March 14, 2019, that grants to Dr. Lough the right to demand registration of 7,050,000 shares of the Company’s common stock that he owns for resale. The Agreement reiterates that right. The Company is required to file a registration statement within 60 days following a request from Dr. Lough, and the Company received such a request on August 23, 2019.

Read more

OSTK is down 10% after rebounding from its almost 50% decline following that insane company press release from Patrick Byrne

“Judge rules against Johnson & Johnson in landmark opioid case in Oklahoma”, CNBC

4:15pm, Dow up 269 points, volume 220,414,058

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