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Today's Biggest Movers: EXAS, CRSR, TTD, TEVA, and SHOP
Biotechnology investors who bet on Exact Sciences (EXAS) turning the corner will lose big money today. Shares will fall by around 20%. The firm lost 60 cents a share on revenue growth of 5.8% Y/Y to $657.52 million.
The firm, which supplies Cologuard for cancer detection, is a Cathie Wood ARK invest favorite. Shares are losing value because the company issued over 3.77 million shares in the quarter.
PC specialty gaming and gear firm Corsair (CRSR) may fall below $10.00 next. The firm posted a 4.7% drop in revenue, to $337.26 million. Investors should also watch Take-Two Interactive (TTWO) and Electronic Arts (EA). Both stocks face modest selling pressure.
Ad platform firm The Trade Desk (TTD) should move higher today. The company posted revenue rising by 28.3% Y/Y to $491.25 million. Q2 revenue will rise to at least $575 million.
In the generic drug sector, Teva Pharmaceutical (TEVA) is a favorite again. Shares closed at $15.74, a price not seen in five years (mid-2019). The company announced positive progress in its schizophrenia Phase 3 trial data.
Canadian tech darling Shopify (SHOP) lost 18.6% on Wed. It reported earnings of $0.20 (non-GAAP). Growth is anemic, forcing markets to re-value the stock price lower. The price/sales ratio of 10.9 times needs to fall today.
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