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Stocks : Redfin, iRobot, and This One Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Monday, May 13, 2024
Monday's Market Movers Will Shock You (Beware)
Markets are having a déjà vu moment, which mirrors the pandemic stock bubble of 2021. Novavax (NVAX) gained 98.66%, closing at $8.88 on May 10. The Covid vaccine maker failed to launch a product when it most mattered in 2021.
Last Friday, Novavax rose by up to 175% in pre- market
trade. It announced an agreement with Sanofi (SNY), who gets a license to co-commercialize Novavax's Covid-19 vaccine. Speculators fail to recognize that the demand for the vaccine is waning considerably. BioNtech (BNTX), Pfizer (PFE), J&J (JNJ), and Moderna (MRNA) all expect weakening sales.
Short-sellers held an over 30% short float against the
Soundhound (SOUN) traded as high as $5.75 before closing at $5.09. The firm reported revenue of only $11.59 million. Its co-founder and CEO said that voice AI is fast becoming a must-have tool for customer service. Nvidia (NVDA) has a negligible investment
in SOUN stock.
Cryptocurrency miner Marathon Digital (MARA) failed to break out above $20. Its Q1 $165.2 million revenue failed to meet expectations. The firm sold $490 million in shares, which will hurt its stockholders significantly.
In the clean energy space, expect FuelCell Energy (FCEL) to eventually reverse-split shares. Shares closed at $70 cents. Plug Power (PLUG) still commands a $1.9 billion market
cap. Despite losing 46 cents in EPS on a -42.8% Y/Y revenue change, the stock is not crashing.
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