Morning Market Movers April 13, 2017

The market is down slightly during the premarket, ahead of the three-day weekend. Some banks reported earnings this morning, most notably JPMorgan Chase & Co. (NYSE: JPM) and Citigroup Inc (NYSE: C) beat their earnings estimates. However, the banks didn’t really have an exciting move during the premarket, there were other stocks moving during the early morning trade, here’s what our list of morning market movers:

Morning Market  Movers

Shares of Sorrento Therapeutics, Inc. (NASDAQ: SRNE) were down of 30% in the pre-market, after the company announced that it intended to offer and sell shares of its common stock in an underwritten public offering. That in mind, this would be a dilutive measure, and the stock currently has 31.99M shares floating and 50.89M shares outstanding. Here’s a look at SRNE on the daily chart, as of the close on April 12, 2017:

Source: TradingView

 

Some optical networking companies are moving during the morning trade, after Applied Optoelectronics Inc. (NASDAQ: AAOI) pre-announcement of better than expected earnings during the first quarter was primarily due to the demand in data center products. AAOI shares were up over 20% during the morning trade. That in mind, there were some stocks moving with AAOI, and one of these sympathy plays included Oclaro, Inc. (NASDAQ: OCLR), which was up nearly 5% during early morning trade. Here’s a look at AAOI and OCLR’s chart, as of yesterday’s close:

Source: TradingView

Source: TradingView

 

SemiLEDs Corporation (NASDAQ: LEDS) shares were down over 10% during the early morning trade, after reporting earnings results yesterday. The company’s second quarter 2017 revenue fell by 32% quarter over quarter to $1.8M, from $2.7M in the first quarter of 2017. SemiLEDs had a non-GAAP net loss of $1.1M, or 30 cents per diluted share, while the company had a net loss of $600K, or 17 cents per share, during the first quarter of 2017.

Source: TradingView

Ocera Therapeutics, Inc. (NASDAQ: OCRX) shares are up around 40% during the premarket, after it presented data showing OCR-002 prevented progression of fibrosis in its preclinical model of non-alcoholic fatty liver disease (NAFLD). Now, this preclinical study examined the effect of OCR-002 in a NAFLD rat model, in which animals were fed both a High Fat and High Cholesterol diet for up to 16 weeks. That in mind, the rats with non-alcoholic fatty liver disease were treated with Ocera’s ammonia scavenger, ornithine phenylacetate product, OCR-002, showed a significant reduction in the progression of fibrosis.

Source: TradingView

There were some key economic numbers released today, which includes jobless claims and the PPI-FD. Jobless claims came in at 234K, below the consensus estimate of 243K. The PPI-FD fell by 0.1% month-over-month, while the consensus was looking for the number to be unchanged. Consumer Sentiment will be released at 10:00 AM ET.

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