Pre-Market Movers April 5, 2017

The overall market looks flat during the pre-market, and this could be due to some uncertainty today, with President Trump and Chinese President Xi Jinping meeting tomorrow. The FOMC minutes are also being released today, but we’ll have to wait and see with these events. However, there are some stocks moving, which might be worth trading. Here are some stocks that have caught our attention in the pre-market:

Plug Power Inc (NASDAQ: PLUG) shares are up over 75% during the pre-market, and it already traded above its 52-week high, unofficially. Now, this move was due to Amazon’s acquisition of the right to buy up to 23% of the hydrogen fuel cell marker, which would give the tech giant batteries that could potentially make Amazon’s warehouses more efficient.  That in mind, Amazon is required to spend at least $600M over the life of its contract with PLUG, in order for its warrants to fully vest.

PLUG has recently been trading in an uptrend, and has been trading above its 20- and 50-day simple moving averages. And during the pre-market hours, it broke above its 200-day SMA. Now, it’s worth noting that PLUG has a short interest of 19.10%.

Innocoll Holdings plc (NASDAQ: INNL) was up over 50% during the pre-market, after Gurnet Point L.P. and Innocoll announced they reached an agreement on the terms of a recommended offer, yesterday. Under this offer, Gurnet Point will acquire Innocoll for $1.75 in cash, and up to $4.90 in cash from a contingent value right, which could potentially value the company up to $6.65 per share.

Vical Incorporated (NASDAQ: VICL) are trading over 15% above yesterday’s close, during the pre-market, after it filed a Form 8K yesterday, which stated that the company entered into a research collaboration agreement with AnGes MG Inc. Under this agreement, AnGes would provide funding, and VICL would conduct certain preclinical research related to a development program that aims to target chronic hepatitis B.

VICL has been trading in range over the past few months, and due to this catalyst, the stock is trading at the upper end during the pre-market. The stock has been trading below its 20-, 50- and 200-day SMAs, but it’s broken above the 20- and 50-day SMA during the early morning trade.

Novelion Therapeutics Inc (NASDAQ: NVLN) shares are down over 10%, after the company presented its data on Metreleptin and Lipodystrophy data yesterday. In the presentation of the data, the company noted that there were reductions in both glucose and lipid levels in subgroups of the patients. However, the differences between those levels for the entire cohort did not achieve statistical significance.

NVLN was trading in an uptrend prior to this move, and it broke below its 50-day SMA during the pre-market. The next area to watch would be around its 200-day SMA, which is around $8.75.

Now, there are some economic indicators and data that you might want to focus on today:

  • ADP Employment at 8:15 AM ET. The consensus estimate is 170K, and the prior number was 298K
  • ISM Non-Manufacturing Index at 10:00 AM ET. Economists are expecting a composite index level of 57.0
  • EIA Petroleum Status Report at 10:30 AM ET.
  • FOMC Minutes at 2:00 PM ET. It might be worth looking into the minutes to see some of the comments from the previous meeting.

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