The markets are, more or less, flat during the pre-market, and this may be due to the the meeting between President Trump and Chinese President Xi Jinping. With the two leaders meeting, their comments could add some volatility to the markets later. Now, ECB minutes were released, and ECB President Mario Draghi indicated that the European Central Bank would not be tightening policy sooner than expected. Thereafter, EURUSD fell on Draghi’s dovish comments. Getting back to the U.S. markets. There are some stocks moving this morning, which might be worth trading, and here’s a list of stocks that have caught our attention this during the pre-market:
Plug Power Inc (NASDAQ:PLUG) shares were up over 5% during the pre-market after receiving some upgrades. Rodman & Renshaw reiterated its buy rating and raised its price target on Plug Power to $4, from $3, after Amazon acquired the right to buy a stake in PLUG, as well as a supply deal between the companies. Additionally, FBR & Co reiterated its outperform rating on PLUG, and raised its price target to $3, from $2.50.
Uranium Resources, Inc. (NASDAQ:URRE) was up over 10% during the pre-market after it announced positive geophysical results at its Columbus Basin lithium brine exploration project in Nevada. According to Uranium Resources CEO Chris Jones, “We have confirmation of our exploration model with the early acquisition and analysis of this data. URI has, as a result, reduced its planned exploration costs and we will target our drilling more accurately and sooner than expected. We plan for drilling to commence in July of this year.”
Advanced Micro Devices, Inc. (NASDAQ:AMD) shares were down over 3%, on over 1M shares during the pre-market, after Goldman Sachs analyst Toshiya Hari initiated Advanced Micro Devices with a sell rating and a price target of $11. According to the Goldman analyst, Advanced Micro Devices is “priced for perfection” and the risk/return profile is unfavorable.
Additionally, Goldman noted AMD is trading at 15 times its EPS, and the market has already priced in a “sharp improvement in AMD’s competitive and financial position.” Even if AMD’s new Ryzen processors gain traction with its new products, its competitors INTC and NVDA would likely drop prices, and we’ve already seen Intel do this.
Shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) were down over 3% during the pre-market, after Citigroup analyst downgraded the stock to sell, from neutral and cut her price target to $3.70, from $6.50. Citi analyst Liav Abraham downgraded Synergy Pharmaceuticals, after indicating that there may be some downside in the name over the next two years in both sales and operating income consensus estimates. Moreover, Abraham believes Synergy Pharma’s launch of Trulance, a once-daily tablet approved for adults with CIC and is being evaluated for IBS-C, is likely to disappoint. Moreover, she noted a takeover seems to be unlikely.
Now, in economic news, there’s only one notable number to keep an eye on. That’s the Jobless claims.
- New Claims – Level: The prior number was 258K, and economists are expected 250K
- The consensus range for the new claims level is between 245K and 254K