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  • Best performing Shell Companies of last trading session

    Best performing Shell Companies of last trading session

    SPACs, commonly known as “shell companies,” have been listed at record numbers in the past year, but they’re not a new phenomenon. Among the people who have founded SPACs, an increasingly common form of bringing businesses public, are entrepreneurs, hedge fund managers, and sports executives.

    SPACs are simply shell companies with no direct business activities but are formed primarily to raise money to buy an existing private corporation via an initial public offering (IPO). A SPAC achieves this by selling either stock, normally at $10 per share, or warrants, which are options that allow buyers to buy even more shares later at a set price.

    The Gores Group raised $300 million to launch a new special-purpose acquisition firm or SPAC. At the start of Friday’s market session, Gores Holdings VI Inc., (Nasdaq: GHVIU), was selling $20 above its original $10 public offering bid. According to filings with the U.S. Securities and Exchange Commission (SEC), the company has not had any materials discussions with an acquirer looking to go public.

    These investment funds became especially common in 2020 as investors were driven away from bonds and equities due to the low-interest rates pursued by the Federal Reserve and the broad uncertainty of the equity market. Bloomberg reports that SPACs have earned more than $70 billion so far this year.

    Following shell companies are the best performers of yesterday’s trading session.

    Gores Holdings IV Inc. (GHIV) last closed at $10.89, in a 52-week range of $9.30 to $11.83. Analysts have a consensus price target of $11.50.

    Apex Technology Acquisition Corporation (APXT) stock drop by -3.19% to $13.66.

    Hennessy Capital Acquisition Corp. IV (HCAC) last closed at $18.02, in a 52-week range of $9.21 to $22.43. The company on December 7, 2020 reported effectiveness of registration statement and record and meeting Dates for special meeting of stockholders to approve proposed business combination with Canoo Holdings Ltd.

    GigCapital3 Inc. (NYSE:GIK) Shares headed falling, lower as much as -8.50%.

    Collective Growth Corporation (NASDAQ:CGRO) fall -8.85% after losing more than -$1.15 on Tuesday.

    RMG Acquisition Corp. (RMG) stock drop by -10.09% to $18.35. The firm on December 11, 2020 declared stockholder meeting date of December 28, 2020. The most recent rating by BTIG Research, on December 11, 2020, is at a Buy.

    Foley Trasimene Acquisition Corp. II (NYSE:BFT) Shares headed falling, lower as much as -3.63%.

    InterPrivate Acquisition Corp. (NYSE:IPV) fall -4.00% after losing more than -$0.54 on Tuesday.

  • Early Morning Vibes: 4 Hot Stocks for Tuesday Trading

    Early Morning Vibes: 4 Hot Stocks for Tuesday Trading

    On December 7, the American stock exchanges closed in different directions. The S&P 500 index fell 0.19% to 3692 points, the Dow Jones fell 0.49%, the NASDAQ added 0.45%. The correction was driven by partial profit taking after hitting new all-time highs at the end of last week. Communications and IT outperformed the market, adding 0.26% and 0.61%, respectively, on the back of Apple, Facebook and Netflix. The most pronounced was the profit-taking in cyclical sectors, with energy companies losing 2.44%.

    Company news
    Software developer Palantir Technologies (PLTR: + 21%) has received a contract from the Food and Drug Administration (FDA) for $44.4 million.
    Cisco (CSCO: + 0.1%) acquires UK communications software developer IMImobile for $730 million, complementing the Webex Contact Center platform.
    Today, global stock markets show mostly sideways dynamics, as there are no new drivers of movement. On the one hand, the investment community is still worried about the continued difficult epidemiological situation in the United States and the threat of renewed quarantine restrictions. After their introduction in California, the mayor of New York announced that restaurants in the city could completely suspend operations if the hospitalization situation did not improve within five days.
    On the other hand, the expected approval of the first covid-19 vaccine in the States this Thursday, as well as the prospects for a new economic aid program in the next two months, remain supportive factors. In general, negative and positive balance each other, but their balance cannot be called stable. The Brexit factor is relatively neutral for the American stock market, as well as the instability of relations between the US and China. Despite the introduction of new personal sanctions by the Trump administration, Chinese officials expressed optimism about the prospects for discussing a second phase of the trade deal with Joe Biden next year.

    Today Top Movers

    Eastman Kodak Co (KODK) share price reporting an increase of 9.22% in premarket today following the clearance from the U.S. government.

    Xpeng Inc (XPEV) adding 3.95% in Tuesday’s premarket session after reporting proposed follow-on public offering of American depositary shares.

    Stitch Fix (SFIX) is up 33.63% in early morning today after releasing its financial results for the first quarter of fiscal year 2021 ended October 31, 2020.

    Foley Trasimene Acquisition II Corp (BFT) share price soaring 18.58% in premarket session on Tuesday following the announcement of its merger agreement with Paysafe Group Holdings Limited.

    Top Upgrades & Downgrades

    JP Morgan turned bullish on QEP Resources Inc. (QEP), upgrading the stock to “Overweight”.

    ON Semiconductor Corporation (ON) has won the favor of KeyBanc’s equity research team. The firm upgraded the shares from Sector Weight to Overweight and moved their price target to $37.0.

    Equifax Inc. (EFX) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $210.0. They changed their rating on EFX to Overweight from Equal-Weight.

    Earlier Tuesday JP Morgan reduced its rating on EQT Corporation (EQT) stock to Neutral from Overweight.

    Latest Insider Activity

    Zynga Inc. (ZNGA) President of Publishing Kim Bernard Jin announced the sale of shares taking place on Dec 04 at $8.50 for some 11,985 shares. The total came to more than $0.1 million.

    Lemonade Inc. (LMND) Director Eisenberg Michael A sold on Dec 04 a total 53,313 shares at $81.58 on average. The insider’s sale generated proceeds of almost $0.53 million.

    MultiPlan Corporation (MPLN) Director AUGUST GLENN R declared the purchase of shares taking place on Dec 04 at $7.00 for some 100,000 shares. The transaction amount was around $0.7 million.

    Gogo Inc. (GOGO) Director CRANDALL ROBERT L bought on Dec 02 a total 20,000 shares at $10.32 on average. The purchase cost the insider an estimated $206,360.

    Earnings To Watch Today

    Top US earnings releases scheduled for today include GameStop Corp. (NYSE:GME). It will announce its Oct 2020 financial results. The company is expected to report earnings of -$0.85 per share from revenues of $1.09B in the three-month period.

    Analysts expect Phreesia Inc. (NYSE:PHR) to report a net income (adjusted) of -$0.09 per share, when the bank releases its quarterly results shortly. Revenue for the fiscal quarter ended Oct 2020 is predicted to come in at $35.56M.

    Guidewire Software Inc. (GWRE), due to announce earnings after the market closes today, is expected to report earnings of -$0.05 per share from revenues of $164.62M recently concluded three-month period.

    Chewy (CHWY), a major online pet products retailer, will be released today. The company’s revenue is expected to grow 40% to $ 1.72 billion, and negative EPS will decrease to $ 0.14 from $ 0.20 a year earlier. During self-isolation, Americans began to actively have pets and spend money on products for caring for them. Over the past three quarters, Chewy shares have reacted negatively to the release of the financials, although the company’s results exceeded expectations. Then the quotes resumed a steady upward trend. A similar pattern could repeat itself.