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Tag: NYSE: PLM

  • Why PolyMet Mining Corp [PLM] is Rallying as Markets Correct

    Why PolyMet Mining Corp [PLM] is Rallying as Markets Correct

    PolyMet Mining Corp [NYSE: PLM] is braving the market sell-off this afternoon and is up by over 70% at the time of writing. The stock’s momentum is driven by a confluence of positive factors around it.  The latest of this news is with regards to the company’s clearance by a court in a case involving its adherence to procedure.

    Yesterday, a judge in the Ramsey District Court ruled that the Minnesota Pollution Control Agency did not err in the procedure when it processed the National Pollutant Discharge Elimination System permit for a precious metals, copper and nickel project that is run by a subsidiary of PolyMet Mining Corp.

    The judge rejected in totality allegations that the MPCA took steps to keep evidence from its administrative records. Commenting on the development, PolyMet President and CEO stated that the company was happy with the ruling of the District Court.

    He added that the company was confident that the permit and applicable standards will be upheld by the courts. This is a big deal for the company as it looks forward to a favourable ruling on a Minnesota Supreme Court to give the company its permits on mining, air quality, and dam safety.

    Oral arguments on the permits will be heard in October 2020. Given that this permits touch directly on the company’s operations, there is a good chance that it will lead to an increase in the company’s revenues. It is for this reason that investors are bidding up the price in anticipation of a price appreciation in the near-term.

    The news comes just a few days after the company did a 1 to 10 reverse stock split. On the 26th of August, 2020, the company announced that the split would drop the number of common shares from 1,006, 997, 495 to 100,699, 749 shares. The reverse share split has added to the stock’s momentum at the moment.

    The above factors have also created FOMO around the stock as other stocks sink in the red. As investor chase gains and try to recover losses in other stocks, they could keep bidding up the stock and see it close the day as one of the top stock’s biggest in the week  This coupled with the company’s fundamentals could see it start next week on a high note.

    About PolyMet Mining Corp

    PolyMet Mining Corp develops natural resources with a focus on precious metals and other minerals. It is headquartered in Toronto, Canada.

  • Stocks to Watch even as Sentiment Points to Short-Term Market Correction

    Stocks to Watch even as Sentiment Points to Short-Term Market Correction

    The markets are mixed today, after yesterday’s huge slump. It was the largest slump in over two months and saw billions of dollars wiped off the market.

    Apple, which has been a top performer in recent months shed off over $150 billion in value. The massive drop in value is a combination of multiple factors. One of them is yesterday’s data that showed that the private sector was not adding jobs as quickly as most investors were expecting.

    This has reinforced a long-held believe that the stock markets at the moment do not reflect the true state of the U.S economy. This has created panic and could possibly see further correction until the government takes proactive measures to breathe new life into the economy.

    There is also the fact that analysts have started calling for caution. For instance, analysts at Citi have told their investors to focus more on the value of growth.

    This further affirms the fear that markets are overvalued at current prices. However, this does not mean that stock fundamentals are bad, only that at current prices, they are not justified. For instance, in just under 3 months, stocks like Apple and Tesla have gained by 30 to 50%.

    While they are fundamentally strong companies, there hasn’t been a major change in fundamentals that can justify this rally. Despite the fear and cautious optimism that have gripped the market, there are several stocks that are gaining upside momentum this morning. Some of the stocks that are gaining pre-market are as below:

    PolyMet Mining Corp [NYSE: PLM]

    PolyMet Mining Corp is a top performer this morning and is up by over 18%. This follows news that the court had found that the company’s water permit to have been issued in accordance with set procedures. In his ruling, the judge rejected allegations that the company took part in systemic efforts to hid administrative records.

    DPW Holdings Inc [NYSE: DPW]

    This is another top performer this morning and is up by over 40%. This follows the company’s announcement that its Coolisys Power business unit will be partnering with other companies to test its new electric vehicle. The tests will include charging solutions that have a range of 150 miles and can be fully charged in just 30 minutes. This is a big deal as the electric vehicle charging market is expected to hit a value of $27.7 billion by the year 2027.

    I-Mab [NASDAQ: IMAB]

    I-Mab is in the green this morning and is up by close to 10% pre-market. This follows the company’s announcement that it has entered into a strategic partnership with AbbVie for immune-oncology therapy. Under the deal, I-MAB will receive an upfront pay of $180 million.

     

  • Stocks to Watch amidst Mixed Market Sentiment

    Stocks to Watch amidst Mixed Market Sentiment

    The markets are headed for a weak start to the day this morning. On one hand, there is the optimism of an easing of trade tensions between the U.S and China. At the beginning of the week, negotiators said there was positive progress on the trade talks.

    The optimism is increased by news that China will be buying a large amount of US soya beans. The positive momentum is also increased by hopes of an end to the restrictions that have shrunk global trade, especially in service-related industries. This week the US FDA approved a COVID-19 treatment, and there are hopes that several vaccines are on the way. However, there are also fears that the effects of the pandemic run deeper. This is evident in the latest consumer data.

    According to the Consumer Confidence Index data, confidence dropped in August to its lowest in 6 years. This is a negative signal to the US economy since two-thirds of it runs on consumer spending. This mixed outlook has seen money continue to flow into big tech stocks.

    This is on the strength of these companies in their core markets. These companies also have the resources and the infrastructure to keep innovating and remain strong despite the prevailing circumstances. Despite the mixed outlook, there are several stocks that look set to start the day on a high note. Some of the big gainers pre-market that could dominate in the day are as below:

    PolyMet Mining Corporation [NYSE: PLM]

    PolyMet Mining Corporation is a top performer this morning and is up by over 700%. This follows the actualization of a 1:10 share split. The reverse share split was approved by the company’s board on the 21st of August. At the time the company stated that after the split, the total issued and outstanding shares will drop from 1,0006,997,495 to 100,699,749. The split does not negatively impact on shareholders as everyone will retain the percentage of stock they held before the reverse split.

    Immunic Inc [NASDAQ: IMUX]

    Immunic Inc is another top performer this morning and is up by 19% pre-market. This is largely a price action move, after the stock’s correction over the last few days. Several days ago, the company announced that it had dosed its first healthy volunteer in his phase 1 clinical program for its IMU-856. The company announced that in pre-clinical studies, the compound had shown a paradigm shift in treating gastrointestinal disease.

    Heat Biologics Inc [NASDAQ: HTBX]

    Heat Biologics Inc is a top performer this morning and is up by over 20%.  This comes after the company announced that it announced that it had published pre-clinical results on a COVID-19 vaccine. With the increased hopes of a COVID-19 vaccine, this stock stands to gain momentum through the day.

     

  • Top Performers In the Day Even as Equities Head South

    Top Performers In the Day Even as Equities Head South

    The U.S stock markets have tanked today, with the Dow, S&P 500, and the NASDAQ all in negative territory. This follows high unemployment data that points to a weakening economy as the COVID-19 crisis continues to bite. The latest data shows that weekly unemployment insurance claims shot up by 1.4 million last week. This is the first time that these numbers have increased since March.

    With these new numbers, the total unemployment figures are now north of 52 million. With these numbers out, the market is likely to remain sluggish. That’s because they show that the full economic impact of the COVID-19 crisis is yet to fully emerge and that more pain is on the way. The pandemic is not relenting yet the number of corporate bankruptcies is on the rise.

    However, the market could get a boost if the U.S government offers a new bailout for businesses. But even in this uncertain business environment, there are stocks that are making big moves. Below are some of the stock market’s top performers this afternoon.

    Milestone Pharmaceuticals Inc [NASDAQ:MIST]

    Milestone Pharmaceuticals Inc is one of the top gainers today and is up by over 100%.  The stock’s rally follows an announcement on a clinical and regulatory update for the development of Etripamil.  The company offered this update after a recent interaction with the FDA. Etripamil is the company’s new investigational nasal spray.  Commenting on the development, the CEO has stated that they are happy with the outcome of their meetings with the FDA. He added that the interaction with the FDA offers a clear path to registration and eliminates the need for a phase 3 study.

    RigNet Inc [NASDAQ:RNET]

    RigNet Inc is another top performer this afternoon and is currently up by 60%. This stock’s exponential gains in value are driven by news that the company has secured a government partnership. The company stated that it was working with CACI International Inc to develop Steelbox™ and a text app for the government. Commenting on the deal, the company’s Vice President stated that the move to work with the government as part of its strategic ventures. Through the service, authorized users will be in a position to download the highly secure pp on to their government cell phones.

    PolyMet Mining Corp [NYSE:PLM]

    PolyMet is another top performer this afternoon and is currently up by 58%. This is purely a factor of market forces as there is no major news around this stock at the moment. Volumes have shot up and pushed the stock to open the day with a gap up. Earlier in the market, the company had announced that it was beefing up its board with the entry of Nathan Bullock as an executive board member.