CGC, BTCM, IOVA, DLTR, BABA: Trending Stocks Today 27 May

By Kirsteen Mackay

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Stocks trending today include Canopy Growth (CGC), BIT Mining (BTCM), Iovance Biotherapeutics (IOVA), Dollar Tree (DLTR), and Alibaba (BABA).

CGC, BTCM, IOVA, DLTR, BABA: Trending Stocks Today 27 May

S&P futures are up 0.2% in Friday morning trading. US equities are on track for significant weekly gains after S&P and Dow fell for the seventh and eighth straight week last week.

Oil up, gold up and Bitcoin (BTC) down.

Here are some of today's trending stocks:

Canopy Growth (NASDAQ: CGC)

Canopy Growth Corp (NASDAQ: CGC) is trending on Friday after the stock reached highs of $5.61 during Thursday's session before closing at $5.55 after shares jumped by 10.34%. But CGC stock is down over 10% in pre-market trading as it reports its earnings for Q4 and the fiscal year ended March 31, 2022. 

CGC Q4 Highlights

  • Canopy Growth plans to acquire Wana Brands, the #1 cannabis edibles brand in North America, and Jetty Extracts, a top 10 Cannabis brand in California.

  • The company maintained its position as the #1 share of the premium flower category throughout FY2021, led by in-demand offerings from Doja, 7ACRES and 7ACRES Collective brands

  • It improved market share performance in the mainstream flower category in Q4 FY2022 with the Tweed rebrand and new Tweed product offerings in flower and beverages. 

  • Net revenue of $520m in FY2022 (down -5% Y/Y)

  • Management expects to generate COGS savings of $30 -$50m and SG&A expense reductions of $70 –$100m within 12 to 18 months.

Over the past year, Canopy Growth Corp (CGC) has traded between $4.70 and $26.96. Today it trades at around $4.98.

BIT Mining Ltd (NYSE: BTCM)

BIT Mining Ltd (NYSE: BTCM) closed at $1.77 on Friday after shares fell by -5.6% during Thursday's session.

The company reported its Q1 financial results today.

BIT Mining is a leading technology-driven cryptocurrency mining company with three primary business segments covering self-mining, mining pool and data center operation.

  • Online Total Hash Rate Capacity of Ethereum mining machines is approximately 4,452.7GH/s. Q1 produced 5,420 Ethereum recognizing revenue of roughly $16m.

  • Online Total Hash Rate Capacity of Bitcoin mining machines is approximately 246.1PH/s. Q1 produced 166 Bitcoins recognizing revenue of roughly $6.9m.

  • Mining pool business revenue decreased from $474.9m in Q4 2021 to $272.3m in Q1 2022. 

Mr. Xianfeng Yang, CEO of BIT Mining, said:

Over the past quarter, we focused on our expansion in North America and have made significant progress in the construction of our data centers in Ohio. Given our early-mover advantage in Ethereum mining, we are also making inroads into Proof-of-Stake (POS) operations by providing a series of services including governance and monitoring, account system and nodes management. 

BTCM Q1 Highlights

  • Revenues: $296.7m (-40% drop Q/Q)

  • Operating loss: $4.3m (-74% Q/Q and +230% Y/Y)

Over the past year, BIT Mining Ltd (BTCM) has traded between $1.09 and $14.65. 

During the past six months, BIT Mining Ltd - ADR (BTCM) 's stock is down by -75.55%, while the S&P 500 is down -12.83% over the same period. 

Iovance Biotherapeutics Inc (NASDAQ: IOVA)

Iovance Biotherapeutics Inc (NASDAQ: IOVA) is a late-stage biotech company developing cancer immunotherapies. Yesterday it reported positive results of a melanoma study, and now IOVA stock is down nearly 50% in pre-market trading.

The reason for the pessimistic drop is the study results were poorer than hoped for. The objective response rate (ORR) was 29%, which meant the majority treated didn't see much benefit.

Over the past year, Iovance Biotherapeutics Inc (IOVA) has traded between $11.91 and $28. In pre-market trading, it has fallen far below this to around $8.40.

Earnings Beat

Dollar Tree (NASDAQ: DLTR)

Dollar Tree (NASDAQ: DLTR) stock soared +21.9% DLTR as Q1 earnings beat analyst expectations on revenue and margins.

Dollar Tree proved strong, while recall headwinds hit Family Dollar.

The company noted consumers are responding favorably to its $1.25 price point.

Dollar Tree raised its full-year EPS and revenue guidance ranges with the acceleration of strategic growth investments.

Shares of Dollar Tree, Inc. (DLTR) rose by 21.87% yesterday, continuing the positive momentum which has seen the stock grow by 15.32% YTD.

Over the past year, Dollar Tree, Inc. (DLTR) has traded between $84.26 and $177.19. 

Year-to-date, the Dollar Tree, Inc. (DLTR) stock is up by 15.32%, while the S&P 500 is down by -15.4% over the same period.

Dollar General (NYSE: DG)

Dollar General (NYSE: DG) stock climbed by +13.7% as Q1 earnings and revenue beat consensus projections. The company noted margins are a touch better despite some evidence of a shift toward consumables.

Comparable quarter ahead of consensus, with traffic down but higher average spends.

The company noted a slight rise in its FY sales-growth guidance.

Over the past year, Dollar General Corp. (DG) has traded between $183.25 and $262.21.

Year-to-date, the Dollar General Corp. (DG) stock is down by -5.67%, while the S&P 500 is -15.4% over the same period.

Macy's Inc (NYSE: M)

Macy's Inc (NYSE: M) share price rocketed +19.3%. The company reported an upbeat Q1 with earnings, revenue, and OM beating analyst consensus.

Comp growth is underwhelming, but customers continue to shop with a shift back to in-store shopping and occasion apparel evident.

The company raised its FY EPS guidance on buyback progress and improved expectations for credit-card revenue.

Alibaba Group Holding Ltd (NYSE: BABA)

Alibaba Group Holding Ltd (NYSE: BABA) stock climbed by +14.8%, with fiscal Q4 revenue and EBITDA ahead of expectations.

The company declined to provide guidance. 

Revenue growth appears to be slowing as China's strict Covid restrictions and regulatory crackdown hamper progress.

Alibaba Group Holding Ltd - ADR (BABA) closed at $94.48 on Friday after shares jumped by 14.79% during Thursday's session.

Year-to-date, the Alibaba Group Holding Ltd - ADR (BABA) stock is down by -21.52%, while the S&P 500 is down -15.4% over the same period.

Over the past year, Alibaba Group Holding Ltd - ADR (BABA) has traded between $73.28 and $230.89. It sits at around $93.86 today.

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IMPORTANT NOTICE AND DISCLAIMER

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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