US equities are higher in Wednesday morning trading, extending yesterday's notable rally supported by dampened inflation concerns, positive updates from the airline space and continued Russia/Ukraine ceasefire talks.
Oil and Bitcoin (BTC) are up. Gold is down.
Here are five stocks trending today:
Hycroft Mining Holding Corp (NASDAQ: HYMC)
Hycroft Mining Holding Corp (NASDAQ: HYMC) is trending after the movie theater chain AMC Entertainment (NYSE: AMC) bought a 22% stake in it.
In this very unexpected move, AMC is investing $27.9m in cash in HYMC in exchange for 23.4 million warrant units, with each unit consisting of one common share of Hycroft and one common share purchase warrant.
Eric Sprott, a revered gold and silver investor, is matching AMC’s investment with Hycroft attracting a total $56m from these deals.
Over the past month, Hycroft Mining Holding Corporation (HYMC)’s stock is up by 289.74%, while the S&P 500 is down -4.75% over the same period of time.
Investors continue to discuss Hycroft Mining (HYMC) on Wednesday, after the company’s stock climbed by 9.35% during Tuesday's session to settle at $1.52.
Sonim Technologies Inc (NASDAQ: SONM)
Rugged mobile phone company Sonim Technologies Inc (NASDAQ: SONM) enjoyed a 103% share price rise yesterday. The move happened after Sonim announced its ultra-rugged XP8 smartphone has integrated with the Walkie Talkie in Microsoft Teams. This offers a powerful solution for frontline workers looking for reliable but secure communication.
Since its IPO in May 2019, the SONM share price has fallen over 98%. It’s down 20% in pre-market trading today.
In its fiscal Q3 2021, Sonim missed analyst expectations on EPS and revenues.
Luckin Coffee (OTCMKTS: LKNCY)
Disgraced Chinese stock Luckin Coffee (OTCMKTS: LKNCY) is trending today as its share price soars over 35% in early trading. It’s been hammered in recent weeks as Chinese stocks crashed and the world turned bearish as war uncertainty took its toll. But this morning, the CCP has pledged to support Chinese stock markets, and the companies are enjoying a rebound.
Luckin Coffee was delisted from the NASDAQ in 2020 after a massive accounting fraud was uncovered. Now rumors of another Luckin Coffee IPO are circulating, but nothing has been confirmed. LKNCY shares can be traded on the OTC in the United States.
Paramount Resources Ltd (TSE: POU)
Canadian oil company Paramount Resources (TSE: POU) stock is also trending as the price of oil rebounds and small-cap companies become interesting again. Paramount offers investors a 3.6% dividend yield.
Over the past year, Paramount Resources Ltd (POU) has traded between $9.32 and $30.71. And year-to-date, POU stock is up by 6.05%, while the S&P 500 is down -11.14% over the same period of time.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN)
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) is trading as the SONN share price soars over 79% in pre-market trading. The reason for the jump is the FDA approved its first clinical trial for cancer drug SON-1010.
Pankaj Mohan, Ph.D., Sonnet Bio’s Founder and CEO, said:
“The FDA's acceptance of the IND for SON-1010 is an important milestone in the development of our lead FHAB asset, signifying the evolution of Sonnet into a clinical biopharmaceutical company,”
Over the past year, Sonnet BioTherapeutics Holdings, Inc. (SONN) has traded between $0.26 and $2.73. It’s currently around $0.50.
