Wednesday looks set to see US markets open a fraction down, with the DOW, S&P 500 and NASDAQ all coming in less than 0.5% lower than the previous day’s close. However, the energy crisis, fueled by the ongoing conflict in Ukraine, has seen the energy sector jump by more than 24%.
Unsurprisingly, Oil & gas are both up, gold is also up, and Bitcoin is down.
Here are some stocks trending today
Sierra Oncology (NASDAQ: SRRA)
Sierra Oncology (NASDAQ: SRRA) has seen a bump in performance since it was announced that Britain’s GlaxoSmithKline (NASDAQ: GSK) would be acquiring the company for $1.9 billion. GSK have been keen to shore up their drug pipeline and Sierra Oncology’s focus on treating rare forms of cancer was seen as the perfect option.
Shareholders in Sierra will receive £55 per share of common stock in cash from GSK as part of the buyout, which represents a 39% premium to Tuesday’s closing price. GSK also saw a slight bump itself as the acquisition news broke.
Cullen/Frost Bankers Inc. (NYSE: CFR)
Cullen/ Frost Bankers Inc. is seeing a positive boost in performance as brokerages around the country upgrade their estimates for the bank’s Q2 earnings call. Many have moved the company from ‘underperform’ to ‘neutral’ or ‘outperform’, including Bank of America, Wolfe Research and Raymond James.
Cullen/Frost Bankers, Inc operates as the bank holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors.
Turning Point Therapeutics (NASDAQ: TPTX)
On Tuesday, Turning Point Therapeutics released an announcement that seems to have had an impact on its share price overnight. An independent review into the company’s drug for the treatment of non-small cell lung cancer revealed positive findings in its most recent study.
Turning Point CEO, Athena Countouriotis, said:
"We are very encouraged by the topline results from the pooled Phase 1 and Phase 2 portions of TRIDENT-1 by BICR shared today and continue to believe repotrectinib is a potentially best-in-class drug candidate for patients with ROS1-positive advanced NSCLC”.
Coty Inc. (NYSE: COTY)
After a strong close on Monday of 1.16%, Coty Inc. closed on Tuesday down nearly 2% (-0.17) However, Coty stock is continuing to garner plenty of interest from investors. The leading beauty product retailer, who’s innovative product and service offerings include fragrance, cosmetics and skin care has gained 12.6% in the last six months.
It is worth noting, however, that when the stock closed on Tuesday, it had underperformed some of its closest competitors, including Procter & Gamble and Estee Lauder.
Delta Air Lines Inc. (NYSE: DAL)
Delta Air Lines is seeing some positive pre-market movement as it forecasts quarterly profits. Despite surging fuel costs and rising inflation, it seems that more and more people are keen to take to the air, with Delta’s forecast suggesting that their capacity has risen to 84% of pre-COVID levels.
The news saw shares rise more than 6% in premarket trading, with rivals like American airlines and United Airlines also seeing similar increases.
