US equities are up in early Monday trading. Strength comes after equities finished lower on Friday, which capped off an eighth weekly decline in the past nine for the S&P 500 and NASDAQ.
Here are some of today’s trending stocks:
Yumanity Therapeutics Inc (NASDAQ: YMTX)
Investors are discussing Yumanity Therapeutics Inc (NASDAQ: YMTX) on Monday, after the company’s stock climbed by 33.96% during Friday’s session to settle at $1.42. It is now up a further 43.66% in pre-market trading to $2.04. The positive sentiment comes as the company announced plans to sell its neurosciences programs and combine with privately-held immuno-oncology company Kineta Inc. This is an all-stock deal resulting in Kineta shareholders owning about 85% of the combined company.
Science Applications International Corp (NYSE: SAIC)
Science Applications International Corp (NYSE: SAIC) shares rose by 0.39% on Friday’s session. This positive momentum continues today as SAIC stock climbs nearly 6% in pre-market trading. The company beat earnings estimates and raised its guidance for the fiscal year 2023 amid the ramp of new and existing contracts. SAIC also boosted its share buyback up to 8.8 million shares, representing 16% of shares outstanding.
Revenues increased to $2bn
Diluted earnings per share (EPS): $1.29
Adjusted diluted EPS: $1.88
SAIC CEO Nazzic Keene, said:
Our results over the past several quarters speak to the progress we have made in executing our strategy to drive profitable, sustained growth. While we face some modest top line pressure in the near-term, the momentum we see in our business development efforts gives me confidence in our ability to continue to profitably grow the business. In the meantime, we will remain focused on strong execution, disciplined capital allocation, and building upon our strong culture.
Enphase Energy Inc (NASDAQ: ENPH)
Enphase Energy Inc (NASDAQ: ENPH) is up 7.7% in pre-market trading. Today, the American NASDAQ-listed energy technology company announced that a growing number of Australian solar installers are now exclusively offering Enphase® products as increased solar safety regulations and compliance standards come into effect.
This follows the company delivering an upbeat performance in Q1, with positive guidance for Q2.
ENPH is expanding its manufacturing capacity and product offerings. It’s also forging collaborative relationships with major EV companies and solar installers.
Over the past year, Enphase Energy Inc (ENPH) has traded between $113.4 and $282.46. Today it trades at $196.34 and is up 18.3% in the past month.
According to FactSet analyst consensus, ENPH stock has an Overweight rating with a share price target of $228.88.
Founded in 2006, Enphase transformed the solar industry with its revolutionary microinverter technology.
Positive momentum in solar stocks is also buoyed by news President Joe Biden will declare a 24-month tariff exemption for solar panels from four Southeast Asian nations after an investigation froze imports and stalled projects in the United States.
DiDi Global Inc - ADR (NYSE: DIDI)
DiDi Global (NYSE: DIDI) stock is up 67% in pre-market trading as a Beijing probe into the firm concludes, and it lifts the ban on new users. Chinese authorities are also preparing to allow Didi’s apps back on domestic app stores as early as this week.
Plus, positive sentiment returns to Chinese stocks. The latest updates from the Asian nation inform of fewer Covid restrictions, regulatory easing, and stimulus.
Fans of the ride-hailing giant will be relieved at the move. Over the past year, DiDi Global Inc (DIDI) has traded between $1.37 and $18.01. It closed at $1.85 on Friday and is around $3.09 at the time of writing.
Gevo Inc (NASDAQ: GEVO)
Gevo Inc (NASDAQ: GEVO) stock is down 10% in pre-market trading. The renewable chemicals and advanced biofuels company is issuing an additional 33.33 million shares in a placing.
The company is entering into a partnership agreement with Google Cloud to measure the efficacy of next-generation biofuels. This partnership should allow users to track and verify emissions using datasets and analytics tools from Google Cloud.
Gevo CEO Dr Patrick Gruber, said:
Google Cloud and the Verity team are focused on working together to close the data gaps between smart agriculture at the farm level and measuring the carbon intensity through the full carbon lifecycle. We expect to build the technology and tools to track carbon intensity of renewable natural gas, sustainable aviation fuel, renewable diesel, farming, and eventually forestry and forest products,