US markets are set to open higher on Tuesday after Fed chief Jerome Powell made aggressive statements about working to control inflation.
Powell said:
“If we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings, we will do so. And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well.”
Oil and Bitcoin prices are higher, while gold is lower.
Here are today’s trending stocks:
Okta Inc (NASDAQ: OKTA)
Identity authenticity company Okta looks set to start the day in the red after confusion regarding a possible hit by hackers overnight. The company’s share price was down by more than 7% in premarket trading at the time of writing.
Other major businesses such as FedEx Corporation (NYSE: FDX), CloudFlare (NYSE: NET), T-Mobile (NASDAQ: TMUS) and Moody’s (NYSE: MCO) could face disruption because they rely on the company for use of their own internal networks or access by customers.
The hacker group known as Lapsus$ has released screenshots which it claims shows Okta customers’ data. However, Okta launched an investigation into the supposed breach and claims no new hack has taken place.
The company’s senior manager of security and crisis communications, Chris Hollis, said:
"We believe the screenshots shared online are connected to this January event. Based on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January."
Even so, the suggestion of a hack appears to have spooked investors.
Progenity Inc (NASDAQ: PROG)
This biotechnology stock is up by more than 5% in premarket trading. However, it is worth noting that the stock is fairly volatile, having gained in premarket trading on Monday before falling back into the red by the end of the day.
The company, which offers genetic testing to patients, has confirmed it is reporting its full year results for 2021 on Monday next week.
Along with a recently published peer reviewed paper regarding the company’s Preecludia tests, the upcoming earnings appear to be generating some excitement among investors. They are anxious to hear more information about Preecludia and any partnership progress.
Draganfly (NASDAQ: DPRO)
Drone specialist Draganfly has seen its shares storm higher by more than 75% in premarket trading on Tuesday. The leap comes after the company announced it has received an order for Medical Response and Search and Rescue Drones from Coldchain Delivery Systems.
The drones will be deployed with Revived Soldiers Ukraine, a non-profit organization dedicated to providing aid to the people of Ukraine.
Draganfly CEO, Cameron Chell, commented:
“We are extremely honored to work with RSU and Coldchain Delivery Systems to support those affected by the ongoing crisis in Ukraine. Draganfly has a long and proud history of supporting EMS services and humanitarian aid operations globally. Our Medical Response and Search and Rescue Drones will help RSU deliver critical supplies, equipment, and visual oversight.”
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Neurosense Therapeutics (NASDAQ: NRSN)
This biotechnology outfit is trending after its share price rocketed on Monday, when it climbed by nearly 300%. However, the share price has fallen back a little in premarket trading, dropping by around 12% at the time of writing.
The monumental rise at the start of the week followed the company’s receipt of US Food and Drug Administration clearance to initiate a pharmacokinetic study of PrimeC in healthy adult subjects.
PrimeC is NRSN’s combination of ciprofloxacin and celecoxib, two FDA-approved drugs which the company wants to use for the treatment of amyotrophic lateral sclerosis, which can lead to motor neuron degeneration.
Cyren Ltd (NASDAQ: CYRN)
This is another stock which soared at the start of the week, with CYRN’s price having climbed by just over 43% in yesterday’s trading. Once again, the share price looks set to pull back on Tuesday, having fallen by around 11% in trading before the opening bell.
The cloud-based internet security provider surged alongside its peers after US President Biden highlighted a need to improve the nation’s cybersecurity.
Biden stated:
“This is a critical moment to accelerate our work to improve domestic cybersecurity and bolster our national resilience. I have previously warned about the potential that Russia could conduct malicious cyber activity against the United States, including as a response to the unprecedented economic costs we’ve imposed on Russia alongside our allies and partners. It’s part of Russia’s playbook.”
As such, he called on private companies to do their part by ensuring their cybersecurity was up to scratch. Clearly, this rallying call could provide a raft of new business for CYRN and other cybersecurity businesses.
