Among the trending stocks this Tuesday is an energy giant buoyed by rising oil prices, a European semiconductor company poised for significant growth, and a pharmaceutical company whose price soared following news of a merger.
ASML Holding (NASDAQ:ASML) is trending on Tuesday after a report by two prominent tech investors predicted that the Dutch company’s market value will reach $500 billion within the next year.
The report, titled ‘State of AI’ and co-written by Nathan Benaich of Air Street Capital and Ian Hogarth, founder of AI start-up Songkick, said that ASML is the “obvious candidate” for investors looking for alpha in the current market due to semiconductors becoming increasingly important to global supply chains.
The company, which produces technology used in semiconductors that are instrumental in the production of the world’s smallest and most powerful chips, was also singled out because it is based in Europe, where market values of technology companies are slightly lower than their American counterparts such as Nvidia, whose current market value is $521 billion compared to AML Holdings’ $302 billion.
The stock closed at $721.89 on Monday, and still represents significant value according to the report, despite being up by over 40% YTD.
Flexion Therapeutics (NASDAQ:FLXN) is in the spotlight on Tuesday, after a blockbuster day of trading on Monday which saw the stock soar by 58% on the back of the announcement that they are to merge with another large pharmaceutical company.
The Massachusetts-based biotechnology company, whose most notable product is osteoarthritis drug Zilretta, is to merge with Pacira Biosciences in a deal worth $630 million announced Monday. Following the announcement, the stock rallied
Sports betting company DraftKings (NASDAQ:DKNG) was back in the news on Tuesday after rising by 4% on Monday after it was upgraded to a Buy rating by Citi.
The company’s stock was trading as high as $49.84 on Monday before closing at $48.88, with investors encouraged by the report from Citi. The report, which cited the opportunities for “robust, long-term growth” for DraftKings, set a $66 price target, and predicted that the company will continue to be a market leader in the online sports betting sector, which is expected to continue its recent growth as it becomes legal in more states.
Royal Dutch Shell (NYSE:RDS.A) is trending on Tuesday after a good day of trading on Monday saw its stock rise by 1.22%, buoyed by rising crude oil prices.
Oil prices hit a 7-year-high last week and reached $80 per barrel for the first time since November 2014, amid a global energy crisis and a tightening supply. Despite Shell’s pivot towards electricity and renewables over the past few years, it still remains exposed to oil and gas prices for the foreseeable future, and the stock closed at $47.12 on Monday, continuing its recent momentum which has seen it rise by over 30% YTD.
Ocugen (NASDAQ:OCGN) was trending on Tuesday, after rising by 12% in after-hours trading on Monday.
The rally comes on the back of the seemingly unrelated story of Covid-19 vaccine Covaxin receiving emergency use approval in India, where it was developed. However the stock rallied on Tuesday as Ocugen is the United States partner for the vaccine and stands to gain from the vaccine being granted approval.
The company’s stock traded as high as $8.64 in after-hours trading, following a strong trading day on Monday which saw the stock close at $7.69, a 9% increase on its opening price.