Three Biotech Stocks to Watch Out For Today

Good morning. It's September 9th, and today, we’ll look at Palantir and Dell's entries into the S&P 500, Big Lots' bankruptcy filing, and three biotech stocks that are heating up premarket trade.

Previous Close 📈

Stocks experienced significant declines last week, with all three indices ending in the red. These drops followed the release of the August jobs report, which raised concerns about a weakening labor market.

Futures

U.S. stock futures are attempting to bounce back after significant losses last week. The S&P 500 futures are up by 0.8%, Nasdaq 100 futures are nearly 1% higher, and Dow Jones Industrial Average futures have gained 269 points so far, or 0.7%.

What to Watch

On the economic data front, the Wholesale Inventory data will be released at 10:00 a.m., and the Consumer Credit data will be shared at 3:00 p.m.

Oracle (NYSE: ORCL) and Rubrik (NYSE: RBRK) will share their quarterly numbers after the close of the day’s trade.

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Technology

Palantir and Dell to Enter S&P 500, Stocks Surge

Palantir Technologies, Dell Technologies, and Erie Indemnity are set to join the S&P 500 index before the market opens. All three stocks are experiencing notable gains.

While Palantir is up by nearly 8%, Dell is rallying by more than 5% in premarket action. Erie also surged more than 2% on Friday.

These companies will replace American Airlines, Etsy, and Bio-Rad Laboratories in the index. American Airlines and Bio-Rad will move to the S&P MidCap 400, while Etsy will shift to the S&P SmallCap 600.

Both American Airlines and Etsy are seeing slight declines, while Bio-Rad remains inactive. While American Airlines is down by 0.3% in premarket trade, Etsy is also below its previous close by 1%.

Retail

Discount Retailer Big Lots Filing For Bankruptcy Protection, Plans Sale to Nexus

Discount retailer Big Lots Inc. has filed for Chapter 11 bankruptcy protection and plans to sell its assets and ongoing business through a court-supervised process.

The Ohio-based company filed for bankruptcy in Delaware, listing assets and liabilities ranging from $1 billion to $10 billion, according to a company statement. The Chapter 11 filing allows Big Lots to continue operating while formulating a plan to repay creditors.

The retailer, which has been struggling with declining same-store sales and store closures for years, has entered into a sale agreement with an affiliate of private equity firm Nexus Capital Management LP.

Nexus Capital will act as a "stalking horse bidder" in the sale process, meaning if no higher offers are received from other potential buyers, Nexus will proceed with the purchase.

Big Lots expects the sale to close during the fourth quarter of 2024, assuming Nexus remains the winning bidder. The company has secured $707.5 million in financing through a post-petition credit facility, which will provide it with sufficient liquidity to operate while the sale is finalized.

The retailer is among several in the sector to face financial difficulties due to a slowdown in home spending. Other companies like Conn’s Inc. and LL Flooring Holdings Inc. have also filed for bankruptcy in recent months.

Aerospace

Boeing Reaches Tentative Labor Deal, Shares Rise 3% Amid Strike Concerns

Boeing shares are rising nearly 5% in U.S. premarket trading following the announcement of a tentative agreement with a key labor union in the Pacific Northwest. This agreement could prevent a potentially crippling strike that was expected to take place later this week.

The proposed deal, if ratified, would address concerns raised by the union representing workers at Boeing’s facilities in the region. Averted labor strikes would ensure that Boeing’s production schedules remain intact, especially at a time when the aerospace industry is ramping up efforts to recover from pandemic-related disruptions and meet increased demand for new aircraft.

Boeing, which has faced multiple challenges over the past few years, from supply chain issues to production delays, has been keen to avoid labor disputes that could further impact its recovery and growth.

The company's shares responded positively to the news, reflecting investor optimism over the stability this agreement could bring.

The union is expected to review the tentative deal with its members in the coming days, and a final vote will determine whether the agreement will be fully ratified and implemented.

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Intelligent Bio Solutions Inc. [INBS] - Last Close: $1.580

Intelligent Bio Solutions reported progress on its clinical study plan for an FDA 510(k) submission, boosting its stock by nearly 70% so far in premarket trade.

In partnership with CenExel, the company is conducting a study with 135 adults to compare its fingerprint sweat opiate screening to a validated LC-MS/MS lab method. About one-third of the enrollment is complete.

Additionally, INBS has finished the in-clinic phase of a pharmacokinetic study on opiates in fingerprint sweat and is analyzing the data.

The company aims to finalize the study by the end of September and submit it to the FDA in Q4 2024.

Tonix Pharmaceuticals Holding Corp. [TNXP] - Last Close: $0.14

Tonix Pharmaceuticals is surging by 54% in premarket trading.

The company presented data on its potential mpox vaccine, TNX-801, at an immunology symposium.

TNX-801, a synthetic horsepox-based, live-virus vaccine, showed strong preclinical results, protecting animals against lethal clade I monkeypox without spreading to blood or tissues, even at high doses.

Unlike existing two-dose vaccines, TNX-801 offers single-dose immunity with enhanced safety for immunocompromised subjects. The vaccine has been selected for clinical testing by NIH’s Project NextGen.

Tonix is collaborating with Bilthoven Biologics for manufacturing and sees potential in using TNX-801 as a platform for other viral diseases.

Summit Therapeutics Inc. [SMMT] - Last Close: $12.27

Summit Therapeutics shares are jumping by around 33% in premarket trade.

The company reported that Ivonescimab reduced the risk of disease progression or death by 49% compared to pembrolizumab as a first-line treatment for PD-L1 positive advanced NSCLC in China.

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Everything Else

• Europe must boost investments to avoid falling behind global rivals.

• Atomico bets big on Europe's tech resurgence with $1.24 billion funding round.

• China’s factory-gate prices continue to decline despite inflation uptick.

• Safran and MBDA's negotiations over Roxel stake heat up.

• Oman’s OQ announced its initial public offering and aims to raise billions.

• Midea Group seeks to raise $3.5 billion through its Hong Kong listing.

• Air Canada braces for flight suspensions amid an unresolved pilot wage dispute.

• Former Lebanon central bank chief will stay in jail amid embezzlement charges.

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club

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