Authored by ZanderVanDerMerwe
Yesterday’s movers:
- DocuSign (DOCU) was down 5.98%
- Wynn Resorts (WYNN) was up 5.61% as the resort chain pushed hard on their online betting platform with the NFL is set to kick-off
- Pinduoduo (PDD) closed the day 5.39%was up as it was pulled higher following positive Chinese tech stock earnings
- XPeng (XPEV) was up 5.08% as it followed the Chinese Tech stocks lead
Stocks to watch:
Merch & Co operates as a healthcare company globally through two sectors namely, pharmaceutical and animal health.
During Merch’s previous quarterly earnings report revenue beat the expectations by $208.55 million as growth was still on the horizon. Earnings per share is still a bit of a concern as estimations were missed.
Illumina and Merch partnered up yesterday to develop tests to identify genetic mutations for cancer cells.
Merch slumped lower yesterday off the back of a downgrade from Morgan Stanley as the recommendation was moved from Overweight to equal-weighted causing a bit of a mixed day for the pharmaceutical company.
Technically the chart is setting up well as we got a retracement back down to the bottom of the channel that it is currently trading in, a clear break of the falling trendline should see the share price continue to the top of the range to at least a target of $80, with more potential upside to $83.
