Business

Stocks Bucking The Trend (DKNG, SRRK, FSLR)

When asked about the type of stocks to buy in the bearish market Nate Bear from Ragingbull.com commented that “If you want to get long stocks, focus on ones that are outperforming the general market. Because when this market does bounce, they should continue to outperform. Below are three stocks that

Draftkings (DKNG):

Draftkings shares made a significant move higher in September when it struck a deal with ESPN. Since the day of the announcement, shares rose 50% in a span of 20 trading days. However, shares have dipped below $40 per share after reaching a high of $64.19 earlier this month. 

DKNG bucked the trend today…some attribute its relative strength to rumors that Louisiana will legalize sports betting.  

Scholar Rock Holdings (SRRK):

Scholar Rock Holdings became one of the most heavily traded stocks this week when the pharmaceutical company announced positive proof-of-concept data from its Phase 2 trial of TOPAZ – a drug candidate for the treatment of Spinal Muscular Atrophy. SRRK finished the day 118% higher, a non-stop grind higher, and continued to do more of the same today.  Today, it announced it intends to offer $150 Million in common stock. 

The investors are excited to pour capital into the promising company…

…and despite the dilution it will create and today’s broad market sell-off, shares continued to rise throughout the day. 

First Solar (FSLR):

First Solar announced its Q3 earnings last night…and they absolutely crushed it. The company posted adjusted EPS of $1.45 vs. $0.63 consensus and revenues of $928 million vs $676.5 million consensuses. Analysts this morning rushed in to upgrade the stock…Baird, for example, adjusted the price target to $125 from $97.

And despite an ugly tape, FSLR managed to stay green. 

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