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Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday

Good morning, trader! We’re starting off the day with a dive into the biggest pre-market stock movers for Tuesday.

Source: Eric Urquhart/Shutterstock.com

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This article was originally published by Investor Place

Good morning, trader! We’re starting off the day with a dive into the biggest pre-market stock movers for Tuesday.

Source: Eric Urquhart/Shutterstock.com

So what has stocks on the move today? There’s a large range of reasons including clinical trial data, merger deal updates and more.

Let’s jump into those pre-market stock movers below!

Pre-Market Stock Movers: 10 Top Gainers

  • Communications Systems (NASDAQ:JCS) stock is soaring more than 32% after announcing a special dividend of $3.50 per share.
  • aTyr Pharma (NASDAQ:LIFE) shares are rising over 14% after announcing positive data from a recent clinical trial.
  • OncoSec Medical (NASDAQ:ONCS) stock is jumping more than 13% in pre-market trading despite a lack of news.
  • DatChat (NASDAQ:DATS) shares are climbing over 12% in what could be a short-squeeze of the stock.
  • IN8bio (NASDAQ:INAB) stock is gaining more than 11% on no clear news this morning.
  • Oscar Health (NYSE:OSCR) shares are heading over 9% higher this morning.
  • Matinas BioPharma (NYSEAMERICAN:MTNB) stock is sitting more than 8% higher as it continues to rally following the release of positive clinical trial data yesterday.
  • Akerna (NASDAQ:KERN) shares are increasing over 8% after announcing plans to acquire 365 Cannabis.
  • Cyren (NASDAQ:CYRN) stock is getting a more than 6% boost thanks to a meme stock rally.
  • Ur-Energy (NYSEAMERICAN:URG) shares are up over 6% as it continues to ride a uranium stock rally from yesterday.
  • 10 Top Losers

  • TMC The Metals (NASDAQ:TMC) stock is diving close to 11% after running higher in a rally on Monday.
  • Support.com (NASDAQ:SPRT) shares are falling more than 6% as it sees heavy volatility following a merger update.
  • Opendoor Technologies (NASDAQ:OPEN) stock is dropping about 6% after revealing a proposed secondary public stock offering by a stockholder.
  • Old Republic (NYSE:ORI) shares are decreasing over 5% after pushing higher yestereday.
  • Direxion Daily FTSE China Bull 3x Shares (NYSEARCA:YINN) are slipping more than 5% this morning.
  • Renalytix (NASDAQ:RNLX) stock is declining just over 5% despite revealing a scale-up of its kidney healthcare model.
  • Aluminum Corp of China (NYSE:ACH) shares are pulling back 5% after a rally yesterday sent it about 8% higher.
  • Camber Energy (NYSEAMERICAN:CEI) stock is heading more than 4% lower as it retreats following a recent meem stock rally.
  • Las Vegas Sands (NYSE:LVS) shares are seeing an over 4% loss as it retreats after running higher on Monday.
  • Intercure (NASDAQ:INCR) stock closes out the pre-market stock movers down 4% on no obvious news.
  • On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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    Energy & Critical Metals

    Rooftop solar remains untapped yet crucial for energy transition – BNEF

    The global market for rooftop solar energy remains untapped yet is crucial for the world to achieve 2050 net-zero targets, say BloombergNEF and Schneider…

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    The global market for rooftop solar energy remains untapped yet is crucial for the world to achieve 2050 net-zero targets, according to a new report released by BloombergNEF and Schneider Electric.

    The report, Realising the Potential of Customer-Sited Solar, states that there is a need for careful policy design to unlock the full potential of the market.

    With the right regulation and tariff design in place, the rooftop solar market has the ability to exceed 2,000GW and enable the deployment of 1,000 GWh of energy storage by 2050.

    The market has the ability to power 167 million households and 23 million businesses across the globe if fully optimised, according to the study.

    In addition to ensuring consumers play their part in the decarbonisation of the economy, the rooftop solar market provides economical returns for hosting sites, creates employment and reduces peak demand.

    Have you read?
    Consumer rooftop PV transforming Australia’s electricity market
    Net-zero targets to triple Asia Pacific’s solar PV capacity by 2030

    According to the report, Australia is an example of where the market has returned favorable benefits to prosumers in less than 10 years since 2013 when rollout began.

    Australia has managed to add 2.3GW of rooftop solar capacity for residential customers in 2020, a move taking the country closer to decarbonisation goals, says the report.

    Vincent Petit, Head of the Schneider Electric TM Sustainability Research Institute, said: “Customer-sited solar is a huge opportunity that’s often completely overlooked. Thanks to falling costs and policy measures, it’s already being rapidly deployed in some markets. Its massive scale-up is very likely.”

    Recommendations to expand the market include:

    • Governments and project developers to ensure programmes create economic cases for households and businesses investing in the technology. Incentives is one way to encourage adoption. France which has introduced incentives has recorded a 500MW increase in installations in 2020, according to the study.
    • A key consideration at the early stage of market development is to avoid an unsustainable boom. Policy designs should account for the fact that solar costs will continue to fall over time, and moderate support to reflect these changing dynamics.
    • Add solar during construction of new buildings to reduce so-called ‘soft costs’, such as marketing and sales costs, as well as labor and construction costs.
    • Combine solar with energy storage to expand flexible energy capacity. Coupling solar with energy storage enables solar energy plants to be optimised in performance. Energy storage allows electricity generated during times when generation is high to be used when generation is low and demand high.

    Yayoi Sekine, BNEF’s Head of Decentralized Energy, adds: “The evolution of customer-sited solar is to add some form of flexibility, which has the ability to unlock a much higher penetration of solar.

    “The most obvious form of flexibility is batteries, but energy storage will come in many forms, including shifting demand and using electric vehicles.”

    To encourage the development of solar-plus-storage projects, the report calls for the introduction of favorable export rates, time-of-use retail electricity rates, payments for storage to provide grid services and the implementation of demand charges.

    Find out more about the report.

    The post Rooftop solar remains untapped yet crucial for energy transition – BNEF appeared first on Power Engineering International.

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    Energy & Critical Metals

    ServiceNow Collaborates with Infosys to Digitize Operations

    Digital workflow company ServiceNow (NOW) has teamed up with its longstanding partner Infosys (INFY), the Indian multinational information technology company,…

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    Digital workflow company ServiceNow (NOW) has teamed up with its longstanding partner Infosys (INFY), the Indian multinational information technology company, to provide enterprise-level service management (ESM) for manufacturing customers, helping them with their digital transformation.

    Shares of ServiceNow, with a current market capitalization of around $130 billion have gained nearly 39% over the past year. (See ServiceNow stock charts on TipRanks)

    The combination of ServiceNow Operations Technology Management (OTM) with Infosys Cobalt cloud blueprints will enable the digitization of factories, floors, and plant operations for the energy and retail sectors, as well as other manufacturing industries.

    Binoy Gosalia, Global Head of Industry Partnerships at ServiceNow commented, “Speed and agility are critical for maintaining OT security. Infosys Cobalt's Enterprise Service Management Café accelerates its manufacturing clients' ServiceNow journey with an AI-powered plug-and-play deployment solution. We look forward to our continued collaboration enabling manufacturers to navigate and succeed in today's rapidly changing environment.”

    Barclays analyst Raimo Lenschow recently increased the price target on ServiceNow from $667 to $784 (19.8% upside potential) and reiterated a Buy rating on the stock.

    Lenschow said in the coming months, investors will make 2023 their base year for valuations. With respect to software, he added, “with its high growth rates, this move is important as valuation levels often see a meaningful step down.”

    Overall, the stock has a Strong Buy consensus based on 18 Buys and 2 Holds. The average ServiceNow price target of $667.21 implies a 2% upside potential.

    According to TipRanks’ Smart Score rating system, ServiceNow scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.

    Related News:
    Cognyte Software Beats Estimates in Q2; Shares Fall 13.7%
    CVS Health Plans to Hire 25,000 in U.S.
    HCA Healthcare Inks Deal to Buy Operations of Five Utah Hospitals

    The post ServiceNow Collaborates with Infosys to Digitize Operations appeared first on TipRanks Financial Blog.

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    Energy & Critical Metals

    Wait for ChargePoint Stock to Bottom Out Before Taking a Position

    Down 42% year-to-date, ChargePoint (NYSE:CHPT) stock does not look worthy of investor’s money.
    Source: JL IMAGES / Shutterstock.com
    The largest manufacturer…

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    Down 42% year-to-date, ChargePoint (NYSE:CHPT) stock does not look worthy of investor’s money.

    Source: JL IMAGES / Shutterstock.com

    The largest manufacturer of electric vehicle charging stations in the world looks good on paper, but so far its potential has not translated into success for shareholders.

    ChargePoint went public earlier this year at the height of the frenzy over special purpose acquisition companies (SPACs).

    However, like many SPAC deals, CHPT stock has collapsed in the months since it made its market debut. Given the share price’s persistent weakness, shareholders might be best advised to cut their losses.

    CHPT stock does seem to have gotten pulled down with the broader SPAC sector. After threats of greater regulation over the deals led Wall Street to cool on so-called “blank check” companies or “reverse mergers,” underlying fundamentals have also dragged down the company’s share price.

    The company’s revenue for its fiscal 2021 year ended on Jan. 31 amounted to $146.5 million, only 1% higher than the $144.5 million in revenue it generated in the previous 2020 fiscal year.

    Coming just months before it went public, the fiscal 2021 financial results led investors to sour on ChargePoint and its prospects, prompting a swift and deep sell-off.

    While ChargePoint says it wants to sell its electric vehicle charging units to both commercial and retail customers, the reality is that the vast majority of its current revenue (75%) comes from commercial sales to businesses and office parks.

    The general public remains slow to adopt electric vehicles with only about 2% of the vehicles on U.S. roads today being plug-in electric.

    Electric vehicles are clearly the future of the automotive industry, but they have a long way to go to achieve mass adoption. Consumers continue to raise concerns ranging from slow charging times to limited driving range when it comes to electric cars, trucks and SUVs.

    Lofty Goals and CHPT Stock

    Despite its middling financial results and a slowing growing market, ChargePoint continues to have lofty goals and sets itself ambitious targets. Maybe too ambitious.

    The company has set a target of achieving $1 billion in sales by 2025, a nearly 10 fold increase from its current sales in a little more than four years.

    ChargePoint has also raised its full-year guidance for its current fiscal 2022 year to a range of $225 million to $235 million, which would represent 57% revenue growth over its previous fiscal year.

    The second half of this year will need to be exceptionally strong for ChargePoint to reach its targets given that the company generated revenue of $97 million in the first six months of its current fiscal 2022 year.

    The company did note in its most recent quarterly financial results that its residential segment saw sales grow by 79% on an annualized basis. This growth was powered by the increasing use of its charging stations at housing complexes across the U.S.

    Hopefully, that growth will be sustained in the final months of this year, but it isn’t worth betting on.

    Recent Acquisition

    In August this year, ChargePoint announced that it is acquiring ViriCiti, a commercial fleet management provider. Acquiring ViriCiti will enable ChargePoint to sell its electric vehicle charging stations and related infrastructure to companies with major commercial fleets such as United Parcel Service (NYSE:UPS) and Waste Management (NYSE:WM).

    It will also enable ChargePoint to go after lucrative government contracts as the shift to electric vehicles accelerates nationwide.

    ChargePoint’s fleet segment is an area of strength for the company. In this year’s second quarter, the segment grew its sales by 187% year over year. The fleet segment has a lot of potential, but ChargePoint will have to demonstrate that it can grow that area of its business by winning competitive contracts and aligning itself with strategic partners.

    ViriCiti is a step in the right direction as it will allow ChargePoint’s customers to monitor their operations data and gain valuable insights into their fleet’s performance.

    Wait and See Where CHPT Goes

    The electric vehicle market as a whole has cooled off this year with once high flying stocks such as Tesla (NASDAQ:TSLA) slumping. While electric vehicle companies and their stocks have a bright future, that future remains off in the distance.

    ChargePoint’s time is coming but it is not here quite yet. As such, investors should wait to see where the company’s stock bottoms before taking a position.

    In the current environment, and with electric vehicle adoption slow to catch on, CHPT stock is not a buy.

    Disclosure: On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

    Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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