Stocks In News: XELA, SEDG, APDN
3:50 pm Wednesday, August 03rd, 2022
It’s a risk-on day in the stock market, with growth stocks rallying nicely on Wednesday. We can see the risk-on attitude in tech stocks, as well as penny stocks like Exela Technologies (NASDAQ:XELA). XELA stock is up 10% on the day.Helping drive the stock higher? A new contract was announced by the firm. Exela Technologies has a contract with a European-based financial services firm. From the press release: “The total contract value (“TCV”) over the 5-year term is valued at approximately $6 million.”
One of today’s biggest losers is SolarEdge (NASDAQ:SEDG). Today’s drop of more than 18% in SEDG stock has taken the market by surprise. However, given the fact that it’s still earnings season, these sorts of moves are more commonplace right now. Indeed, it was earnings that drove today’s selloff in SEDG stock. The company reported mixed second-quarter results, with adjusted earnings per share coming in at 95 cents. This was well below the analyst consensus of $1.38 per share. Revenue also missed, albeit slightly, though revenue from the company’s solar segment did beat to a marginal degree.
Molecular technology firm Applied DNA Sciences (NASDAQ:APDN) — which among its many specialties include polymerase chain reaction (PCR)-based solutions — recently initiated an analytical validation of its PCR test for the monkeypox virus. The test is designed to identify the monkeypox virus’ genetic signature. This news comes amid rising monkeypox cases, which in turn, is driving demand for mitigation measures. As a result, APDN stock jumped 80% earlier this morning before settling into a range of 56% up during the early afternoon hours.
