US equities are set to open lower in Wednesday morning trading after a sharp rally in yesterday's session.
Oil down, gold up and Bitcoin (BTC) down.
Here are some of today's trending stocks:
Athira Pharma Inc (NASDAQ: ATHA)
Athira Pharma Inc (NASDAQ: ATHA) stock price plummets 70% in pre-market trading after releasing disappointing Alzheimer's phase II trial results.
Athira's lead product candidate, fosgonimeton (ATH-1017), did not meet its key goals in a trial involving patients with mild-to-moderate Alzheimer's disease (AD).
The primary endpoint of change in biomarker ERP P300 latency was not statistically significant for the full study population. A combination of fosgonimeton and standard-of-care showed potential diminished effect of fosgonimeton.
Fosgonimeton had a favorable safety profile over 26 weeks, and Athira's phase II trial provides important learnings for ongoing study.
Over the past year, Athira Pharma Inc (ATHA) has traded between $7.56 and $19.01. ATHA stock is trading around $2.73 today.
Marathon Oil Corporation (NYSE: MRO)
The Marathon Oil Corp (NYSE: MRO) share price is down 4.8% in pre-market trading as crude oil prices also fall around 4.8%.
The oil price pressure appears to be related to President Joe Biden's decision to suspend the federal gas tax temporarily. Widespread recession fears may also be contributing.
The Marathon Oil share price is up 47.6% year-to-date, and FactSet analysts have an Overweight rating on the stock with a $35 target share price.
Over the past year, shares in MRO have traded between $10.41 and $33.24. Today they trade for around $23.71.
Coinbase Global Inc (NASDAQ: COIN)
Coinbase Global Inc (NASDAQ: COIN) is having a challenging time. It's cutting around 18% of its workforce, amounting to 1,100 jobs. The COIN share price trajectory tends to follow the Bitcoin price, and as Bitcoin is down, along with general crypto sentiment, Coinbase is suffering too.
Recent crashes in Terra, Luna and the Celsius Network also compound a lack of confidence in blockchain and DeFi.
Year-to-date, the Coinbase Global Inc (COIN) stock is down by -77.1%, while the S&P 500 is down -21.51% over the same period.
Winnebago Industries, Inc. (NYSE: WGO)
Winnebago Industries, Inc. (NYSE: WGO) delivers its Q3 earnings results today. The numbers are pleasing, with Q3 revenues up 52% Y/Y and robust organic growth of 41%.
Q3 2022 Highlights
Revenues: $1.5bn (up 52%)
Diluted EPS: $3.57
Adjusted EPS: $4.13 (up 84% Y/Y)
Record Share Repurchases of $70m
President and CEO Michael Happe commented:
The unique strength of our brands positioned Winnebago Industries to not only gain market share but also to successfully take continued pricing actions to offset meaningful component and material cost inflation and enhance margin performance across our segments. We are incredibly proud of our results and the efforts of our talented team across the organization.
As we look ahead to our last quarter in the fiscal year, we will maintain our focus on executing our proven strategy and build on our momentum to further grow and solidify our expanding market position, while driving long-term value for end customers, dealers, employees and shareholders. We will also continue to demonstrate appropriate discipline in capacity utilization in accordance with matching our production schedule to dealer demand.
WGO stock is up 1.7% in pre-market trading.
Exela Technologies Inc (NASDAQ: XELA)
Business automation company Exela Technologies Inc (NASDAQ: XELA) is up 42% in pre-market trading. The company announced a new customer contract win worth $136m over three years.
This brings Exela's Exchange for Bills and Payments (XBP) year-to-date contract wins to $175m.
Lakshmi Narayanan Chandramohan, President of Exela's Bills and Payments, said:
This win highlights our scalable, referenceable XBP platforms effectiveness for rapid deployment for our customers. We are excited by the positive reception for our market-ready solutions that leverages our extensive experience in the payment space.
Over the past year, Exela Technologies Inc (XELA) has traded between $0.13 and $5.45.
During this time, Exela Technologies Inc (XELA) 's stock is down by -89.39%, while the S&P 500 is -% over the same period.