US equities were lower in Thursday morning trading following a big rally on Wednesday in which the S&P 500 rose the most since May 2020. E-commerce earnings are in play today with Etsy (NASDAQ: ETSY), eBay (NASDAQ: EBAY), Shopify (NYSE: SHOP) and Wayfair (NYSE: W) falling as their quarterly reports disappoint.
Oil up, gold up and Bitcoin (BTC) down.
Here are some of today’s trending stocks:
Austin Gold Corp (NYSEAMERICAN: AUST)
Austin Gold Corp (NYSEAMERICAN: AUST) stock is up 26% in pre-market trading after rising 9.25% in yesterday’s session. The company went public yesterday in a $13m IPO, and this offering will close tomorrow. Roth Capital Partners acts as sole book-running manager for the offering, with Pacific Century Securities as a co-manager.
Austin Gold is a gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada.
Specifically, the company was formed to drill the Kelly Creek Project, a mineral exploration project located on the Battle Mountain-Eureka (Cortez) gold trend in Humboldt County, Nevada.
The company continues to consider other regional projects to increase the opportunity for economic success, and in connection therewith, it has acquired three other non-material mineral exploration projects.
Intercept Pharmaceuticals Inc (NASDAQ: ICPT)
Intercept Pharmaceuticals Inc (NASDAQ: ICPT) reports its Q1 earnings today. Its share price is up 26% in pre-market trading. The company announced a deal to sell exclusive US rights for Ocaliva to Europe-based Advanz Pharma.
The agreement includes rights for Advanz to commercialize orphan drug Ocaliva® for PBC outside the US and the transition to Advanz of the international commercial and medical infrastructure of Intercept.
Additionally, Intercept will receive royalties on any future ex-US net sales of Ocaliva in nonalcoholic steatohepatitis (NASH).
Jerry Durso, President and CEO of Intercept, said:
This agreement marks an important step forward for Intercept as the value it brings to our company allows us to significantly strengthen our balance sheet while providing us with greater strategic optionality during this transformational year and beyond. We are committed to investing in our core focus areas in the U.S., including our PBC business, potential future activities in NASH, and our advancing and expanding pipeline. At the same time, we are confident that the strong international team will continue to build on our successful PBC business as they transition to Advanz Pharma.
ICPT engages in the research, development and commercialization of novel therapeutics for treating chronic liver diseases.
Silicon Motion Technology Corp (NASDAQ: SIMO)
Today, Silicon Motion Technology Corp (NASDAQ: SIMO) reports its Q1, 2022 earnings. SIMO stock is up 20% in pre-market trading. Silicon Motion Technology Corp develops and sells semiconductor products for the electronics market. The firm produces flash controllers, storage solutions, and others. It offers embedded and expandable storage, radio frequency integrated circuits and embedded graphics.
Today it was announced that MaxLinear, Inc (NASDAQ: MXL) is to acquire Silicon Motion Technology.
Silicon Motion shareholders will receive $93.54 in cash and 0.388 shares of MaxLinear common stock per ADS, for total per ADS consideration of $114.34 (based on MaxLinear’s May 4, 2022 closing price). This represents a 48% premium to the undisturbed market value as of April 22, 2022, in cash and stock transaction valuing Silicon Motion at $3.8bn.
MaxLinear is a leading provider of radio frequency (RF), analog and mixed-signal integrated circuits for broadband, connectivity, and infrastructure markets.
FactSet analyst estimates have a Buy rating on SIMO stock with a $108.78 target price.
Sonim Technologies Inc (NASDAQ: SONM)
Sonim Technologies Inc (NASDAQ: SONM) sells ultra-rugged mobile phones and accessories.
In its fiscal Q3 2021, Sonim missed analyst expectations on EPS and revenues.
But today, Sonim announced purchase orders totaling $9.5m from a top US carrier customer. The purchase orders cover initial stocking inventory for two of the company's next-generation ultra-rugged phones to be introduced this year. These are the XP5 Plus feature phone with enhanced PTT capabilities and Sonim's next-generation XP10 5G rugged smartphone.
Peter Liu, CEO at Sonim, commented:
We are excited to secure these initial orders from a long-time carrier partner for our new rugged XP5 Plus and XP10 smartphone devices, planned for introduction later this year,
These early awards demonstrate the carrier excitement for our next generation phones featuring Sonim's rugged engineering technologies. We believe these awards are also early indicators of the market demand we seek to tap under our new business strategy, offering a wider range of 5G smartphones, feature phones, mobile hot spots and other industrial communications equipment that incorporate our rugged heritage.
Over the past month, Sonim Technologies Inc (SONM)’s stock is down by -20.48%, while the S&P 500 is down -4.97% over the same period.
Wayfair (NYSE: W)
Wayfair (NYSE: W) disappoints shareholders with larger-than-expected losses in Q1. The W share price is down 14% in response.
The company also reported its active customers declined 23.4% Y/Y.
Furthermore, Wayfair announced its CFO, Michael Fleisher, is set to retire early next year.
In Q1, Wayfair reported a loss of $319m, or $3.04 per share.
On 4 May, Wayfair A (W-US) closed at $90.76, is down -72.7% off its 52-week high vs. the subsector average change of -31.8%. It sits at $77.26 at the time of writing.
After doing well during the pandemic, W stock is down by -66.51% in the past year, while the S&P 500 is up 3.18% over the same period.