4 Penny Stocks To Watch Before The Weekend
There are a number of penny stocks today that have already jumped during premarket hours. Several of them, as you’ll see, have been repeated movers this month as well. With the latest U.S. jobless claims data showing another higher than expected figure. Economists surveyed by Dow Jones expected 3.05 million. The actual figure was reported at 3.17 million first-time jobless claims filers last week. Is there a bright side?
Well, if you look at the last few weeks of data, this is the lowest total for jobless claims since the week of March 14th. That was a period when the W.H.O. formally announced coronavirus as a pandemic.
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On the flip side, all of the job gains the economy has seen since the “Great Recession” have been wiped completely out. Don’t forget, we also have nonfarm payrolls report for April coming this week too. Economists surged expect a drop of 21.5 million. That would be the worst month in U.S. history pairing with a 16% unemployment rate.
Are These Top Penny Stocks To Buy Today?
Lucky for us, penny stocks tend to beat to the sound of their own drum in most cases. But that doesn’t come without its own share of risks either. Heading into today, I wouldn’t discount the chances of seeing some highly volatile penny stocks to watch.
Like we’ve seen for most of the year, when volatility is a big factor, be prepared for wild swings. If a trade is moving too quickly, you might have a better chance at preserving capital by watching instead of trading. With that in mind, are these on your list of penny stocks to buy today?
Top Penny Stocks To Buy [or ignore]: Tonix Pharmaceuticals
Like many coronavirus penny stocks, Tonix Pharmaceuticals (TNXP Stock Report) has been very sporadic. While it hasn’t been able to sustain a consistent trend, TNXP stock has seen big days of trading gains. These have been mostly suited for day traders than swing trading or investing. Will that change this week? Only time will tell but the penny stock has taken off during premarket trading on Thursday.
Why did TNXP stock jump today? Tonix has been infamous for its movement on news. Unfortunately for the longer term view, that news hasn’t managed to offer sustained bullishness for the stock. Regardless of this, Thursday’s a new day and Tonix has made new headlines. The company announced a new research collaboration and exclusive licensing agreement for three new vaccines for the prevention of COVID-19.
The new collaboration with the University of Alberta will develop three new potential vaccines to protect against COVID-19. It’s actually based on the horsepox vector platform, but designed to express different SARS-CoV-2 antigens than TNX-1800, which is designed to express SARS-CoV-2 Spike protein. Under the terms of the research collaboration agreement, Tonix has been granted an exclusive license from the University of Alberta. This gives it access to technology and patents related to TNX-1810, TNX-1820, and TNX-1830.
Top Penny Stocks To Buy [or ignore]: Genius Brands
You can’t ignore a strong breakout but you also can’t ignore a post-market move like Genius Brands (GNUS Stock Report) had on May 6. We wrote about the company following its latest update. Genius announced the launch of a new network brand, Kartoon Channel, going live on June 15, 2020. According to Genius, the newly rebranded channel will “significantly expand the distribution”. This already reaches over 100M U.S. television households and over 200M users via OTT and mobile devices as it stands.
GNUS stock made a modest move from $0.33 to $0.613 and pulled back to $0.48 before the close. But a lot more action happened after the bell rang. That has continued into the premarket session on Thursday. GNUS stock rallied as high as $1.46 during extended-hours trading making Wednesday’s move look like child’s play. This is something important to keep in mind because anyone holding shares of GNUS stock at the close yesterday is up nearly 200% right now.
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I love when penny stocks break out. I also love seeing traders make money. But one quick way to lose money is by either buying too high or selling too late. Nothing goes up forever as we’ve seen countless times with penny stocks. Will GNUS stock continue higher? We’ll see when the market opens. If it’s on your list of penny stocks today, keep in mind that GNUS is up at least 80% from Wednesday’s high and over 100% from its close.
Top Penny Stocks To Buy [or ignore]: ION Geophysical
ION Geophysical (IO Stock Report) has been a very quiet sock for most of 2020. It was added to the list of stocks under $5 back in February and continued to slide through March. This is when IO stock reached new 52-week lows of $1.13. Since then, nothing has been able to spark a sustained uptrend in the stock. There was an announcement in early April that perked up the market’s ears but was fleeting. This was with regard to its preliminary Q1 revenue ahead of estimates and plans more cost cuts on COVID-19.
This week, we’re seeing shares of IO stock jump once again. Will it be enough to get the ball rolling more consistently higher? You be the judge. On May 6 after the close, ION announced its latest round of earnings for Q1 2020. The company said Q1 sales jumped 53% to $56.4 million from the year-ago period. That topped the CapIQ mean for $46.95 million. Net loss per share narrowed to $0.16 from a loss of $1.52 last year and above forecasts for a $0.93 loss.
“We achieved the best first-quarter performance in six years despite challenges from both coronavirus and oil price volatility. Our strong revenues of $56 million generated positive operating income and $23 million in Adjusted EBITDA, and, as a result, we expect our liquidity position to improve as revenues are collected in the second quarter. Our first-quarter results reflect the value of our offshore data library and validate the combined effectiveness of our strategic refocus and over $20 million cost reductions. “
Chris Usher, ION’s President and Chief Executive Officer
Penny Stocks To Buy [or ignore]: Remark Holdings
You gotta love rumors and penny stocks. It’s almost a daily occurrence on message boards, in chat rooms, and on social media. In the world of technology, photoshop can be a tool for heroes and villains alike. I’ll preface what I say next with that the fact that nothing has been confirmed or denied by the parties involved. So at this point, it is still a bit speculative. Remark Holdings (MARK Stock Report) jumped big on Wednesday. There weren’t any headlines and no filings were made.
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What did come out was a tweet that appeared to show an email from Wynn Las Vegas. We broke down the whole conspiracy/speculation/whatever you call it in this article. Needless to say, neither Remark nor Wynn have confirmed a working relationship. But the market sure did enjoy the thought. While shares ripped to highs of $1.09, they’ve since pulled back below $0.90. MARK stock fits the mold to a tee of a company caught in the cross-hairs of the internet.
Is the email real, is it fake, are people going to sell before anything is confirmed, what happens if it’s true? These are all the questions being asked right now. Fortunately or unfortunately we’ll have to wait and see what happens next. But if MARK stock is on your list of penny stocks, I wouldn’t be surprised to see more volatility in the meantime.
