4 Penny Stocks To Watch On Monday, March 16, 2020
In a wild turn of events on Friday, U.S. President Donald Trump addressed the public during the final half-hour of the trading day. To the surprise of many, his comments helped drive a surge in the market bouncing back 9% from intra-day lows on the Dow. But what’s more, is that penny stocks benefited from the surge as well.
The main sectors taking off were biotech, mining, and energy penny stocks. The government commented on where it would be directing money. This in efforts to both support the economy as well as address the growing spread of the coronavirus.
If you missed the press conference, the President was surgical in commenting on certain initiatives that would “benefit the American people”. But, what these comments also did was drive a big boost of interest in the sectors mentioned above. While this could be another short-lived rally, it’s worthwhile to at least have a list of penny stocks put together heading into the week. In the event of a sympathy rally to drive sector-related stocks higher, preparation will be important.
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Meanwhile, you have billionaire investors saying that some stocks are being “given away” right now. In an interview on Friday, activist investor Carl Icahn said that despite the stock market being in an ongoing “state of collapse,” there are still plenty of “very cheap” stocks out there. The good and bad news from coronavirus is that the market is getting hit with massive amounts of volatility.
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The obvious downside is a slide in prices for big-board stocks. But the potential upside is that this volatility is something that has brought more attention to small-cap and micro-cap stocks across the board. With the added liquidity, this coming week could be an exciting one to watch at the very least. With this in mind, so could this list of penny stocks.
Penny Stocks To Watch: IMC International Mining
While many gold stocks took a hit last week reports suggest it was based on gold’s ability to store value. In times of extreme strain, investors using gold as a store may sell some in exchange for cash. This, according to some, was a reason the gold sector consolidated a bit. However, if you look at a chart of gold prices, you’ll see on Friday the late part of the session saw a reversal in price. Could this indicate a bounce for gold and gold stocks at the start of the week?
IMC International Mining (IMIMF – Stock Report)(IMCX) is one of the main gold penny stocks we have continued to report on this year. Prices managed to rally from $0.25 to highs of $0.50. In addition, IMC stock has also continued to uphold a consistent sideways trend. That’s while other gold stocks have suffered big dips. Aside from the general speculative nature of junior gold discovery stocks, in general, IMC has also gained interest following its latest plans for a new acquisition.
This is for Thane Minerals and its 100% owned Cathedral Property located in northern British Columbia Canada. Due to the rich mineralization of the area and the past and future gold prospects within the region, Cathedral could be a significant claim for the company. The latest interest comes as IMC announced earlier this month that it plans to close on the deal by mid-March. Considering the timing of all of this, it could be one of the top gold penny stocks to watch especially considering the late afternoon move for gold prices, in general, on Friday.
Rider: It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Cathedral property and should not be understood or interpreted to mean that similar results will be obtained from the Cathedral property.
Penny Stocks To Watch: Southwestern Energy Company
Southwestern Energy Co (SWN-Stock Report) is a US-based independent energy company that principally carries its business activities in the United States. Like many oil and gas stocks on Friday, SWN stock rallied toward the end of the day.
Like most energy penny stocks, SWN has been beaten down for quite some time. But over the last 5 sessions, the stock began to perk up a bit. At the start of last week, Southwestern opened the week at $1.07 and by Friday, it saw highs of $1.93 before closing at $1.77.
What could have investors paying to small-cap and US-based oil and gas stocks this week are comments made by Trump on Friday. President Trump directed U.S. energy officials to start buying “large amounts” of oil to fill up the Strategic Petroleum Reserve. This move would enable to government to take as much as 77 million barrels of oil off the world market. Of course, this triggered a bump in oil prices. But given the latest comments made by the White House on Sunday night, could be the case at the start of the week? As of 7:40PM EST, oil futures took a tumble. So if SWN was on your weekend watch list, this will be something to keep in mind heading into Monday’s session.
Penny Stocks To Watch: OpGen
On MOnday morning (3/16) shares of OpGen Inc. (OPGN) started to skyrocket. This move came after the company’s latest announcement. OpGen reported an update the business of Curetis GmbH. This is the other party to the planned business combination with OpGen. Curetis announced that it began offering the SARS-CoV2 test kits to European diagnostic labs.
“We commend both Curetis and BGI Group for swiftly bringing this important product to market in a time of greatest need. As Covid-19 spreads across the globe, rapid testing technologies will be critical to the containment and ultimate treatment of the outbreak in Europe and beyond,” said Evan Jones, Chairman & CEO of OpGen.
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We first reported on the Curetis/OpGen deal back in January citing the potential combination’s benefits to OpGen. The deal, however, has been in process since September of last year. So, the importance of a definitive agreement will be key and something to pay close attention to.
Disclaimer: Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to July 9, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Full disclaimer here.