3 Penny Stocks to Watch With the Market Down Today
While the last few weeks of trading penny stocks have been more volatile than many months prior, investors remain hopeful for a bullish future. During that time, both penny stocks and blue chips have seen major market fluctuations as investors contend with the sheer number of factors impacting the stock market. As a result, we continue to see days like today where the entire market is down.
But, as any investor would ask, how can we make money with penny stocks during a bearish trading day? The short answer is that it entirely depends on your trading method and what your portfolio goals are. With penny stocks, we tend to see speculation as the most prominent factor that can sway prices. Because of this, knowing what is going on in the world and as it pertains to your portfolio, can mean the difference between profits and losses.
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In addition, having access to a real-time news feed can give you by-the-minute data on how markets are moving and how they could move. While there is no one answer to how to make money with penny stocks, knowing how to trade and having information by your side, will always be a benefit to your portfolio. Considering all of this, let’s take a look at three penny stocks to watch with the market down today.
3 Penny Stocks to Watch With the Market Down Today
- Clear Channel Outdoor Holdings Inc. (NYSE: CCO)
- Nuverra Environmental Solutions Inc. (NYSE: NES)
- Energy Focus Inc. (NASDAQ: EFOI)
Clear Channel Outdoor Holdings Inc. (NYSE: CCO)
By midday, shares of CCO stock had pushed up by over 8%, bringing it to just south of $3.30 per share. If you’re not familiar, Clear Channel is a major advertising company with more than 500,000 print and digital displays set across 26 countries globally. Within this are over 17,000 digital displays that span extremely visible locations. Clear Channel’s two divisions include Clear Channel Outdoor Americas and Clear Channel International. While the company is heavily established in the U.S., it is working hard to grow its business internationally.
Why is CCO Stock Up Today?
The main reason behind its gain comes as the company announced that its Q4 2021 sales should be above estimate. Specifically, the company stated that its outlook is now $730-750 million from the previous estimate of $715-740 million. These numbers are compared to the Wall Street estimate of $728 million.
“We believe now is the right time to explore options for our European business, which delivered significant improvements in revenue performance in the third quarter, and we now expect Europe revenue in the fourth quarter to exceed our results in the same period of 2019.”
The CEO of Clear Channel, William Eccleshare
Additionally, the company announced today that it would consider selling its European business as a result of a strategic review. While nothing is set in stone, this is a major move that investors seem excited about right now. Considering all of this, will CCO stock be on your penny stocks watchlist following this positive news?
Nuverra Environmental Solutions Inc. (NYSE: NES)
One of the biggest gainers of the day so far is NES stock, which shot up by over 100% at midday. This brings NES stock’s meteoric rise to over 118% in the past five days or so. Prior to today’s news, we can look at what Nuverra Environmental does as a company.
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Nuverra operates in the logistics and oilfield services industry, as well as operating in the production of oil and gas. Within its offerings are the delivery, collection, and disposal of materials used in the process of producing oil and gas. Right now, the energy industry is extremely popular as the price of oil has climbed tremendously over the past few months.
Why is NES Stock Up Today?
Today, a large announcement came out stating that Select Energy Services Inc. (NYSE: WTTR) has entered into an agreement to acquire Nuverra. The deal, worth $45 million including $20 million in the assumption of debt, will offer Nuverra shareholders 4.2 million shares of Select Class A common stock in exchange for the outstanding shares of the company.
“We are excited to further expand Select’s world-class sustainable water services and infrastructure footprint through yet another attractive set of consolidation opportunities. These acquisitions represent a continuation of our strategic effort to improve and bolster our base business, advance our technology and diversification efforts, and execute on strategic consolidation opportunities.”
John Schmitz, the Chairman, President, and CEO of Select
This is big news and should add roughly 300,000 barrels per day of daily disposal capacity to Select’s business. All of this is exciting for investors to consider and will continue to play out in the near and distant future. With that in mind, does NES stock deserve a spot on your list of penny stocks to watch right now?
Energy Focus Inc. (NASDAQ: EFOI)
Another decent gainer of the day so far is EFOI stock, pushing up by over 10% at midday. This brings EFOI’s five-day gain to a very sizable, 92%. If you’re not familiar with Energy Focus, it is an innovator in the lighting industry. Specifically, the company focuses on LED lighting as well as UVC disinfecting lights. Recently, the disinfecting market has been major for Energy Focus, as the pandemic has demanded new solutions for disinfecting.
Why is EFOI Stock Up Today?
While no news came out today for EFOI stock, there is some momentum occurring from an announcement that the company made on Wednesday, December 8th. On the 8th, Energy Focus announced that it is now selling its novo TOWER, which is expected to be delivered in January of next year.
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This device uses a UVC air disinfect and can destroy more than 99.9% of airborne pathogens. The pathogens it can destroy include mold, bacteria, and viruses (including Covid-19).
“As people and countries worldwide continue to battle SARS-CoV-2 and its unpredictable mutations and constantly evolving variants, we believe our patent-pending nUVo™ TRAVELER and nUVo™ TOWER provide uniquely powerful, filter-free and chemical-free air disinfection solutions to help create safer spaces—whether at home, in the office or as they travel.”
The CEO and Chairman of Energy Focus, James Tu
While the product in itself is exciting, it comes at a time when disinfecting spaces is more popular and necessary than ever. As a result, the company has received much more attention in the last week or so than it has in many months prior. Considering that, will EFOI be on your penny stocks watchlist this week?
Which Penny Stocks Are on Your Watchlist Right Now?
While there are hundreds of different penny stocks to choose from, only a handful are truly worth it. By doing the research and spending time figuring out how to trade penny stocks, investors can have the greatest chance for success with trading small caps. Considering all of this, which penny stocks are on your watchlist right now?
