Trading Penny Stocks Today? Here’s What You Need to Know
With another day of trading penny stocks and blue chips here, there’s a lot for investors to know. This is especially true following yesterday’s major stock market drop with the Dow posting an over 600 point loss.
Today, however, we’re witnessing stock futures pushing up and some losses being turned around. For this reason, let’s take a closer loo at what to know with penny stocks today.
What to Know About Trading Penny Stocks Today
Early Wednesday morning, stock futures began pushing up following a large sell-off on Tuesday, January 18th. Yesterday, major banks such as Goldman Sachs reported earnings, with less than stellar results. This brought the stock market down to its lowest level since October. However today, more earnings came out from companies such as Bank of America Corp. (NYSE: BAC), which beat estimates for both loan growth and profits in its consumer banking sector.
Additionally, Procter & Gamble Co. (NYSE: PG) reported beating expectations with a raised sales guidance as well. On top of this, we are seeing treasury yields begin to push up with the 10-year benchmark yield coming close to 1.9%. This would be its highest level since January of last year. And lastly, the price of oil is climbing as well with U.S. West Texas Intermediate crude oil futures pushing above $86 per barrel right now.
Investors seem to be coming to terms with the fact that interest rates will mostly likely rise in March. And because of this, we could begin to see this bearish volatility slow down in the coming weeks. So, with all of this positive sentiment in the market, we could be in a potentially better spot than we were just a day ago.
4 Penny Stocks That Are Climbing in Premarket
- Bakkt Holdings Inc. (NYSE: BKKT)
- Fresh Vine Wine Inc. (NYSE: VINE)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
- Orphazyme (NASDAQ: ORPH)
Bakkt Holdings Inc. (NYSE: BKKT)
During morning trading, shares of BKKT stock gapped up by as much as 20% following big news. The company announced today that it has created a partnership with the digital asset company, Nexo. The goal with this is to custody crypto assets which will utilize Bakkt’s BTC and ETH storage warehouse. With cryptocurrency in focus right now, this move is a big one and could be worth considering.
Fresh Vine Wine Inc. (NYSE: VINE)
With a five-day gain of over 23%, shares of VINE are on the rise following its recent IPO. The latest news from the company comes as Kaskaid Hospitality’s Crave restaurants have partnered with the company to offer a variety of wine pairings with its meals. Now, Fresh Vine Wine’s will be available at all of Crave’s 12 locations for several weeks.
“We are honored to partner with Fresh Vine Wine offering our Crave customers the opportunity to enjoy the unique collection of bold, crisp, and creamy wines that embody a deeper connection with the active lifestyles our likeminded customers live.”The CEO of Kaskaid, Kat Talebi
With this in mind, will VINE be on your list of penny stocks to watch?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Another decent premarket gainer is TNXP stock, pushing up by around 2%. While no company-specific news is driving this gain, we can look at some recent announcements. The company is working on the production of a Covid vaccine known as TNX-1800, which is a live replicating viral vaccine. It has already tested this on animals, with positive response fourteen days following vaccination. While this vaccine candidate is not yet on the market, this is one of the main reasons that TNXP stock has been pushing up in recent weeks.
Orphazyme (NASDAQ: ORPH)
ORPH is another biotech penny stock moving in premarket trading. The reason for this comes as the company updated its financial outlook for 2021. This improved financial outlook is due to the review of preliminary unaudited results for the year ending on December 31st, 2021. However, the full year will not be published until mid-March of this year.
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The company has increased its cash position guidance by roughly DKK 20 million with its net revenue guidance pushing up by DKK 5 million on the low end. This exciting news shows that ORPH is growing right now, and could be worth keeping an eye on.
Are Penny Stocks Worth Buying?
While it’s hard to say with certainty if penny stocks are worth it or not, there is a lot of opportunity in the market right now. With so much movement however, investors need to have a thorough understanding of exactly what is going on and how to take advantage. Considering all of this, do you think that penny stocks are worth buying or not?
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