What’s Happening In The Stock Market Today
If you’re wondering what’s going on in the stock market today, or trying to find the best penny stocks to buy now, understand that global tensions have heated up over the weekend in the Middle East. This followed an incursion by armed militants into Israeli territory.
According to reports, the surprise attack resulted in hundreds of casualties on both sides. The militant group claimed the attack was in response to alleged provocations by Israel. However, Israeli officials condemned the attack as an unprovoked act of aggression and vowed retaliation.
The flare-up comes at a volatile time in the region, as decades-old divisions have recently worsened thanks to various geopolitical factors. Some analysts argue that the latest violence could lead to wider instability and roil global energy markets, at least in the short-term. Others contend that the conflict is unlikely to significantly disrupt oil supplies and that the broader impact on financial markets will be limited. Meanwhile, the overall market is trying to hold onto gains from Friday’s massive breakout.
Despite the stock market being down today, major indexes, including the S&P 500 (NYSEARCA: SPY) remain higher compared to prices at the end of last Thursday’s session. Strong jobs data reignited investor confidence in economic strength in the US. Now, the contention lies in the uncertainty of political unrest in the Middle East.
Stock Market News & Penny Stocks
Generally speaking, penny stocks tend to disconnect from broader market trends. That doesn’t mean some cheap stocks drop with the market while others rise at other points in time. What it does mean is that penny stocks are heavily influenced by speculation and hype. For instance, a company like Hub Cyber Security (NASDAQ: HUBC), which is an otherwise very quiet penny stock, exploded in the stock market today. There haven’t been any news headlines from the company in months and daily volumes are extremely low.
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However, with the rise of interest in cybersecurity stocks, low-priced names like HUBC have gained speculative attention. What does the company do? It isn’t going to be competing with the likes of Palo Alto Networks (NASDAQ: PANW) anytime soon from the look of earnings.
However, this speculation has helped fuel a move that has allowed HUBC stock to far outpace anything PANW stock has done on Monday. Even though the leading cybersecurity name is having one of its best days in a while, shares are up a modest 2%. Meanwhile, HUBC jumped 100% from Friday’s close to Monday’s high.
Penny Stocks To Buy Now? 3 To Watch
This trend of speculative momentum has also impacted other penny stocks. Here is a list of penny stocks to watch this week gaining ground on Monday.
Genius Group Ltd. (NYSEAMERICAN: GNS)
The education technology has seen its share prices climb since late last week. Attention on tech stocks, in addition to speculation, has combined to help bring more attention to Genius Group.
In its recently posted earnings from the first half of the year, the company highlighted several key initiatives that have helped boost progress. “We are extremely pleased with the revenue growth we have achieved in the first six months of 2023 and anticipate reporting even stronger numbers for the second half of the year,” said Roger Hamilton, CEO of Genius Group.
“With the launch of our Genie AI and Genie Metaversity, providing AI-driven personalized learning and virtual global classrooms, we are well positioned towards our long-term goal of impacting 100 million students globally with the 21st century skills they need to succeed.”
Genius realized a 120.76% increase in first-half revenue compared to 2022. Gross margin for the period jumped over 50%. Meanwhile, the company expects to hit $26 million to $29 million in revenue this year and anticipates an increase of 27% to 33% in the number of students and users.
T2 Biosystems Inc. (NASDAQ: TTOO)
Last week we highlighted T2 Biosystems for its unusual options activity. In the article, Trading Options on Penny Stocks: Risks, Rewards, and Strategy, we discussed activity in the $0.50 Call Options expiring February 16, 2024. This week, the action seems to be in a more near-term contract, that being the October 20, 2023 $0.50 Calls.
The company has gained attention thanks to its portfolio of detection platforms for pathogens and specific genes. Its products include the T2Dx® Instrument, the T2Bacteria® Panel, the T2Candida® Panel, the T2Resistance® Panel, and the T2SARS-CoV-2™ Panel and are powered by the proprietary T2 Magnetic Resonance (T2MR®) technology.
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Last quarter, T2 received FDA breakthrough device designation for its candida auris diagnostic test. It’s the third T2 product to receive the title. The device is a direct-from-blood molecular diagnostic test to detect C. auris in 3-5 hours.
Heading into October, there’s more attention being place on the next round of earnings. If you’re looking at TTOO stock due to the increase in momentum, this could be one of the sources of speculation sparking momentum.
Sirus XM Holdings (NASDAQ: SIRI)
The audio entertainment company has been a long-standing name in satellite radio. Shares have made a rebound over the last few sessions, thanks to recent M&A news.
This month, the company announced the formal release date for its Q3 results. However, what has come into a more certain focus is the company receiving an offer from Liberty Media Corporation to combine Liberty’s Liberty SiriusXM tracking stock group with SiriusXM.
Analysts appear optimistic about the proposal. Deutsche Bank Securities said in a note that this will help the company achieve its goal of eliminating the net asset value discount.
