Market Movers, June.05th

Rewalk Robotics Ltd up almost 200% on FDA clearance of exo-suit for stroke survivors. Quite the lottery ticket! We did a report on them recently, and maybe we were just a little bit too pessimistic. Good job RWLK. We are happy for you, and congrats to anybody who bought it! Launch price for the suit is 28k! You’ve done a great service to society RWLK. Link to the press release

Dow futures up 170 points at 7:02 AM. Sarah Bloom Raskin, a former Federal Reserve governor who sat on the board from 2010 to 2014 said today on CNBC’s Squawk Box, “I think Chairman Powell has given a message to markets that’s indicating that a rate cut is coming. This is, in essence, a very strong signal that the FOMC is actually ready to talk about cutting rates.” Hopefully she is right. It would be great for the markets

CRON up 7.63% at 7:09am in the premarket. Marijuana stocks were hot yesterday, so we are seeing some follow through this morning. They should make for some nice day trades today.

Sientra, a breast implant company, announced the “upsizing” of its previously announced public offering. Proceeds are expected to be 100 million. Link

GameStop Corp. , one of the many victims of the decline in brick and mortar shopping patterns(ever been to a mall lately, not so busy anymore you might have noticed), reports the elimination of their quarterly dividend, along with extremely disappointing 1st quarter fiscal results. Down 29.1% at 7:47am in the premarket on 223,851 shares traded so far

Inflarx N.v. is down 80% after reporting IFX-1 trials demonstrated no statistical difference in comparison to placebo.

Ambarella, Inc. (NASDAQ: AMBA) reports 1st quarter results, up 9% after reporting struggling Chinese sales because of geopolitical tensions between the U.S and China.
Compared to the same quarter last year:
-Revenue  down 17%
-GAAP Gross margin down 2.3%
-GAAP net loss was up 7.3 million
-Cash and cash equivalents was down $48 million compared to the same quarter in the prior year, but up $7 million compared to the immediately preceding quarter
“Our team continues to build the foundation for the multi-billion dollar growth opportunity in the AI and computer vision (CV) market. Despite the increasingly volatile and uncertain geopolitical environment, which we continue to highlight, Ambarella’s execution remains strong,” said Fermi Wang, President and CEO. “We expect mass production revenue in the current quarter from our second CV device, CV25, and with multiple CV devices now in production, with more CV design wins, and with new technology and products in development, we see three CV revenue waves taking shape; first in the professional security camera market, followed by the consumer security camera market and the automotive market.”
Link to full report

Pivotal Software down 30% after ratings downgrade and lower sales guidance. reports that Credit Suisse lowered price target to $20.00 from $25.00, read Claudia Assis’s report at Marketwatch

From 8k “Biomerica, Inc, BMRA, signed an Exclusive Distribution Agreement  with MaxHealth Medical International Limited in Hong Kong and MaxHealth Medical Group in China Biomerica, Inc, BMRA, signed an Exclusive Distribution Agreement for the sale and distribution of Biomerica’s EZ Detect Test for occult blood in the stool”, up 30% premarket.

“The agreement calls for an initial order and prepayment of $100,000 of EZ Detect due simultaneously with the execution of the Agreement, and an additional prepayment of $900,000 towards the future purchase of EZ Detect due upon the clearance of Chinese customs of the initial order of $100,000. In order to retain exclusivity in the Region, Maxhealth must meet annual minimum purchase requirements over the next seven years, which minimum purchase requirements in aggregate equal $17,000,000. Read more

 Guggenheim’s Michael Morris gives ROKU a buy rating, up 6% on 11.599M shares. Currently second on the volume list today behind RWLK. “We recognize the heightened risk associated with the company’s high relative valuation but believe that at its current $10.6 billion market capitalization, Roku’s asset value is compelling given its strong and growing household penetration,” Read more

View Michael Morris’ success rate

Stay tuned for updates!!

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