Daily Stock Ideas – May 11, 2021
Today’s 5 Stock Ideas
- SPDR Gold Trust (GLD) – Despite bearish sentiment in the stock market by retail investors, stocks (as measured by the S&P 500 index) were down only about 2% from all-time highs. The VIX, an inverse measure of volatility impacting options contracts, was up about 25% over the last few trading sessions but recently traded at a level seen in late March. Amid periods of increasing volatility, gold can often times be used as a hedge. While gold was up about 10% since recent lows set at the end of March, it is still well off the 2020 high around $2,089 per ounce.
- AMC Entertainment (AMC) – Shares rallied over an important technical level at $10 in Monday’s post-market trading session. The Benzinga newsdesk did not see any news to justify the move higher. The stock sold off in pre-market action but initial showed support at the $10 level. Shares traded around $9.82 in Tuesday’s pre-market session.
- Coinbase (COIN) – The stock was down about 5% Tuesday morning despite a couple arguably positive news items: 1. Oppenheimer initiated coverage on Coinbase with an Outperform rating and $434 price target and 2. ARK Invest’s Cathie Wood showed the purchase of Coinbase in her nightly portfolio alert.
- Heron Therapeutics (HRTX) – The FDA will rule on the company’s New Drug Application for its postoperative pain candidate. The action date is set for Wednesday of this week.
- Flexion Therapeutics (FLXN) – Preliminary data from the company’s Phase 1 trial of its intra-articular gene therapy candidate for osteoarthritis is expected out Tuesday.