Daily Trade Ideas – February 23, 2022
Today’s 5 Stock Ideas:
- American Axle (AXL) – A sympathy play following news out of peer in the auto parts space, Tenneco (TEN). Tenneco shares were up nearly 100% following news it will be acquired by Apollo (APO).
- Overstock.com (OSTK) – A play on blockchain and digital assets. Shares were up 11% Wednesday morning following news Tuesday evening owner of the NYSE, Intercontinental Exchange (ICE), made an investment in Overstock’s tZERO digital assets platform.
- Indonesia Energy (INDO) – A momentum play from this week. The stock was up another 13% Wednesday morning following a 40+% rally on Tuesday. The Benzinga newsdesk team did not see any specific news to justify the move higher. Indonesia Energy is a “low-float play” with about 2 million shares in its float.
- Quanergy (QNGY) – A special purpose acquisition corporation (SPAC) redemption play from this week. Shares of several former SPACs saw increased investor attention and volume this week — Quanergy being one of those. Quanergy Wednesday morning announced it’s smart LiDAR technology was selected by Digital Mortar.
- Mullen Technologies (MULN) – A penny stock play on the electric vehicle industry. Shares were up 30% in pre-market action Wednesday. The Benzinga newsdesk did not see news to justify the move higher.