Swing Trade Idea – October 11, 2022
- Okta (OKTA) – A play on identity management software. The space was getting some attention Tuesday morning following news of a takeover deal for peer in the space, ForgeRock (FORG), by private-equity firm Thoma Bravo.
- Matterport (MTTR) – A controversial play on the metaverse. Meta Platforms (META) will host a one-day virtual event called “Meta Connect.” The event will highlight recent updates Meta has made on its metaverse development. Attention generated from the Meta Platforms event could create trading interest in other metaverse names, like Matterport.
- Li Auto (LI) – A play on a China-based electric vehicle manufacturer. Data out of the China Association of Automobile Manufacturers Tuesday showed a slowing growth rate for the sale of cars in China. A transportation authority in China said a 25% increase in sales of automobiles over September indicated “relatively weak” growth.
- Braskem (BAK) – The target of a recent rumor. Shares of Braskem were up about 12% Tuesday morning following a rumor holding company Apollo Capital made a new offer for the company. While the source Benzinga found related to the report cited a publication named Valor, the Benzinga reporters could not find the article on that website.
- Joby Aviation (JOBY) – One of Tuesday morning’s biggest winners. Shares were up about 50% following news Delta Air (DAL) will make a $60 million equity investment in Joby. Something to remember: Joby has been a momentum name in the recent past; the issue is on the border of low-float territory with about 30 million shares in its float.