NYSE Stocks In Action: LUMN, FUBO, DNA, NUVB, BKSY
There have been a large number of stocks that have come into focus among investors over the course of the past week or so. However, it is not possible for investors to track all those stocks concurrently. Hence, there is a need to be a bit more selective. Here is a quick look at five stocks that may be worth adding to the watch list at this point.
Lumen (NYSE:LUMN) – On Wednesday, the Lumen stock was one of the notable movers as it jumped by 16.70%. There was a sector-wide rally in the United States telecom space amidst the reassessment of risks from investors due to recent reports about lead copper-coated cables.
Telecom giant AT&T revealed that less than 10% of its copper wire telecom network deployed lead-coated cables. That prompted a rally in the AT&T stock and in the wider sector. On July 9 the Wall Street Journal reported the lead contamination risk from such telecom wires. However, it should be noted that Lumen is making a transition from copper-based wires to fiber lines.
The company’s legacy operations still make up a significant portion of its revenues. Despite the rally that was witnessed yesterday, the Lumen stock is still down by as much as 64% so far this year.
FUBO TV (NYSE: FUBO) – FUBO stock has soared by 78% so far this year and hence, it may be a good idea to take a closer look into it. In the past month alone, the stock has soared by 58%. Despite the stupendous gains, the stock is still down by 95% from its all-time high hit during the meme stock frenzy in 2021.
The company offers cable TV and entertainment television bundles for online streaming. However, unlike many mainstream streamers, FUBO TV is mainly involved in offering super niche sports content. For monthly plans in the range between $75 and $100 before taxes, a user can watch his local baseball team in action. Such sports content is not often available on the more popular streaming services.
The company generated $324 million in revenues through subscriptions in the last quarter but the gross profits came to only $3.2 million. That worked out to only 1%. It remains to be seen if the company can start generating profits any time soon.
Ginkgo Bioworks (NYSE: DNA) – was another major move and closed up by over 8%. The stock has been trending higher over the past month with a gain of 35%.
The company is involved in creating a platform for biosecurity and cell programming. On July 19, it was in focus after it announced that it had bagged an $18 million contract spanning four years to re-imagine the process of synthesising complex therapeutic proteins.
Gingko is a member of the Reimagining Protein Manufacturing (RPM) project of DARPA. The company aims to provide path-breaking advancements in the field of on-demand protein manufacturing. It wishes to do so by deploying Cell-Free Protein Synthesis (CFPS) for enabling fast, high-yield, distributed production of human therapeutic proteins.
These proteins are meant for supporting the objectives of national security. The Chief Executive Officer and co-founder of the company Jason Kelly spoke about the situation as well. He noted that there was an understanding that there were considerable risks to pharmaceutical industry supply chains. One of the best ways of combatting such a state of affairs was to come up with distributed manufacturing at the point of care. The process re-imagines a future in which complex biologics could be produced on-demand but locally. That would take away the security risks.
Nuvation Bio Inc (NYSE: NUVB) – The biopharmaceutical company is involved in developing a range of therapeutics to treat some of the unmet needs in oncology. On July 1 Nuvation Bio Inc announced that it had formed a Scientific Advisory Board. The board would work concurrently with the management team at the company so as to advance the therapeutic candidates pipeline targeted at some of the most difficult-to-treat variants of cancer.
The founder, president, and Chief Executive Officer of the company David Hung spoke about the move. He noted that the board had six founding members, each of whom were leaders in their own right in the fields of oncology drug and clinical development. He went on to add that the management looked forward to collaborating with the Scientific Advisory Board at Nuvation Bio.
NUVB stock went up over 6% in Wednesday’s trading session and closed at $1.91 on average-volume.
BlackSky Technology Inc (NYSE: BKSY) – On June 26 BlackSky Technology Inc announced that it had been added to the broad market Russell 3000 Index. It had gone into effect following the closure of United States markets on June 23, 2023.
The membership would be applicable for a year and implies automatic inclusion in the Russell 1000 index in addition to the relevant value and growth indexes. Last week the company announced that it had been awarded a contract worth $30 million spanning multiple years to provide real-time high-frequency on-demand imagery services to an unnamed global defense sector client.
The stock moved up 3.561% to $2.01 in yesterday’s trading session. The stock has surged over 30% so far this year.
