The stocks to watch today are AMC Entertainment, GameStop, Nokia, DocuSign, Moderna, and Illumina.
Over the weekend, legendary investor Jeremy Grantham warned of a superbubble and a looming recession. With stocks near multi-year highs, should they listen to the bear?
Grantham cited Elon Musk, the Fed, and the meme-stock mania of 2021 in the discussion of the superbubble. Two years have passed since the days of excess money, stimulus checks, and low-interest rates lifting stocks.
Most of the meme stocks like AMC Entertainment (AMC), GameStop (GME), and Nokia (NOK) are lower. Traders are watching the stock patterns of those firms. If they weaken considerably in the days ahead, it may indicate the frenzied stock trading is losing momentum.
Post-pandemic stocks traders will watch include DocuSign (DOCU) and Moderna (MRNA). With the former, rumors are circulating that DocuSign is seeking a buyer. The stock is over-priced, so traders should not expect a big premium from here.
Moderna, best known for its mRNA Covid vaccine, posted good clinical data for its skin cancer therapy. Along with its partner Merck (MRK), the companies said that the mRNA-based skin cancer regimen reduced the risk of disease recurrence or death by 49%. This is on patient follow-up data of around three years.
Elsewhere in the biotech space, Illumina (ILMN) is on watch. The firm will divest itself of the cancer-test maker Grail. This follows Illumina’s loss in its legal fight against U.S. antitrust regulators.
