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FOCUS LIST🔎

SQNS – Up over 200% in the pre-market after announcing sale of 4G IoT technology to Qualcomm for $200million and Q2 earnings

OKYO – Up over 20% in pre after announcing the Chairman acquires shares

CAVA – Up over 9% in pre, at all-time highs after reporting better than expected earnings, guidance

HOTLIST🔥

SQNS – Up over 200% in the pre-market after announcing sale of 4G IoT technology to Qualcomm for $200million and Q2 earnings

Sequans Communications S.A. (SQNS) engages in the fabless designing, developing, and supplying of cellular semiconductor solutions for massive and broadband internet of things markets in Taiwan, Asia, Germany, the United States, and internationally.

In the pre-market this morning, the company announced that they have entered into a definitive agreement for Qualcomm to buy Sequans’ 4G IoT technologies. The acquisition includes certain employees, assets and licenses. The transaction is subject to customary closing conditions, including French regulatory approval.

The deal Strengthens Qualcomm’s Industrial IoT portfolio, offering low-power solutions for reliable, optimized cellular connectivity for IoT applications

Expands and accelerates Qualcomm’s leadership position in digital transformation at the edge

Sequans retains license of the 4G IoT Technology for its ongoing use and will continue to serve its IoT markets with a strengthened balance sheet

Sequans maintains full ownership of its 5G technology

Based on yesterday’s close, SQNS had a market cap of just $33.6 million according to Finviz.

SQNS stock traded up over 200% in the pre-market in reaction to the announcement.

The $1.30 area acted as support in the pre-market and will be an important level to watch.

Above it, targets to the upside are $1.50, $1.60, $1.80 and then the pre-market high at $1.83. Beyond that, $2, $2.30 and $2.50 come into play.

Below $1.30, targets to the downside are $1.24, $1.13, $1, $0.90, $0.80 and then $0.60.

OKYO – Up over 20% in pre after announcing the Chairman acquires shares

OKYO Pharma Limited (OKYO) is a clinical-stage biopharmaceutical company, develops therapeutics for patients suffering from inflammatory eye diseases and ocular pain in the United Kingdom.

In the pre-market this morning the company announced that it has been notified that Panetta Partners Limited, an entity in which Gabriele Cerrone, the Executive Chairman has a beneficial interest, purchased 50,000 of the Company’s ordinary shares on NASDAQ at a price of US$1.05 per share. This brings the total shareholding of Mr Cerrone to 9,721,570 shares which is 28.73% of issued share capital.

The stock traded up over 20% in the pre-market in reaction to the news.

OKYO found buyers at the $1.05 level after the news was announced and that will be an important level to watch.

Above it, targets to the upside are $1.20, $1.30, $1.40. $1.50 and then the pre-market high at $1.56. Beyond that, $1.60, $1.75 and $1.90 come into play.

Below $1.05, targets to the downside are $1, $0.96, and $0.8988.

CAVA – Up over 9% in pre, at all-time highs after reporting better than expected earnings, guidance 

CAVA Group Inc. (CAVA) owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores.

In the after-hours yesterday, the company reported Q2, 2024 financial results.

Highlights include:

• Revenue: $233.5 million versus $219.5 million

• Adjusted earnings per share: $0.17 versus $0.13

• Same-store sales growth: 14.4% versus 7.45%

Same-store sales jumped 14.4%, more than the 7.45% Wall Street expected. Sales growth was driven by higher foot traffic (up 9.5% year over year), an increase in menu price, new locations, and the launch of grilled steak on June 3.

The company raised its fiscal 2024 outlook for restaurant openings, sales growth, and restaurant-level profit margin.

It now expects sales growth of 8.5% to 9.5%, up from 4.5% to 6.5% in Q1 and its previous guidance of 3% to 5%.

The total number of new restaurants will now be between 54 and 57, up from 50 to 54. The restaurant-level profit margin is expected to be between 24.2% and 24.7%, up from 23.7% to 24.3%.

In Q2, Cava opened 18 new locations, bringing the total to 341. That’s compared to 14 new locations in Q1.

CAVA made new all-time highs this morning on the back of the earnings report. According to Finviz the stock still has a short float of just over 10% based on yesterday’s close.

The stock traded up over 9% in the pre-market this morning in reaction to the news.

The first target for bulls is the pre-market high at $112.25.

Above it, is all-time highs and blue sky. Round number levels such as $115, $120, $125 and $130 come into play.

Below $112.25, targets to the downside are $110, $108, $106.50, $105 and then a gap fill at $101.98.

MARKET NEWS 📰

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