Pre-market Movers: ZTEK, LBPS, ALLG, CNTG, GAN…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.50 A.M. ET).

In the Green

Zentek Ltd. (ZTEK) is up over 109% at $5.71
4D pharma plc (LBPS) is up over 61% at $7.55
Allego N.V. (ALLG) is up over 24% at $10.34
Femasys Inc. (FEMY) is up over 16% at $2.20
Gravity Co., Ltd. (GRVY) is up over 11% at $55.60
Good Times Restaurants Inc. (GTIM) is up over 11% at $4.29
The Marygold Companies, Inc. (MGLD) is up over 11% at $2.09
TMC the metals company Inc. (TMC) is up over 10% at $2.43
Koss Corporation (KOSS) is up over 7% at $10.35

In the Red

Centogene N.V. (CNTG) is down over 22% at $3.28
GAN Limited (GAN) is down over 17% at $4.50
FirstMark Horizon Acquisition Corp. (FMAC) is down over 16% at $8.22
Piedmont Lithium Inc. (PLL) is down over 8% at $69.06
Virios Therapeutics, Inc. (VIRI) is down over 8% at $5.01
Rice Acquisition Corp. (LFG) is down over 7% at $18.16
Ermenegildo Zegna N.V. (ZGN) is down over 7% at $10.04
JX Luxventure Limited (LLL) is down over 5% at $4.15

Petco Health And Wellness Reaffirms FY22 Outlook

Petco Health and Wellness Company, Inc. (WOOF) reaffirmed its fiscal 2022 guidance. The company continues to project: adjusted earnings per share of $0.97 – $1.00; and net revenue of $6.15 – $6.25 billion.

Petco Health + Wellness also announced its long-term financial framework. Adjusted net income growth is projected at low double digits, and revenue growth is estimated at high single digits.

Ron Coughlin, CEO of Petco, said: “We are defining the future of pet parenting in an incredibly high growth and economically resilient category. Our ecosystem is built to capture the market opportunity and positions us as a leader of what we call Retail 3.0. As we build on last year’s incredible performance, we’re emerging stronger and more confident that our strategic moats position us to compete and win.”

U.S. Business Inventories Jump 1.1% In January, Matching Estimates

Business inventories in the U.S. increased in line with economist estimates in the month of January, according to a report released by the Commerce Department on Wednesday.

The report showed business inventories jumped by 1.1 percent in January after surging by an upwardly revised 2.4 percent in December.

Economists had expected business inventories to shoot up by 1.1 percent compared to the 2.1 percent spike originally reported for the previous month.

Retail inventories continued to lead the way higher, leaping by 2.0 percent in January after soaring by 4.7 percent in December.

The report showed wholesale and manufacturing inventories also increased by 0.8 percent and 0.7 percent, respectively.

Meanwhile, the Commerce Department said business sales spiked by 3.7 percent in January after falling by 0.5 percent in December.

Retail and wholesale sales skyrocketed by 5.7 percent and 4.0 percent, respectively, while manufacturing sales jumped by 1.2 percent.

With sale surging by much more than inventories, the total business inventories/sales ratio dropped to 1.25 in January from 1.29 in December.

U.S. Homebuilder Confidence Drops More Than Expected In March

The National Association of Home Builders released a report on Wednesday showing a bigger than expected decrease in U.S. homebuilder confidence in the month of March.

The report showed the NAHB/Wells Fargo Housing Market Index dropped to 79 in March from a downwardly revised 81 in February. Economists had expected the index to edge down to 81 from the 82 originally reported for the previous month.

The NAHB noted the index dropped below 80 for the first time since last September as increasing development and construction costs have taken a toll on builder confidence even as buyer demand remains relatively solid.

The bigger than expected decrease by the index came as the gauge measuring sales expectations in the next six months plunged to 70 in March from 80 in February.

The index gauging current sales conditions also fell to 86 in March from 89 in February, while the component charting traffic of prospective buyers rose to 67 from 65.

On Thursday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of February.

Housing starts are expected to jump by 3.2 percent to an annual rate of 1.690 million, while building permits are expected to slump by 2.4 percent to a rate of 1.850 million.

Adobe Slips On Weak Outlook

Adobe Inc. (ADBE) is sliding on Wednesday morning trade after the company reported a weak outlook for the second quarter, despite higher profits for the first quarter.

Looking ahead to the second quarter, Adobe expects revenues of about $4.34 billion and adjusted earnings of around $3.30 per share. Analysts currently estimate revenues of $4.41 billion and earnings of $3.35 per share.

Creative Medical Technology Stock Surges 70% On Positive Results From StemSpine Pilot Study

Shares of Creative Medical Technology Holdings, Inc. (CELZ) surged nearly 70% on Wednesday morning after the company announces positive top-line results for StemSpine pilot study.

CELZ is currently trading at $2.885, up $1.185 or 69.7059%, on the Nasdaq, on a heavy volume of 77.6 million shares, above average volume of 2.5 million shares.

Creative Medical Technology announced positive two-year follow-up data for its StemSpine pilot study, showing significant efficacy of the StemSpine procedure for treating chronic lower back pain without any serious adverse effects reported.

StemSpine is a patented procedure that utilizes a patient’s own bone marrow aspirate for the treatment of chronic lower back pain.