COMSovereign Holding Stock Gains 17%

Shares of COMSovereign Holding Corp. (COMS) are gaining over 17% on Monday morning after announcing an 80% year-over-year reduction of outstanding secured debt.

COMS is currently trading at $5.12, down $0.77 or 17.71%, on the Nasdaq, on a huge volume of 5 million shares, above average volume of 0.7 million. The stock opened its trading at $5.27 after closing previous day’s trading at $4.35. The stock has traded between $4.20 and $95.00 in the past 52-week period.

COMSovereign Holding, a U.S.-based developer of 4G LTE Advanced and 5G communication systems, provided an update on its debt reduction efforts. As of December 31, 2022, outstanding secured debt totaled about $2.2 million, representing a reduction of approximately 80% from levels reported for the year ended December 31, 2021.

“Central to our business transition efforts is having a solidified financial foundation, not only by refocusing our operations and cutting costs, but substantially reducing or eliminating our senior secured and convertible debt, which can provide COMSovereign with added fiscal flexibility. We are grateful for our lender’s ongoing support which is enabling us to execute on our plan and complete our required regulatory filings,” said David Knight, CEO and President of COMSovereign.

European Shares Set For Positive Opening

European stocks are likely to open on a positive note Tuesday despite lingering worries about higher interest rates.

Amid much uncertainty about the U.S. economic will perform this year, investors now await a planned speech by Fed Chair Jerome Powell at the Economic Club of Washington later in the day for directional cues.

German industrial production for December and a speech from ECB policymaker Isabel Schnabel may also sway sentiment as the day progresses.

Asian markets traded mixed while a weaker dollar helped gold and oil prices push higher.

The dollar slipped but still hovered near a one-month peak as U.S. Treasury Secretary Janet Yellen said she saw a path for avoiding a U.S. recession.

Oil prices rose over 1 percent as Monday’s earthquake led to the halting of export operations at one of the oil terminals in Turkey.

U.S. stocks fell for a second day running overnight amid concerns the Fed might keep interest rates higher for longer to combat inflation.

The Dow slipped 0.1 percent, the tech-heavy Nasdaq Composite lost 1 percent and the S&P 00 shed 0.6 percent.

European stocks fell notably on Monday in the wake of rising Sino-U.S. geopolitical tensions and heightened fears that the Fed might continue its rate hike trajectory.

The pan-European STOXX 600 declined 0.8 percent. The German DAX and the U.K.’s FTSE 100 both gave up around 0.8 percent while France’s CAC 40 index tumbled 1.3 percent.

Fastly Spikes 19%

Shares of Fastly, Inc. (FSLY) are progressing more than 19 percent on Monday morning trade after reports of Bank of America upgrading the stock to Buy from Underperform.

Currently, shares are above its 200-day moving average and trading at $11.81, up 19.60 percent from the previous close of $9.87 on a volume of 6,592,799.

European Economic News Preview: Swiss Inflation Data Due

Consumer prices from Switzerland is the only major data due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, the Turkish Statistical Institute is set to release retail sales data for December.

At 2.30 am ET, the Federal Statistical Office is scheduled to issue Swiss consumer prices for January. Inflation is forecast to rise slightly to 2.9 percent from 2.8 percent in December.

In the meantime, industrial and construction figures are due from Hungary.

At 8.00 am ET, foreign trade and current account reports are due from Poland.

Scilex Holding Stock Slips 30%

Shares of Scilex Holding Company (SCLX) are slipping over 30% on Monday morning. Scilex, a majority-owned subsidiary of Sorrento Therapeutics, on Sunday announced that it acquired rights to FDA-Approved Elyxyb in the U.S. and Canada for the acute treatment of migraine.

SCLX is currently trading at $6.63, down $2.98 or 31.01%, on the Nasdaq. SCLX opened its trading at $7.60 after closing previous day’s trading at $9.61. The stock has traded between $2.87 and $11.69 in the past 52-week period.

Elyxyb is an oral solution of celecoxib, formulated using a self-micro emulsifying drug delivery system that improves solubility and bioavailability of the drug leading to better absorption.

Opera Stock Gains 11%

Shares of Opera Limited (OPRA) are gaining over 11% on Monday morning. Opera, on last Friday, announced that it is adding ChatGPT integration for webpage and article summaries.

OPRA is currently trading at $8.49, up $0.88 or 11.56%, on the Nasdaq. The stock opened its trading at $8.30 after closing previous day’s trading at $7.61. The stock has traded between $3.92 and $9.12 in the past 52-week period.

In an official blogpost, Opera announced that it is “integrating AI-generated content (AIGC) services into its PC and mobile browsers.” The company is also “taking steps towards expanding its existing AI program into AIGC for its browser, news and gaming products through its own solutions and new as well as existing partnerships.”

US Covid-metrics Thin In Last Fortnight

All Covid-related metrics have shown a downward trend in the past fortnight in the United States, according to latest data by the New York Times.

Covid positive cases decreased by 14 percent in the last two weeks while deaths from the pandemic fell by 15 percent.

Covid test positivity has fallen to 10 percent.

Covid hospitalizations in the U.S. dwindled by 12 percent. The number of I.C.U. admissions due to the worse stage of the viral disease decreased by 13 percent.

29,138 people are hospitalized due to Covid. 3624 of these patients are admitted in intensive care units.

With 2469 new cases of coronavirus infection reporting on Sunday, the total U.S. Covid cases reached 102,850,877, as per Johns Hopkins University’s latest data.

The total number of people losing their lives due to coronavirus infection in the country rose to 1,114,378.

A total of 102,015,767 people in the U.S. have recovered from the killer disease so far, Worldometers data shows.

369 additional deaths were reported globally on Sunday, taking the total number of people who lost their lives due to the pandemic so far to 6,854,184.