Thursday Morning Pre-Market Insights: Direxion Daily CSI 300 China A Share Bull 2X Shares, IntelliPharmaCeutics Intl Inc (USA), iDreamSky Technology Ltd (ADR), QLogic Corporation
Direxion Daily CSI 300 China A Share Bull 2X Shares (NYSEARCA:CHAU) soared nearly 27% in pre-market trading on Thursday to $26.99 as China’s downward-spiraling stock exchange began showing signs of stabilizing. The Chinese stock exchange began falling last week after a year of surging thanks to people borrowing money in order to buy stocks. China put security measures in place in an attempt to halt the impending crash. China’s stock exchange initially fell in trading on Thursday morning but then began to rebound, finally closing 6% up from where it opened.
IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI) shares jumped more than 10% in pre-market trading to $3.14 after the Toronto based pharmaceutical company received welcomed news from the FDA. Last month, the company indicated that the FDA was imposing new guidelines on certain strengths of Focalin, a drug produced by the company, which must be met before receiving final approval. However, yesterday the company indicated the FDA was rescinding these revised requirements. The already-approved Focalin capsules of 15mg and 30mg are not impacted. According to TipRanks, 2 analysts have given the stock bullish ratings in the past 3 months. The average 12-month price target for the stock is $7.50, marking more than 164% potential upside from where the stock is currently trading.
iDreamSky Technology Ltd (ADR) (NASDAQ:DSKY) shares increased more than 10% in pre-market trading to $10.60 since the Chinese stock market slightly rebounded. The company is the largest mobile game publishing platform in China but has been falling since the Chinese stock markets began to drop. Stocks rose today as a result of security measures implemented by government, such as the government’s decision to broker a deal in with 21 brokerages Chinese companies created a $19.4 billion fund to buy up shares of large companies. According to TipRanks, 2 analysts have given the stock bullish ratings in the past 3 months. The average 12-month price target on the stock is $13, marking a 35% potential upside from where the stock is currently trading.
QLogic Corporation (NASDAQ:QLGC) shares fell more than -17% in pre-market trading down to $11.50 after the California-based computer networking company released preliminary results for its first quarter earnings. The company had initially forecast quarterly revenue between $124 million and $132 million, though revised this estimate to $113 million. The company blames the revised revenue on “general weakness” in enterprise server and storage markets. QLogic expects to report diluted GAAP earning per share between $0.00 and $0.01. According to TipRanks, 1 analyst has given the stock a neutral rating in the past 3 months with a $15 price target, marking a potential 7.3% upside from where the stock is currently trading.