Investors are on the hunt for undervalued, underfollowed and emerging stocks and retail traders have countless methods at their disposal to uncover new information. For some, this may be overwhelming.
Benzinga’s Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks each week that are just under the surface and warrant attention.
The index layers editorial commentary to help make sense of why these stocks should be of interest and whether investors and casual readers should watch them. Here is a look at the Benzinga Stock Whisper Index for the week of May 4, 2023.
Western Alliance Bancorp WAL: Shares of banking stock Western Alliance tanked early Thursday as a Financial Times report said the company was exploring options, including a potential sale. Shares have regained a portion of their losses and are now down around 30% Thursday after the company issued a statement saying the media report is false.
“The Financial Times’ report today that Western Alliance is considering a potential sale of all or part of its business is categorically false in all respects. There is not a single element of the article that is true,” the company said in the statement.
First Horizon Corporation FHN: Banking stock First Horizon saw shares fall Thursday after the company announced its merger with TD Bank Group TD had been mutually terminated. First Horizon will receive a $200 million cash payment and a $25 million reimbursement fee related to the merger being called off. The companies cited a timetable for regulatory approvals and the worry that the deal will not get approved as reasons for the merger being called off. The decline in shares comes as several regional banks have collapsed, and the market continues to worry about liquidity issues for many banks.
Related Link: First Horizon, Western Alliance, Bank Of America And Wells Fargo Shares Are Selling Off, What's Going On?
TOP Financial Group TOP: One of the most volatile stocks over the last week has been Top Financial. Shares shot up significantly last Friday. The company said it was aware of the sharp stock movement and cautioned investors to rely on press releases and SEC filings as investors across social media made the low-float stock popular and saw it take off. Shares traded as high as $256.44 before crashing lower. Shares were down 79% on Thursday, closing at $17.48, in the continued selloff from its potential peak.
Actelis Networks Inc ASNS: Shares of Internet of Things company Actelis were surging higher Thursday on news that the company regained compliance with the Nasdaq for its share price. A reverse stock split done in April helped get shares back over the $1 threshold.
Shopify Inc SHOP: Ecommerce platform company Shopify reported first quarter financial results Thursday before market open. The company reported revenue of $1.51 billion, which was up 25% year-over-year. The revenue beat estimates from analysts. Earnings per share also came in ahead of what analysts were expecting. Shopify said it expects second-quarter revenue to grow at the same pace as the first quarter and gross margins to be similar to the first quarter.
That’s a wrap for this edition of the Benzinga Stock Whisper Index.
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