After Elon’s glib response, buy the dip?

Good day, 360!

Here are our top 3 investing ideas today -- plus a special invitation for 360 readers to attend today's LottoX session featuring 0DTE trades (zero days to expiry). May the odds be ever in your favor!

BPTS - Up over 60% after partnering with French company for Covid-19 treatment 

OKTA - 16% higher after CRUSHING earnings expectations and issuing strong guidance

TSLA - Investor Day disappoints, buy the dip?

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BPTS - Up over 60% after partnering with French company for Covid-19 treatment

Biophytis (BPTS) announced this morning that it had cut a deal with Intsel Chimos to operate its drug Sarconeors (BIO101) in France for treatment of COVID-19, sending the stock over 60% higher in pre-market.

BPTS has gone down over 90% in the last 18 months so this positive news has given investors a sign of life in the stock for future prospects for the business.

The $0.58-$0.60 area has been a support level in the pre-market and should be an important pivot level today.

Above it potential resistance levels are $0.67 and then $0.72 with the pre-market high of $0.81 being a major target for bulls. Above that $0.90 and the major psychological level of $1 come into play. 

OKTA - 16% higher after CRUSHING earnings expectations and issuing strong guidance

OKTA reported Q4 EPS of $0.30 vs $0.09 expected. Revenue came in at $510 million vs $489.79 million consensus. OKTA announced it sees Q1 2024 EPS of $0.11-0.12 vs consensus of $0.00. 

Perhaps most importantly OKTA announced full year FY24 EPS of $0.74-$0.79 vs $0.32 consensus. That’s a guidance of over 100% higher EPS than expected.

Investors loved the increased profitability of the company and so far the stock is up over 16% in the pre-market.

The $81 area was resistance in the after-hours yesterday and now becomes an area of potential support today.

Above it, the first target for bulls is the pre-market high $83.50 with $88/89 and a gap to fill at $91.40 above that.

Below $81, the next potential support is $79, with $78-$77 below that and then a gap to fill at yesterday’s close of  $71.44.

TSLA - Investor Day disappoints, buy the dip?

Tesla held its Investor Day yesterday. The stock had a big run up and consolidated before the event – however, investors were left disappointed, with the stock gapping down just over 6% this morning.

The company talked a lot about future aspirations but with little detail. They talked about progress on the production and engineering side but did not elaborate significantly on how they would be growing their deliveries to their 20 million target by 2030 into the future.

When an analyst asked about the number of models that would make up the 20 million units by 2030, CEO Elon Musk said 10 without elaborating. Institutions seek clarity and this dismissal of a demand-related question that Elon at times deflects usually has not gone down well with investors, and that is once again the case this morning.

The $189-$190 area has acted as a support level in the pre-market and should be an important pivot level. This level also found buyers on 3 occasions in early February so has been an important level of demand in the past.

Above it, targets to the upside are $196, $200 and then a gap fill to $202.77 at yesterday’s close.

Below $190 the next support level is $183.69 with $180 and $170 targets below that.

Economic Calendar  (EST)

8:30am Initial Jobs Claims

8:30am Productivity and Costs

10:30am EIA natural gas report

4:00pm Fed speaker Waller

6:00pm Fed speaker Kashkari

Earnings for Today (After Market)

ACR, ADTH, AI, AJX, ARDX, ATRO, AVGO, CHPT, COO, COST, DELL, DMTK, DSP, EGLE, ESTC, FNA, GORO, HIPO, HPE, HRTG, IAS, IGIC, INMB, INVE, IOT, IPWR, JWN, LVOX, MRVL, NPCE, OMIC, OOMA, PAGS, PBPB, PBYI, RWAY, SEER, SIGA, TRIN, UIHC, VERI, VLD, VMW, VSCO, VVX, WMC, XPOF, ZS

Top Headlines

AMBO: Completes $2M Private Placement with Strategic Investor

HAYW: Hayward Holdings Announces Secondary Offering of 16,000,000Shares of Common Stock by Selling Stockholders

OPCH: Option Care Health Announces Secondary Offering of 13,000,000 Shares of Common Stock and Common Stock Repurchase

RVMD: Public Offering of Common Stock $300Million worth of shares

RADI EQT: Active Core Infrastructure announces first investment to acquire Radius Global Infrastructure FOR $15/SH OR $3 billion 

BPTS: Biophytis Announces the Signature of a Master Service Agreement With Intsel Chimos, a Pharmaceutical Company That Will Operate Sarconeos (BIO101) in France for the Treatment of Severe Forms of COVID-19

ESLT: Elbit Systems Awarded Two Contracts In An Aggregate Amount of $252 Million to Supply ATMOS and PULS Artillery Systems to a NATO Member Country

AVAV: AeroVironment chosen by U.S. Army for JUMP 20 medium unmanned aircraft system

WBA DASH: Walgreens, DoorDash and Uber Team Up to Launch Free, Same Day Rx Delivery of HIV Medications

TSLA: Tesla plans to halve EV production costs, Reuters

F: Ford Motor Company files recall of 98,550 US vehicles – NHTSA

MOR: Stops Work and Operations on Pre-Clinical Research Programs and Reduces Workforce

AMRX: Amneal Announces U.S. FDA Filing Acceptance of Abbreviated New Drug Application for Naloxone Hydrochloride Nasal Spray, USP, 4mg

KBR: KBR Awarded Proprietary Module Contract for the First Hydro-PRT® Modular Plant

DUO: FangDD Announces US$620,800 Registered Direct Offering of American Depositary Shares

GNTA: FDA Grants Orphan Drug Designation to Temferon for Treatment of Glioblastoma Multiforme

LTH: Life Time Signs New Sale-Leaseback Letter of Intent for $45 Million, Adding to Previously Announced Sale-Leaseback Transactions of $78 Million

MX: Magnachip Unveils Super-Short Channel MXT MOSFETs for Smartphone Battery Protection Circuit Modules

BMY: The Bristol Myers Squibb-Janssen Collaboration Launches Pivotal Phase 3 Librexia Clinical Trial Program Evaluating Milvexian, an Investigational Oral Factor XIa Inhibitor

POET: POET Technologies Introduces “POET Infinity” – a Chiplet-based Transmitter Platform for 400G, 800G and 1.6T Data Center Solutions

CKPT: Checkpoint Therapeutics Announces FDA Filing Acceptance of Biologics License Application for Cosibelimab in Metastatic or Locally Advanced Cutaneous Squamous Cell Carcinoma

VIAV: VIAVI Announces Private Convertible Exchange and Subscription Transactions of $250 Million Principal Amount of 1.625% Senior Convertible Notes Due 2026

ALDX: FDA Accepts for Priority Review ADX-2191 New Drug Application for the Treatment of Primary Vitreoretinal Lymphoma

ARKO: ARKO Corp. Closes 23rd Acquisition, Expands its Retail Segment into Alabama and Mississippi with Purchase of the Assets of Transit Energy Group and its Affiliates

NTLA: Intellia Therapeutics Announces FDA Clearance of Investigational New Drug (IND) Application for NTLA-2002, an In Vivo CRISPR-Based Investigational Therapy for the Treatment of Hereditary Angioedema (HAE)

GILT: Hispasat and Gilat Expand Strategic Partnership with the Selection of Gilat's SkyEdge IV Platform for Amazonas Nexus

MTNB: Matinas BioPharma Announces that MAT2203 Will Be Featured in Two Oral Presentations at ECCMID

VMAR: Vision Marine Technologies Officially Announces Opening of Second Electric Boat Rental Operation in Portside Ventura, California

BRTX: BioRestorative Therapies Receives Notice of Allowance by the United States Patent and Trademark Office for a Patent Application Related to its ThermoStem® Program

SNOA: Sonoma Pharmaceuticals and MicroSafe Group Announce New EPA Claims and Green Seal Certification for Nanocyn(R) Hospital-Grade Disinfectant

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