The U.S. stock market dropped last Friday amid “Brexit” fears, with the S&P 500 down 0.3% on the day, and the Dow Jones Industrial Average suffering similarly. But “remain” odds are looking better as we head into Monday’s trading, and stocks as a whole look primed for a rally.
Here’s a look at what’s going on with these stocks:
BP plc (ADR) (BP)
BP stock is up 4% amid a bit of company-specific news and optimism concerning the U.K.’s upcoming “Brexit” vote.
BP just announced that it is fast-tracking development of its Egyptian Atoll project, which the company expects will produce up to 300 million cubic feet per day of gas. BP expects drilling at the Atoll wells to begin in August, and last for the next 24 months.
The discovery at the Atoll was made just more than a year ago.
Also lifting the company’s spirits – and its shares, and the shares of just about everything else that trades on a U.S. exchange – is news that the odds of a “remain” outcome in Britain’s upcoming referendum on leaving the European Union have improved. Many economists see a “Brexit” as being harmful to the country’s finances, and volatility has soared as the vote has neared.
Inovio Pharmaceuticals Inc (INO)
INO shares are up more than 5% in Monday’s premarket action on news that U.S. regulators have given Inovio the green light to start testing a Zika vaccine on humans.
Inovio has partnered up with GeneOne Life Sciences on a vaccine, GLS-5700, that is designed to protect humans from the Zika virus, which is linked to a birth defect that can cause developmental issues and also results in small heads for some children.
“We plan to dose our first subjects in the next weeks and expect to report phase I interim results later this year,” Inovio CEO J. Joseph Kim says.
The initial trial is expected to include 40 people.
Prior to Monday’s gains, INO stock had already run up more than 55% for the year to date.
Tesla Motors Inc (TSLA)
Tesla apparently can make actual waves with its Model S.
CEO Elon Musk noted over the weekend that the Model S has the ability to swim, despite being heavier than the average car.
No, the sedan isn’t exactly seaworthy, so don’t plan on taking a luxury water cruise anytime soon. However, if you find yourself sitting in high water, it can navigate for “short periods of time.
TSLA is up around 2% this morning, though you can chalk that up to the broader-market rally this morning, and not the James Bond-esque Model S feature.
As a quick bullish note, Tesla did announce that its Model X was being shipped to Chinese customers ahead of schedule late last week.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.