What Caused Powell Max (PMAX) Stock to Surge 46% in After-Hours Trading?
Stock Surge: Powell Max Ltd. (NASDAQ: PMAX) shares rose 46.7% in after-hours trading, reaching $3.33, following a 29.71% increase during the regular session, closing at $2.27.
Shareholder Transaction: The company's controlling shareholder, Po Man Stella Leung, sold all shares of Bliss On Limited to ECF Limited, which will acquire indirect beneficial ownership of Powell Max shares.
Regulatory Filing: ECF Limited plans to file a Schedule 13D with the SEC regarding its acquisition, but the transaction will not impact the company's registered share holdings or board composition.
Stock Performance Overview: Despite the recent surge, PMAX has seen a significant decline of 90.79% over the past year, with a market capitalization of $6.57 million and a 52-week trading range of $1.53 to $27.44.
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Davis Commodities Reports $95M Revenue in H1, Up 42.1%
- Significant Revenue Growth: Davis Commodities Ltd reported a revenue of $95 million for the first half ending June 30, marking a 42.1% increase from $66.9 million a year earlier, indicating strong performance in the agricultural commodity trading sector and boosting market confidence.
- Stock Price Surge: Following the earnings report, Davis Commodities' shares jumped 5.6% to $0.25 in pre-market trading, reflecting investor optimism regarding the company's future growth potential.
- Positive Market Reaction: The stock price increase post-earnings release indicates market recognition of Davis Commodities' performance, which may attract more investor interest and further drive the stock price upward.
- Optimistic Industry Outlook: With the ongoing demand for agricultural commodities, the strong earnings report not only enhances Davis Commodities' market position but also potentially provides funding for future expansion and investments.
American Eagle Shares Rise 15%; Check Out 20 Stocks Making Moves in Premarket Trading
American Eagle Outfitters Performance: American Eagle Outfitters Inc. reported third-quarter revenue of $1.36 billion and adjusted earnings of 53 cents per share, both exceeding analyst expectations, leading to a 14.8% increase in share price during pre-market trading.
Other Notable Gainers: Several stocks saw significant gains in pre-market trading, including Powell Max Ltd (up 70%), Creative Media & Community Trust Corp (up 53.3%), and SMX (up 27.3%).
Significant Losers: Lulu’s Fashion Lounge Holdings Inc. experienced a dramatic drop of 58.3%, while ScanTech AI Systems Inc. fell 35.8% after receiving a delisting determination from Nasdaq.
Market Reactions: The overall market showed mixed reactions with various companies reporting earnings and guidance updates, impacting their stock prices significantly in pre-market trading.
