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Why WATT, LFIN, and 3 Other Trendy Stocks Are Soaring

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Shares of several of the investing social media world’s favorite stocks—including Energous (WATT - Free Report) and Longfin —moved higher on Wednesday morning. Check out why these companies, along with three others, had investors excited today!

Energous

Shares of Energous opened more than 80% higher today after the company said federal regulator approved its “WattUp” wireless charging device. The Mid Field transmitter is capable of sending power to electronic devices at a distance of up to three feet. Its approval marks the FCC’s first certification of power-at-a-distance technology.

“Untethered, wire-free charging -- such as charging a fitness band even while wearing it -- is exactly what consumers have been waiting for. We are now in a position to move our consumer electronics, IoT and smart home customers forward at an accelerated pace,” Energous CEO Stephen R. Rizzone said in a press release.

Longfin

Longfin shares were up more than 8% through morning trading hours Wednesday. Last week, Longfin emerged as a cryptocurrency proxy stock after acquiring Ziddu.com, a blockchain company focused on micro lending and warehouse financing.

Over the last several trading periods, we have seen stocks like LFIN respond to price movements in the major cryptocurrencies. However, Bitcoin has slipped more than 4% over the past 24 hours, while Ethereum has slumped about 1% and Litcoin has moved about 3.5% lower.

Still, these cryptos have recovered from Friday’s massive sell-off, and Longfin’s subsequent rally could be a sign of renewed interest in crypto proxy plays.

Blue Apron

Shares of struggling meal-kit delivery company Blue Apron (APRN - Free Report) gained about 3.6% in morning trading. While there is no clear news inspiring today’s trading, investors should note that the company’s post-IPO lockup period ended yesterday.

Lockup expirations tend to send young stocks lower, as employees cash out of their personal holdings and flood the market with new shares. However, with APRN at such a low price level right now, it is possible that the lockup expiration did not inspire mass selling, causing a slight rebound.

Advanced Micro Devices

Advanced Micro Devices (AMD - Free Report) shares popped over 2% in morning hours Wednesday, continuing their trend of unpredictability. Prior to today’s gains, AMD had lost nearly 6% over the previous four trading periods. The stock appears to be testing a new support line near $10 per share, having dipped below this level briefly over the last month. Today’s bounce appears to be a rebound from just below $10.50.

XPO Logistics

Shares of logistics services giant XPO Logistics (XPO - Free Report) moved more than 4.5% higher on Wednesday morning. The moves comes on the back of reports that Home Depot (HD - Free Report) has held internal discussions about an acquisition bid for the company over the past several months.

XPO has reportedly been targeted by Amazon (AMZN - Free Report) as a potential partner for its furniture delivery push, so Home Depot’s interest could be centered on keeping the logistics company away from the e-commerce king.

Want more stock market analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!

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