The Producer Price Index (PPI), which measures the prices that producers receive for their goods and services, increased by 0.6% in January 2023, according to the U.S. Bureau of Labor Statistics. This is the largest monthly increase since September 2021 and was driven by a rise in prices for services, particularly transportation and warehousing services. On an annual basis, the PPI increased by 7.5% in January, which is the largest year-over-year increase since the data was first recorded in 2010. The rise in producer prices may be an indication of higher inflation, which could impact consumer prices in the coming months.
Let’s take a look at some of the hot penny stocks on Wall Street:
Iris Energy Ltd (NASDAQ:IREN) is a fresh breakout earnings winner Wall Street is watching Thursday. If $4 acts as support there’s a good range between $6-$7.
Ambrx Biopharma Inc (NYSE:AMAM) is moving up into an analyst and investor day on February 24 at 12 pm ET which could drive the stock back to the $2.50-$3 level headed into the event.
Redwire Corp (NYSE:RDW) made a big move Wednesday and closed just below $4. If $4 resistance falls Thursday this has breakout potential to the middle $5’s.
Arqit Quantum Inc (NASDAQ:ARQQ) seems to offer a great risk reward scenario. For an active traders, entry in the upper $2’s for a move to the upper $3’s may seem a potential play. Outside chance of a bigger move to $6 here.
Veru Inc (NASDAQ:VERU) is a dead cat that has many more lives. Wall Street may be watching $4 as support, in play in the $4.30’s, range is $6-$8.
Genius Group Ltd (NYSE:GNS) just won’t let short sellers off the hook. Very rarely we see management go after naked shorts so aggressively. It seems if it keeps holding up here in the $6’s this is likely to go supernova between $10-$12.
ORIC Pharmaceuticals Inc (NASDAQ:ORIC) range seems to be$7 and has the potential to top out in the near future around $10.
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