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The top stocks to watch today (Tuesday) are Tesla Inc. (Nasdaq: TSLA), shipment company DryShips Inc. (Nasdaq: DRYS), and biomedical company Cara Therapeutics Inc. (Nasdaq: CARA).
Despite the current slump in the market, companies are still viewing 2017 as a great time to go public. Cloud service company Okata priced its IPO at a range of $13 to $15, for a valuation of about $2 billion, as it prepares for its roadshow. This will be the second large tech IPO of the year following Snap Inc. (NYSE: SNAP).
While companies see the American markets as a great way to raise funds, European markets are facing a lot of uncertainty. The Scottish Parliament is voting on a second referendum for independence from the UK today. This is coming as the UK is set to begin the two-year process of exiting the EU.
Now that we know what's moving markets, here are the three top stocks to watch today...
Top Stocks to Watch Today: Tesla Inc. (Nasdaq: TSLA)
Tesla stock is up 2.3% in early morning trading, continuing its upward rise after announcing April will be the month that solar roof tiles will go on sale.
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Yesterday, Tesla announced that solar roof tiles will go on sale in the next few weeks. The announcement came as CEO Elon Musk responded to questions about the project on Twitter.
As of right now, there aren't many details on the sale of the solar roof tiles. We do know that they will come in four different styles and are designed to absorb sunlight, which will then be used to power the home.
TSLA stock is currently trading at $270.22 for a gain of 26.5% so far this year.
Top Stocks to Watch Today: DryShips Inc. (Nasdaq: DRYS)
DryShips stock is up 4.3% in early morning trading after announcing its acquisition of four new vessels.
The shipment company announced yesterday that it acquired four dry bulk transport vessels. The move is seen as a bullish indicator as rates for the panamax index and the capesize index are rising.
Both indexes track shipping rates for raw materials. The rising rates on both indexes will help DryShips increase profitability.
Further increasing profits and reducing risk is that two of the four ships will be operating on charter rates. Charter rates are contracted rates to ship a predetermined amount of goods over a specific distance for a given time period. The use of charter rates helps level out revenue and allows a company to plan expenses knowing a certain amount of money will be coming in due to the contract.
DRYS stock is trading at $1.40 for a loss of 95.3% year to date.
Top Stocks to Watch Today: Cara Therapeutics Inc. (Nasdaq: CARA)
Cara Therapeutics stock is up over 13% in early morning trading after releasing positive clinical trial results.
The biomedical company is currently working on a treatment for uremic pruritus, a condition that affects chronic kidney disease patients. If approved, this would be the first treatment for the debilitating condition, which causes systemic itch.
The current results are from part A of the trial. In order to finalize part B of the trial, Cara will meet with the U.S. Food and Drug Administration. The trial should be finalized and Cara could start recruiting patients to participate later this year.
CARA stock is currently trading at $18.15 for a gain of 95.4% so far this year.
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