Cadre (CDRE), Crocs (CROX) and Soleno (SLNO) Move to Hold
A number of stocks that were doing well have seen momentum fade and/or turn negative lately, and this morning’s slightly hotter-than-expected CPI print and rising chatter about no rate cuts in 2024 isn’t helping.
We’ll heed the action by moving three of our “faders” to hold today. They are Cadre (CDRE), Crocs (CROX) and Soleno (SLNO).
CDRE hasn’t looked great since the secondary offering a few weeks ago, and I’ve been surprised that it hasn’t perked up. Especially with the rising geopolitical risks. Move to hold, with a possible sale soon if it doesn’t pop back above 34. HOLD
CROX has gotten caught up in the “weak consumer” whirlpool, which may or may not actually be a concern for the company. I continue to believe in the recovery story so don’t want to let the stock go (hence the move to hold) but also don’t want to see our nice gain evaporate. Move to hold. HOLD
SLNO is a biotech and this entire group has faded lately (look at the IBB ETF). There is nothing specific to the company hurting SLNO stock (that I’ve uncovered). We are in wait-and-see mode until the FDA submission for the company’s lead drug candidate, DCCR (Diazoxide Choline), which is expected in the middle of this year. We have a half position so can average down if need be, but at this particular moment, let’s just move to hold half. HOLD HALF
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