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- 01 Aug - ST - Morning Newsletter (with survey at top and bottom)
01 Aug - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Rallying to Start the Week
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Good Morning!
Futures on the Dow, NASDAQ Composite and S&P 500 point to a lower start on Monday after Wall Street recorded its best month since 2020 as investors look ahead to another week of key earnings reports and economic data. Dow Jones futures fell roughly 60 points after the index added 6.1% in July. S&P 500 futures look set to open 0.2% lower, with the Nasdaq on track to go down 0.3%. The S&P rose 9.1% in July, while the Nasdaq Composite advanced 12.4% The strong rebound in the US market supported by a good season of earnings results has helped support stock market valuations despite the monetary tightening by the Federal Reserve (Fed) to contain inflation in the US. The question that investors are now asking is whether the short-term bullish rally will continue or if, on the contrary, the sharp falls recorded until the end of June will return.According to Bank of America experts, the rise of the S&P 500 may continue a little longer, to levels of 4,200 points, but later a new downward leg will take place that may send the index down to 3,600 points, 13% below the current levels.At an economic level, the activity data in China has been much worse than expected, since the Asian giant has not finished recovering. For this afternoon, data from the manufacturing sector for July in the US is expected. In addition, activity data for the services sector will be published on Wednesday and the July Employment Report in the US on Friday.
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Today Top Movers
SIGA Technologies Inc. (SIGA) stock soared 9.77% to $18.87 in pre-market trading as its Monkeypox antiviral drug TPOXX has seen a spike in demand from countries looking for supply.
Celyad Oncology SA (NASDAQ: CYAD) shares are trading up 37.43% at $2.35 at the time of writing after announcing that the FDA has lifted the clinical hold on the CYAD-101-002 Phase 1b trial after the Company made changes to the eligibility criteria for the trial.
Aethlon Medical Inc. (AEMD) grew over 28.0% at $1.28 in pre-market trading today. The company recently announced the publication of a peer-reviewed journal article in PLOS ONE.
GeoVax Labs Inc. (GOVX), a Biotechnology company, rose about 28.57% at $3.51 in pre-market trading Monday. GOVX is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and cancer using novel proprietary platforms.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on Target Corporation (TGT), upgrading the stock to Overweight and assigning a $195.00 price target, representing potential upside of 19.4% from Friday's close.
Eversource Energy (ES) has won the favor of Wolfe Research's equity research team. The firm upgraded the shares from Peer Perform to Outperform and moved its price target to $96.00, suggesting an 8.81% additional upside for the stock.
LTC Properties Inc. (LTC) received an upgrade from analysts at Berenberg, who also set their one-year price target on the stock to $47.00. They changed their rating on LTC to Buy from Hold in a recently issued research note.
Earlier Monday Wells Fargo reduced its rating on Stanley Black & Decker Inc. (SWK) stock to Equal-Weight from Overweight and assigned the price target to $105.00.
Pivotal Research analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Sirius XM Holdings Inc. (SIRI) has been changed to Hold from Buy and the new price target is set at $7.1.
Analysts at Bernstein downgraded Vodafone Group Public Limited Company (VOD)'s stock to Market Perform from Outperform Monday.
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Latest Insider Activity
Tesla Inc. (TSLA) SVP Powertrain and Energy Eng. Baglino Andrew D announced the sale of shares taking place on Jul 27 at $791.50 for some 3,500 shares. The total came to more than $2.77 million.
Moderna Inc. (MRNA) Chief Executive Officer Bancel Stephane sold on Jul 28 a total 10,000 shares at $157.00 on average. The insider’s sale generated proceeds of almost $1.57 million.
Huntington Bancshares Incorporated (HBAN) Director TORGOW GARY declared the purchase of shares taking place on Jul 27 at $12.90 for some 19,382 shares. The transaction amount was around $0.25 million.
The Coca-Cola Company (KO) Director Everson Carolyn bought on Jul 27 a total 983 shares at $62.29 on average. The purchase cost the insider an estimated $61,231.
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Important Earnings
Top US earnings releases scheduled for today include ON Semiconductor Corporation (NASDAQ: ON). It will announce its Jun 2022 financial results. The company is expected to report earnings of $1.26 per share from revenues of $2.01B in the three-month period.
Analysts expect Builders FirstSource Inc. (NYSE: BLDR) to report a net income (adjusted) of $3.05 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2022 is predicted to come in at $5.54B.
Global Payments Inc. (GPN), due to announce earnings before the market opens today, is expected to report earnings of $2.34 per share from revenues of $2.07B recently concluded three-month period.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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