01 Nov - NH - Morning Newsletter (with changes)

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Good Morning!

The stock markets in New York started sharply lower last Friday. This was due to the disappointing quarterly results of Apple and Amazon.com. These two heavyweights appeared to be pulling the entire stock market down with losses of about 4%, but after the opening, the losses in both stocks quickly narrowed. Apple ultimately closed 'only' 1.8% lower and Amazon managed to limit the loss to 2.15%. This was enough for the indices to close in the green again and even set new records. The S&P 500 closed 0.19% higher at 4,605 points and the Nasdaq jumped 0.33% to 15,498 points thanks to a final sprint.Currently, futures point to a green start to early November. Investors have a busy week ahead of them. In addition to quarterly figures from DSM, Lyft, Heijmans, Qualcomm, ING and Uber, investors will be targeting the Fed. The market expects the Federal Reserve to announce on Wednesday that it will begin phasing out its $120 billion monthly bond-buying program. The program may be completely discontinued by the middle of next year.

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Today Top Movers

ABVC BioPharma Inc. (ABVC) stock soared 404.33% to $12.81 in the pre-market trading as the filing news surfaced.

Zosano Pharma Corporation (NASDAQ: ZSAN) shares are trading up 38.04% at $0.835 at the time of writing after positive Form 8-K revealings.

Novavax Inc. (NVAX) grew over 10.85% at $164.98 in pre-market trading today after receiving emergency use authorization for COVID-19 vaccine in Indonesia.

DBV Technologies S.A. (DBVT), a Biotechnology company, rose about 15.18% at $3.49 in pre-market trading Monday after announcing that new clinical study results on the use of Viaskin™ Peanut (DBV712) 250 μg in children will be presented at the American College of Allergy, Asthma & Immunology (ACAAI) Annual Scientific Meeting, Nov. 4-8, 2021.

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Top Upgrades & Downgrades

Stephens & Co. turned bullish on Starbucks Corporation (SBUX), upgrading the stock to Overweight and assigning a $130.00 price target, representing potential upside of 22.56% from Friday's close.

Alnylam Pharmaceuticals Inc. (ALNY) has won the favor of Oppenheimer's equity research team. The firm upgraded the shares from Perform to Outperform and moved their price target to $200.00, suggesting 25.34% additional upside for the stock.

Stellus Capital Investment Corporation (SCM) received an upgrade from analysts at Oppenheimer, who also set their one-year price target on the stock to $15.00. They changed their rating on SCM to Outperform from Perform in a recently issued research note.

Earlier Monday Barclays reduced its rating on TripAdvisor Inc. (TRIP) stock to Underweight from Overweight and assigned the price target to $30.00.

Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Bank of America Corporation (BAC) has been changed to Underperform from Neutral and the new price target is set at $42.00.

Analysts at BTIG downgraded CrowdStrike Holdings Inc. (CRWD)'s stock to Neutral from Buy Monday.

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Latest Insider Activity

Robinhood Markets Inc. (HOOD) Chief Executive Officer Tenev Vladimir announced the sale of shares taking place on Oct 28 at $34.86 for some 120,647 shares. The total came to more than $4.21 million.

Tesla Inc. (TSLA) Director Ehrenpreis Ira Matthew sold on Oct 27 a total 205,734 shares at $1048.88 on average. The insider’s sale generated proceeds of almost $197.22 million.

Crown Castle International Corp. (REIT) (CCI) Director Stephens Kevin A declared the purchase of shares taking place on Oct 27 at $178.66 for some 1,110 shares. The transaction amount was around $0.2 million.

Xerox Holdings Corporation (XRX) Director Letier A. Scott bought on Oct 28 a total 4,384 shares at $17.85 on average. The purchase cost the insider an estimated $17,850.

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Important Earnings

Top US earnings releases scheduled for today include Transocean Ltd. (NYSE:RIG). It will announce its Sep 2021 financial results. The company is expected to report earnings of -$0.16 per share from revenues of $658.57M in the three-month period.

Analysts expect The Williams Companies Inc. (NYSE:WMB) to report a net income (adjusted) of $0.28 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $2.09B.

The Mosaic Company (MOS), due to announce earnings after the market closes today, is expected to report earnings of $1.54 per share from revenues of $3.65B recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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