01 Oct - Morning Newsletter (with changes)

Good Morning!

At the auction on September 30, American stock exchanges showed negative dynamics. The S&P 500 fell 1.19% to 4308 points. The Dow Jones lost 1.59%. The Nasdaq fell 0.44%. All sectors closed in the red. Telecoms (-0.42%), IT companies (-0.68%) and utilities (-0.83%) outperformed others. The leaders in the fall were issuers of the industrial sector (-2.11%) and manufacturers of non-cyclical consumer goods (-1.85%).The S&P 500 is below the 50-day moving average in a local low around 4300 points. In case of a breakdown of this level, the S&P 500 may continue to move to the support zone in the 4230-4260 area. The RSI is still indicating a downtrend.

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Today Top Movers

Zomedica Corp. (ZOM) stock soared 12.95% to $0.5913 in the pre-market trading after announcing that it had acquired the Pulse Veterinary Technologies businesses for $70.9 million in an all-cash, stock transaction.

Paltalk Inc. (NASDAQ: PALT) shares are trading up 15.42% at $12.2 at the time of writing. The company recently reported that it has retained ClearThink Capital to develop and deploy a comprehensive investor outreach and communications program.

NIO Inc. (NIO) grew over 1.63% at $36.21 in pre-market trading today after announcing that it delivered 10,628 vehicles globally in September 2021, increasing by 125.7% year-over-year.

SunPower Corporation (SPWR), a Solar company, rose about 8.91% at $24.7 in pre-market trading Friday following the announcement of launch of SunPower 25X25 initiative to make renewable energy more accessible for historically marginalized communities.

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Top Upgrades & Downgrades

Morgan Stanley turned bullish on Zuora Inc. (ZUO), upgrading the stock to Equal-Weight and assigning a $18.00 price target, representing potential upside of 8.7% from Thursday's close.

General Mills Inc. (GIS) has won the favor of Citigroup's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $70.00, suggesting 17.04% additional upside for the stock.

Southwest Airlines Co. (LUV) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $70.00. They changed their rating on LUV to Overweight from Neutral in a recently issued research note.

Earlier Friday JP Morgan reduced its rating on Spirit Airlines Inc. (SAVE) stock to Neutral from Overweight and assigned the price target to $34.00.

Raymond James analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Alibaba Group Holding Limited (BABA) has been changed to Outperform from Strong Buy and the new price target is set at $240.00.

Analysts at Cowen & Co. downgraded Acceleron Pharma Inc. (XLRN)'s stock to Market Perform from Outperform Friday.

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Latest Insider Activity

ChargePoint Holdings Inc. (CHPT) Director Linse Michael announced the sale of shares taking place on Sep 29 at $20.57 for some 225,904 shares. The total came to more than $4.65 million.

Aehr Test Systems (AEHR) VP of Finance and CFO SPINK KENNETH B. sold on Sep 28 a total 86,029 shares at $14.13 on average. The insider’s sale generated proceeds of almost $1.89 million.

Apartment Investment and Management Company (AIV) Director CONSIDINE TERRY declared the purchase of shares taking place on Sep 30 at $7.00 for some 138,572 shares. The transaction amount was around $0.97 million.

Ault Global Holdings Inc. (DPW) Executive Chairman AULT MILTON C III bought on Sep 30 a total 2,500,000 shares at $2.49 on average. The purchase cost the insider an estimated $1.99 million.

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Important Earnings

Top US earnings releases include PepsiCo Inc. (NASDAQ:PEP). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.73 per share from revenues of $19.39B in the three-month period.

Analysts expect Saratoga Investment Corp. (NYSE:SAR) to report a net income (adjusted) of $0.5 per share, when the company releases its quarterly results Tuesday. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $17.27M.

HNI Corporation (HNI), due to announce earnings before the market opens today, is expected to report earnings of $0.43 per share from revenues of $592.14M 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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