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01 Sep - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Following news that the U.S. government was restricting some sales in China, shares of Nvidia fell more than 5%.Four consecutive days of losses were recorded in the major averages prior to these moves. The Dow fell nearly 0.9% on Wednesday, the final day of August. There was a 0.8% drop in the S&P 500, and a 0.6% drop in the Nasdaq Composite.S&P and Nasdaq closed the month down 4.2% and 4.6%, respectively, in comparison to the Dow, which lost about 4.1%.Market participants are now mulling over whether stocks will challenge June lows again in September, a historically bad month for stocks, after weighing recent hawkish comments from Fed officials.
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Today Top Movers
Comera Life Sciences Holdings Inc. (CMRA) stock soared 34.46% to $2.38 in the pre-market trading after announcing up to $15 million purchase agreement with Arena Business Solutions.
Nutanix Inc. (NASDAQ: NTNX) shares are trading up 16.47% at $20.15 at the time of writing following the release of fourth quarter and fiscal 2022 financial results.
Turquoise Hill Resources Ltd. (TRQ) grew over 13.03% at $31.05 in pre-market trading today. The company has reached an agreement in principle with Rio Tinto for transaction at C$43 per share in cash.
Vaxart Inc. (VXRT), a Biotechnology company, rose about 8.06% at $3.35 in pre-market trading Thursday after reporting positive top-line data from the first part of a planned two-part Phase II study of its Wuhan S-only oral pill COVID-19 vaccine candidate, VXA-CoV2-1.1-S.
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Top Upgrades & Downgrades
JP Morgan turned bullish on Futu Holdings Limited (FUTU), upgrading the stock to "Overweight" and assigning a $62.00 price target, representing potential upside of 26.3% from Wednesday's close.
Baidu Inc. (BIDU) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $200.00, suggesting 38.92% additional upside for the stock.
Earlier Thursday Goldman Sachs reduced its rating on Codiak BioSciences Inc. (CDAK) stock to Neutral from Buy and assigned the price target to $2.00.
Canaccord analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Okta Inc. (OKTA) has been changed to Hold from Buy and the new price target is set at $65.00.
Analysts at Bryan Garnier downgraded Molson Coors Beverage Company (TAP)'s stock to Sell from Buy Thursday.
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Latest Insider Activity
Mullen Automotive Inc. (MULN) CEO, President Michery David announced the sale of shares taking place on Jun 29 at $1.12 for some 350,000 shares. The total came to more than $0.39 million.
Tesla Inc. (TSLA) SVP Powertrain and Energy Eng. Baglino Andrew D sold on Aug 29 a total 10,500 shares at $283.00 on average. The insider’s sale generated proceeds of almost $2.97 million.
V.F. Corporation (VFC) Director Carucci Richard declared the purchase of shares taking place on Aug 26 at $41.44 for some 10,000 shares. The transaction amount was around $0.41 million.
BitNile Holdings Inc. (NILE) Executive Chairman AULT MILTON C III bought on Aug 30 a total 16,750 shares at $0.30 on average. The purchase cost the insider an estimated $4,971.
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Important Earnings
Top US earnings releases scheduled for today include Campbell Soup Company (NYSE: CPB). It will announce its Jul 2022 financial results. The company is expected to report earnings of $0.56 per share from revenues of $1.99B in the three-month period.
Analysts expect Ciena Corporation (NYSE:CIEN) to report a net income (adjusted) of $0.34 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2022 is predicted to come in at $903.95M.
Hormel Foods Corporation (HRL), due to announce earnings before the market opens today, is expected to report earnings of $0.41 per share from revenues of $2.98B 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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