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- 02 Feb - NH - Morning Newsletter (with survey at top and bottom)
02 Feb - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!As the U.S. stock market prepares to open on Thursday, futures indicate a positive outlook. The Dow Jones Industrial Average is projected to open higher, with futures currently at 34,092.96, up 6.92 points or 0.02%. The S&P 500 is also expected to see gains, with futures at 4,119.21, up 42.61 points or 1.05%. The Nasdaq is poised for a stronger performance, with futures at 11,816.32, up 231.77 points or 2.00%. Wall Street saw an increase following the Federal Reserve's decision to raise its benchmark lending rate by 0.25 percentage points, a smaller increase compared to previous hikes. The statement from the U.S. Federal Reserve indicated the beginning of a "disinflationary process," but emphasized the need for "ongoing increases" in interest rates to control inflationary pressures.The next two sessions will bring several significant data releases, starting with the weekly initial jobless claims report and December's factory order data on Thursday. The week will conclude with the release of the highly anticipated nonfarm payroll data on Friday.
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Today Top Movers
Tenax Therapeutics Inc. (TENX) stock soared 162.13% to $4.43 in the pre-market trading after announcing that it has received a notice of allowance from the United States Patent and Trademark Office for its patent application.
Meta Platforms Inc. (NASDAQ: META) shares are trading up 19.3% at $182.67 at the time of writing following the release of Q4 and full year 2022 results.
Align Technology Inc. (ALGN) grew over 13.34% at $320.22 in pre-market trading today after announcing fourth quarter and fiscal 2022 financial results.
ZyVersa Therapeutics Inc. (ZVSA), a Biotechnology company, rose about 141.99% at $4.26 in pre-market trading Thursday following an SEC filing.
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Top Upgrades & Downgrades
Citigroup turned bullish on FedEx Corporation (FDX), upgrading the stock to "Buy" and assigning a $240 price target, representing potential upside of 18.74% from Wednesday's close.
Meta Platforms Inc. (META) has won the favor of Piper Sandler's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $215, suggesting 40.41% additional upside for the stock.
Okta Inc. (OKTA) received an upgrade from analysts at Needham, who also set their one-year price target on the stock to $90. They changed their rating on OKTA to Buy from Hold in a recently issued research note.
Earlier Thursday JP Morgan reduced its rating on Grab Holdings Limited (GRAB) stock to Underweight from Neutral and assigned the price target to $2.8.
BMO Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Fortinet Inc. (FTNT) has been changed to Market Perform from Outperform and the new price target is set at $57.
Analysts at Truist Securities downgraded R1 RCM Inc. (RCM)'s stock to Hold from Buy Thursday.
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Latest Insider Activity
American Airlines Group Inc. (AAL) EVP Chief Operating Officer Seymour David announced the sale of shares taking place on Jan 31 at $16.03 for some 74,614 shares. The total came to more than $1.2 million.
Alphabet Inc. (GOOG) VP, Chief Accounting Officer O'Toole Amie Thuener sold on Feb 01 a total 637 shares at $99.87 on average. The insider’s sale generated proceeds of almost $63617.0.
Medtronic plc (MDT) 10% Owner Medtronic plc declared the purchase of shares taking place on Jan 30 at $9.28 for some 6,835 shares. The transaction amount was around $63436.0.
Coinbase Global Inc. (COIN) Director Lutke Tobias bought on Jan 24 a total 6,612 shares at $54.38 on average. The purchase cost the insider an estimated $359,561.
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Important Earnings
Top US earnings releases scheduled for today include Sirius XM Holdings Inc. (NASDAQ: SIRI). It will announce its Dec 2022 financial results. The company is expected to report earnings of $0.08 per share from revenues of $2.32B in the three-month period.
Analysts expect Hanesbrands Inc. (NYSE: HBI) to report a net income (adjusted) of $0.07 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $1.46B.
Bristol-Myers Squibb Company (BMY), due to announce earnings before the market opens today, is expected to report earnings of $1.72 per share from revenues of $11.2B 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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