02 Nov - Morning Newsletter (with changes)

Good Morning!

American stock indices continued their ascent, ending Monday's session with new records. Investors have shown confidence in the prospects for economic recovery.The Dow Jones Industrial Average briefly bounced above 36,000 for the first time, reaching 36,009.74 shortly after the opening of the session. Following the auction, the DJIA rose 94.28 points, or 0.3%, to 35913.84 points.The S&P 500 rose 8.29 points, or 0.2%, to 4613.67 points. In October, this index showed the best monthly dynamics since November 2020. The Nasdaq Composite climbed 97.53 points, or 0.6%, to 15595.92 to close for the sixth straight session. All three indices closed at record highs for the second straight session.

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Today Top Movers

Pfizer Inc. (PFE) stock soared 3.27% to $45.6 in the pre-market trading. The company reported an increase of 134% to $24.09 billion in revenues of Q3 2021 from Q3 2020.

Arista Networks Inc. (NYSE: ANET) shares are trading up 18.66% at $484.81 at the time of writing after announcing the next major expansion of the Arista EOS network stack with the introduction of the EOS Network Data Lake (NetDL).

SAB Biotherapeutics, Inc. (SABS) increased over 21.00% at $10.20 in pre-market trading today after Baird began their coverage with Outperform ratings.

ION Geophysical Corporation (IO) jumped about 7.39% at $2.76 in pre-market trading Tuesday. The company will release its third quarter 2021 financial results on Wednesday, November 3, 2021 after the market closes.

Report: Cannabis Beverage Sales Could Hit $2.5 Billion in Just 4 YearsA popular Seattle cannabis manufacturer is now partnering with other companies to produce a new line of cannabis-infused beverages. It's perfect timing.A new report reveals cannabis beverage sales will reach $2.8 billion by 2025, expanding at an annual compounded rate of 17.8%.Find out why this could be the #1 stock opportunity of 2021

Top Upgrades & Downgrades

Jefferies turned bullish on Alcoa Corporation (AA), upgrading the stock to "Buy" and assigning a $60.00 price target, representing potential upside of 28.34% from Tuesday's close.

Inogen Inc. (INGN) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Underweight to Neutral and moved their price target to $45.00, suggesting 13.46% additional upside for the stock.

Enerpac Tool Group Corp. (EPAC) received an upgrade from analysts at Wells Fargo, who also set their one-year price target on the stock to $22.00. They changed their rating on EPAC to Equal-Weight from Underweight in a recently issued research note.

Earlier Tuesday JP Morgan reduced its rating on EverQuote Inc. (EVER) stock to Neutral from Overweight and assigned the price target to $17.00.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Clorox Company (CLX) has been changed to Underweight from Neutral and the new price target is set at $147.00.

Analysts at Morgan Stanley downgraded Chegg Inc. (CHGG)'s stock to Equal-Weight from Overweight Tuesday.

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Latest Insider Activity

Facebook Inc. (FB) COB and CEO Zuckerberg Mark announced the sale of shares taking place on Oct 29 at $323.46 for some 52,700 shares. The total came to more than $17.05 million.

Alphabet Inc. (GOOG) Director MATHER ANN sold on Nov 01 a total of 475 shares at $2963.30 on average. The insider’s sale generated proceeds of almost $50376.0.

Intel Corporation (INTC) Director WEISLER DION J declared the purchase of shares taking place on Oct 28 at $48.11 for some 10,351 shares. The transaction amount was around $0.5 million.

Innoviva Inc. (INVA) Director Innoviva, Inc. bought on Oct 29 a total of 7,365,969 shares at $3.30 on average. The purchase cost the insider an estimated $4.0 million.

Seattle company's cannabis candies could fuel boom in stock sharesA popular Seattle cannabis manufacturer recently announced the roll-out of an all-new line of premium infused edibles, marketed under the brand name "Goodies." Hand-crafted, gluten-free and using all-natural ingredients, the candies and caramels contain micro-dose servings of just 5-mg THC for a controlled, measured experience.

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Important Earnings

Top US earnings releases scheduled for today include Devon Energy Corporation (NYSE:DVN). It will announce its Sep 2021 financial results. The company is expected to report earnings of $0.93 per share from revenues of $3.25B in the three-month period.

Analysts expect Zillow Group Inc. (NASDAQ:Z) to report a net income (adjusted) of $0.15 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $2B.

Activision Blizzard Inc. (ATVI), due to announce earnings after the market closes today, is expected to report earnings of $0.7 per share from revenues of $1.88B 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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