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03 Aug - ST - Morning Newsletter (with survey at top and bottom)
4 Best Stocks to Trade Today
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Good Morning!
The US stock market gained on Wednesday as investors eased their concerns over tense US-China relations, as Treasuries retreated on hawkish Fed comments. Nasdaq 100 futures and S&P 500 futures both rose by about 0.4%. Stoxx 600 futures showed little movement as investors assessed the latest earnings results for companies. Meanwhile, the dollar is depreciating against other major world currencies, such as the yen and the euro, on Wednesday morning, investors expect macro statistics later in the course of trading, but for now, the US currency is under pressure from government debt yields and forecasts for further actions by the US Federal Reserve System (FRS) of the United States, data show trades.The euro against the dollar is rising to 1.0186 dollars from the previous close of 1.0164 dollars, the dollar against the yen is decreasing to 132.57 yen from 133.16 yen. And the dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) drops by 0.19%, to 106.03 points.The yield on ten-year US government bonds (US Treasuries) falls to 2.708% from the previous close of 2.741%, which reduces the attractiveness of the US currency.
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Today Top Movers
PayPal Holdings Inc. (PYPL) stock soared 11.71% to $100.13 in the pre-market trading after reporting Q2 2022 results.
Applied DNA Sciences Inc. (NASDAQ: c) shares are trading up 75.0% at $4.9 at the time of writing. The company has initiated analytical validation of PCR-based diagnostic tests specific to Monkeypox virus.
Faraday Future Intelligent Electric Inc. (FFIE) grew over 11.57% at $2.7 in pre-market trading today after it executed a nonbinding deal with a major shareholder for the potential to raise up to $600 million in the capital.
SoFi Technologies Inc. (SOFI), a Credit Services company, rose about 9.52% to $7.02 in pre-market trading Wednesday after releasing second quarter 2022 results.
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Top Upgrades & Downgrades
RBC Capital turned bullish on Sealed Air Corporation (SEE), upgrading the stock to Outperform and assigning a $70.00 price target, representing potential upside of 24.62% from Tuesday's close.
Clearwater Paper Corporation (CLW) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $45.00, suggesting 29.35% additional upside for the stock.
The Mosaic Company (MOS) received an upgrade from analysts at Citigroup, who also set their one-year price target on the stock to $61.00. They changed their rating on MOS to Buy from Neutral in a recently issued research note.
Earlier Wednesday Canaccord Genuity reduced its rating on Sierra Wireless Inc. (SWIR) stock to Hold from Buy and assigned the price target to $31.00.
Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Esperion Therapeutics Inc. (ESPR) has been changed to Underperform from Neutral and the new price target is set at $6.00.
Analysts at Roth Capital downgraded Knowles Corporation (KN)'s stock to Neutral from Buy Wednesday.
Forbes mag says this strategy "like finding money in the street"
And Reuters magazine calls this type of trading "the new baby boomer hobby." An anonymous trader -- living at the base of the Smoky Mountains -- just released a free report revealing a step-by-step system to generating an extra $5,000 per month in income thanks to this trading strategy. The report is free until Sunday.
Latest Insider Activity
Chevron Corporation (CVX) Director Austin Wanda M announced the sale of shares taking place on Aug 01 at $161.45 for some 11,432 shares. The total came to more than $1.85 million.
Edwards Lifesciences Corporation (EW) CVP, Surgical Structural Heart Chopra Daveen sold on Aug 02 a total 1,000 shares at $102.49 on average. The insider’s sale generated proceeds of almost $102,490.
W. R. Berkley Corporation (WRB) Director BROCKBANK MARK ELLWOOD declared the purchase of shares taking place on Aug 01 at $61.85 for some 1,434 shares. The transaction amount was around $88692.0.
Community Health Systems Inc. (CYH) Executive Chairman SMITH WAYNE T bought on Aug 02 a total 800,000 shares at $2.94 on average. The purchase cost the insider an estimated $2.35 million.
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Important Earnings
Top US earnings releases scheduled for today include CVS Health Corporation (NYSE: CVS). It will announce its Jun 2022 financial results. The company is expected to report earnings of $2.17 per share from revenues of $76.37B in the three-month period.
Analysts expect Moderna Inc. (NASDAQ: MRNA) to report a net income (adjusted) of $4.55 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2022 is predicted to come in at $4.07B.
Yum! Brands Inc. (YUM), due to announce earnings before the market opens today, is expected to report earnings of $1.1 per share from revenues of $1.64B 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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