03 Nov - Morning Newsletter (with changes)

Good Morning!

American stock indexes on Tuesday continued their autumn rally, rising to new records. The Dow Jones Industrial Average closed above 36,000 for the first time.The DJIA rose 138.79 points, or 0.4%, to 36,052.63. For the sixth time this year, the index breaks the new thousandth mark, which is a record for one year in the entire history of observations. The DJIA closed above 31,000 for the first time in January.The S&P 500 added 16.98 points, or 0.4%, to close at 4630.65. The Nasdaq rose 53.69 points, or 0.3%, to 15,649.60. Tuesday's session was the third in a row when all three indices reached record highs at the close of trading.In the current quarter, the three major US indices are up at least 6.5%, thanks to strong October results, as well as the expectation of a rally in the stock market at the end of the year.

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Today Top Movers

Bed Bath & Beyond Inc. (BBBY) stock soared 55.94% to $26.12 in the pre-market trading after announcing that it expects to complete its $1 billion three-year share repurchase plan by the end of fiscal 2021, two years ahead of schedule.

Lyft Inc. (NASDAQ: LYFT) shares are trading up 16.17% at $52.65 at the time of writing. The company reported Q3 revenue of $864.4 million versus $499.7 million in the third quarter of 2020, an increase of 73 percent year-over-year.

T-Mobile US Inc. (TMUS) grew over 3.41% at $119.75 in pre-market trading today after delivering industry-leading Postpaid service revenues and customer growth, and raising 2021 guidance across the board in Q3.

Cerus Corporation (CERS), a Biotechnology company, rose about 13.75% at $7.61 in pre-market trading Wednesday after reporting total revenue of $42.1 million grew 44% in the third quarter.

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Top Upgrades & Downgrades

Societe Generale turned bullish on Ferrari N.V. (RACE), upgrading the stock to "Buy" and assigning a $290.00 price target, representing potential upside of 16.5% from Tuesday's close.

DuPont de Nemours Inc. (DD) has won the favor of Vertical Research's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $95.00, suggesting 22.56% additional upside for the stock.

Under Armour Inc. (UAA) received an upgrade from analysts at Telsey Advisory Group, who also set their one-year price target on the stock to $32.00. They changed their rating on UAA to Outperform from Market Perform in a recently issued research note.

Earlier Wednesday Truist Securities reduced its rating on Zillow Group Inc. (ZG) stock to Hold from Buy and assigned the price target to $83.00.

Stifel analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Scientific Games Corporation (SGMS) has been changed to Hold from Buy and the new price target is set at $90.00.

Analysts at RBC Capital downgraded Lear Corporation (LEA)'s stock to Sector Perform from Outperform Wednesday.

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Latest Insider Activity

Palantir Technologies Inc. (PLTR) Glazer David A. announced the sale of shares taking place on Oct 29 at $25.91 for some 9,000 shares. The total came to more than $0.23 million.

Microsoft Corporation (MSFT) President and Vice Chair SMITH BRADFORD L sold on Nov 01 a total 654,820 shares at $328.60 on average. The insider’s sale generated proceeds of almost $18.07 million.

Dow Inc. (DOW) Chairman and CEO Fitterling James R declared the purchase of shares taking place on Oct 29 at $56.03 for some 5,000 shares. The transaction amount was around $0.28 million.

CohBar Inc. (CWBR) Director Petkevich Misha bought on Oct 28 a total of 407,609 shares at $0.58 on average. The purchase cost the insider an estimated $96,175.

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Important Earnings

Top US earnings releases scheduled for today include Marathon Oil Corporation (NYSE:MRO). It will announce its Sep 2021 financial results. The company is expected to report earnings of $0.31 per share from revenues of $1.31B in the three-month period.

Analysts expect Energy Transfer LP (NYSE:ET) to report a net income (adjusted) of $0.28 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $15.53B.

QUALCOMM Incorporated (QCOM), due to announce earnings after the market closes today, is expected to report earnings of $2.26 per share from revenues of $8.86B 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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