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- 03 Nov - NH - Morning Newsletter (with survey at top and bottom)
03 Nov - NH - Morning Newsletter (with survey at top and bottom)
4 Value Stocks Taking Off This Morning
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Good Morning!Following the Federal Reserve's second interest rate hike and announcement that there won't be any pivots or rate cuts this year, stock futures slipped earlier on Thursday, adding to their losses from the Wednesday session.Dow Jones Industrial Average futures traded 0.4% lower. There was a 0.6% dip in S&P 500 futures and a 0.7% dropped in Nasdaq 100 futures.Futures prices are affected by a spike in yields. The benchmark 10-year Treasury yield rose 14 basis points to 4.199%. Stocks rose on Wednesday after the Fed announced a 0.75 percentage point rate increase, which traders initially read as dovish. The market reversed its gains when Fed Chair Jerome Powell said it is premature to talk about a pause in rate hikes and that the terminal rate is likely to be higher than previously estimated.Dow Jones dropped 505 points, or 1.6%, on Wednesday. There was a 2.5% decline in the S&P 500, and a 3.4% drop in the Nasdaq Composite.In the meantime, Qualcomm, Roku, and Fortinet all suffered sharp declines after reporting disappointing quarter results and forecasts.
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Today Top Movers
Etsy, Inc. (ETSY) stock soared 10.26% to $96.52 in the pre-market trading after reporting third quarter 2022 results.
HubSpot, Inc. (HUBS) shares are trading up 8.89% at $2.87 at the time of writing following the release of third quarter results.
Greenhill & Co., Inc. (GHL) grew over 12.57% at $8.24 in pre-market trading today. The company recently declared Q3 2022 results.
Sunrun Inc. (RUN) stock moved up 7.80 percent to $23.35 in the pre-market trading after announcing financial results for the quarter ended September 30, 2022.
New Battery "Could Eat Lithium's Lunch"
Why do 5 billionaires believe that one tiny $4 company can take on Tesla?
Top Upgrades & Downgrades
Piper Sandler turned bullish on Alkermes plc (ALKS), upgrading the stock to "Overweight" and assigning a $30 price target, representing potential upside of 21.95% from Wednesday's close.
Mayville Engineering Company Inc. (MEC) has won the favor of Baird's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $15, suggesting 94.3% additional upside for the stock.
Lindblad Expeditions Holdings Inc. (LIND) received an upgrade from analysts at William Blair. They changed their rating on LIND to Outperform from Market Perform in a recently issued research note.
Earlier Thursday RBC Capital reduced its rating on Cognizant Technology Solutions Corporation (CTSH) stock to Sector Perform from Outperform and assigned the price target to $66.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Qorvo Inc. (QRVO) has been changed to Underweight from Overweight and the new price target is set at $90.
Analysts at Wolfe Research downgraded Zions Bancorporation National Association (ZION)'s stock to Peer Perform from Outperform Thursday.
Elon Musk is Worried about China
China controls 80% of the lithium market and Tesla needs a lot of lithium for its cars. But a junior miner just discovered a once-in-a-lifetime deposit of this "white gold."
Latest Insider Activity
UiPath Inc. (PATH) Chief Accounting Officer Ramani Hitesh announced the sale of shares taking place on Nov 02 at $12.29 for some 2,100 shares. The total came to more than $25809.0.
Fiserv Inc. (FISV) Chief Operating Officer Chiarello Guy sold on Nov 01 a total 4,550 shares at $103.30 on average. The insider’s sale generated proceeds of almost $470,015.
Intel Corporation (INTC) CEO GELSINGER PATRICK P declared the purchase of shares taking place on Oct 31 at $28.16 for some 8,830 shares. The transaction amount was around $248,647.
BioMarin Pharmaceutical Inc. (BMRN) Director Alles Mark J bought on Oct 31 a total 3,625 shares at $86.75 on average. The purchase cost the insider an estimated $314,469.
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Important Earnings
Top US earnings releases scheduled for today include Peloton Interactive Inc. (NASDAQ: PTON). It will announce its Sep 2022 financial results. The company is expected to report earnings of -$0.64 per share from revenues of $650.11M in the three-month period.
Analysts expect ConocoPhillips (NYSE:COP) to report a net income (adjusted) of $3.44 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2022 is predicted to come in at $18.47B.
Moderna Inc. (MRNA), due to announce earnings before the market opens today, is expected to report earnings of $3.29 per share from revenues of $3.53B 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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