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04 Aug - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!
U.S. stock index futures indicated a slightly higher open for Wall Street on Thursday, extending the previous day's positive tone before the release of key weekly unemployment data. The market gained sharply higher on Wednesday thanks to robust earnings and stronger economic reports for June and July that encouraged investors to put aside concerns about recession. S&P 500 and Nasdaq 100 futures combined with the Dow Jones industrial average rose less than 0.1%.On the geopolitical scene, the market has overlooked China's military exercises near Taiwan , in response to Nancy Pelosi's visit that has so upset the Beijing government.On the corporate front, supermarket chain Walmart has begun laying off employees a week after cutting its profit outlook and warning that consumers had cut discretionary spending because of inflation.In other markets, West Texas crude fell 0.2% ($90.47) and Brent crude fell 0.3% ($96.47) after the slight increase in production approved by OPEC on Wednesday.
Top 5 Stocks with Strong Insider Buying
One of the best ways to spot potential opportunity is by tracking insiders.
After all, who knows the company better than an insider - the CEO, CFO, COO, officers, employees, and directors? If they're buying a sizable number of shares, it's often a good idea to start looking into why and perhaps follow them into the stock. Here are five stocks seeing a good share of insider buying in recent weeks.
Today Top Movers
Syros Pharmaceuticals Inc. (SYRS) stock soared 22.84% to $1.08 in pre-market trading after announcing that the European Medicines Agency issued a positive opinion on its application for orphan drug designation for tamibarotene for the treatment of myelodysplastic syndrome (MDS).
Yellow Corporation (NASDAQ: YELL) shares are trading up 30.57% at $6.15 at the time of writing following the declaration of second quarter 2022 results.
Global Blood Therapeutics Inc. (GBT) grew over 17.89% at $40.0 in pre-market trading today. The company will participate in a virtual fireside chat at the Wedbush PacGrow Healthcare Conference on Wednesday, August 10, 2022, at 2:20 p.m. E.T.
Kaixin Auto Holdings (KXIN) is up 10.00% to $1.32 in pre-market trading today after reporting that it has obtained a total of $700 million of targeted investment intentions from several institutional investors.
While finding excellent stocks with the potential for gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Tech Stocks Every Investor Should Buy Right Now", we have identified five tech stocks we believe could appreciate.
Top Upgrades & Downgrades
Citigroup turned bullish on America Movil S.A.B. de C.V. (AMX), upgrading the stock to "Buy" and assigning a $23.00 price target, representing potential upside of 27.14% from Wednesday's close.
Horizon Therapeutics Public Limited Company (HZNP) has won the favor of SVB Leerink's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved its price target to $80.00, suggesting a 19.47% additional upside for the stock.
Autohome Inc. (ATHM) received an upgrade from analysts at BofA. They changed their rating on ATHM to Neutral from Underperform in a recently issued research note.
Earlier Thursday Jefferies reduced its rating on Medifast Inc. (MED) stock to Hold from Buy and assigned the price target to $150.00.
Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Levi Strauss & Co. (LEVI) has been changed to Equal-Weight from Overweight and the new price target is set at $19.00.
Analysts at Canaccord Genuity downgraded Skillz Inc. (SKLZ)'s stock to Hold from Buy Thursday.
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Latest Insider Activity
Robinhood Markets Inc. (HOOD) Chief Executive Officer Tenev Vladimir announced the sale of shares taking place on Aug 02 at $9.10 for some 118,142 shares. The total came to more than $1.08 million.
Airbnb Inc. (ABNB) Chief Technology Officer BALOGH ARISTOTLE N sold on Aug 01 a total 2,500 shares at $110.00 on average. The insider’s sale generated proceeds of almost $275,000.
BitNile Holdings Inc. (NILE) 10% Owner BitNile Holdings, Inc. declared the purchase of shares taking place on Aug 01 at $1.03 for some 8,000 shares. The transaction amount was around $8219.0.
Luminar Technologies, Inc. (LAZR) Chairperson, President & CEO Russell Austin bought on Aug 02 a total 25,000 shares at $7.21 on average. The purchase cost the insider an estimated $180,185.
Leaked tax return reveals secret to pocketing $460,164...
Official tax return reveals how one trader nabbed annual gains of 228%, 309% and 339%. His tax return was released online, exposing this simple trading technique used to pocket nearly half a million in profits.
Important Earnings
Top US earnings releases scheduled for today include Alibaba Group Holding Limited (NYSE:BABA). It will announce its Jun 2022 financial results. The company is expected to report earnings of $1.53 per share from revenues of $29.97B in the three-month period.
Analysts expect Eli Lilly and Company (NYSE: LLY) to report a net income (adjusted) of $1.68 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2022 is predicted to come in at $6.67B.
Duke Energy Corporation (DUK), due to announce earnings before the market opens today, is expected to report earnings of $1.07 per share from revenues of $5.9B 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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