04 Nov - Morning Newsletter (with changes)

Good Morning!

Major US stock indexes on Wednesday closed at record levels for the fourth session in a row after the Fed approved a plan to start phasing out its bond buying program.The S&P 500 jumped to session highs following a press conference by Fed Chairman Jerome Powell. The index rose by 29.92 points, or 0.6%, to 4660.57. The Dow Jones Industrial Average added 104.95 points, or 0.3%, to close at 36157.58. The Nasdaq Composite rose 161.98 points, or 1%, to 15,811.58 for the eighth straight session. All three indices closed at record highs.The Fed ended its two-day meeting by announcing the move to winding down its bond purchase program and keeping interest rates unchanged. Investors were ready for such a decision regarding the quantitative easing program, so they were more interested in the central bank's approach to price increases. Powell emphasized the uncertainty about the prospects for inflation, which in the Fed's statement is explained mainly by "temporary factors".

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Today Top Movers

QuinStreet Inc. (QNST) stock soared 23.96% to $16.66 in the pre-market trading. QuinStreet Reports First Quarter Fiscal Year 2022 Results. Grows revenue 15% year-over-year.iBio Inc. (AMEX: IBIO) shares are trading up 18.48% at $0.99 at the time of writing after announcing acquisition of FastPharming Manufacturing Facility®. Company’s 52-week ranged between $0.72 to $2.83. Analysts have a consensus price target of $3.QUALCOMM Incorporated (QCOM) grew over 8.16% at $149.78 in pre-market trading today. The chipmaker reported Q4 earnings buoyed by strong demand for Android devices.Evaxion Biotech A/S (EVAX), a Biotechnology company, rose about 141.54% at $15.7 in pre-market trading on Thursday. Investor responded previously announced filling of a registration statement on Form F-1.

Gold Discovery: US$0.25 Gold Stock Set to Deliver GainsGold & copper are rising! And smart investors are loading up on a tiny mining firm trading undiscovered by Wall St below 25 cents a share. Led by an incredible team of mining professionals, this upstart firm is already hitting high-grade gold-copper with every turn of the drill. It's one of those rare opportunities where the next drill hole could send the company's shares upward by several-fold.

More details here...

Top Upgrades & Downgrades

JP Morgan turned bullish on Capri Holdings Limited (CPRI), upgrading the stock to "Overweight" and assigning a $70.00 price target, representing potential upside of 19.79% from Thursday's close.

Maxar Technologies Inc. (MAXR) 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 $39.00, suggesting 44.28% additional upside for the stock.

The Macerich Company (MAC) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $23.00. They changed their rating on MAC to Neutral from Underweight in a recently issued research note.

Earlier Thursday Jefferies reduced its rating on Upland Software Inc. (UPLD) stock to Hold from Buy and assigned the price target to $30.00.

Jefferies analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Asana Inc. (ASAN) has been changed to Hold from Buy and the new price target is set at $135.00.

Analysts at Cowen & Co. downgraded Rimini Street Inc. (RMNI)'s stock to Market Perform from Outperform Thursday.

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Latest Insider Activity

Facebook Inc. (FB) COB and CEO Zuckerberg Mark announced the sale of shares taking place on Nov 03 at $329.41 for some 77,300 shares. The total came to more than $25.46 million.

Overstock.com Inc. (OSTK) Chief People Officer Tuohig Meghan sold on Nov 02 a total 12,619 shares at $100.00 on average. The insider’s sale generated proceeds of almost $0.25 million.

Amicus Therapeutics Inc. (FOLD) Director WHITMAN BURKE W declared the purchase of shares taking place on Nov 01 at $10.49 for some 1,500 shares. The transaction amount was around $15735.0.

Archer Aviation Inc. (ACHR) 10% Owner Lore Marc E. bought on Nov 03 a total 26,851,900 shares at $6.55 on average. The purchase cost the insider an estimated $732,165.

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Important Earnings

Top US earnings releases scheduled for today include Uber Technologies Inc. (NYSE:UBER). It will announce its Sep 2021 financial results. The company is expected to report earnings of -$0.33 per share from revenues of $4.42B in the three-month period.

Analysts expect Square Inc. (NYSE:SQ) to report a net income (adjusted) of $0.39 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $4.52B.

Airbnb Inc. (ABNB), due to announce earnings after the market closes today, is expected to report earnings of $0.75 per share from revenues of $2.05B 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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