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- 04 Oct - Morning Newsletter (with changes)
04 Oct - Morning Newsletter (with changes)
Pre Market Report: 4 October 2021
Good Morning!
Stock markets in New York closed higher on Friday. The S&P 500 closed 1.15% higher at 4,357 points & the Nasdaq Composite ended 0.82% higher at 14,566 points. The technology exchange could also use that for a while, after the index closed lower for 5 days in a row. Optimism was fueled by a news report that drug maker Merck KGaA (MRK) (+8.37%) had developed a corona pill together with biotech company Ridgeback Biotherapeutics . This pill would reduce hospitalizations and deaths by as much as 50%. The companies plan to apply for an emergency permit for the treatment.Investors were clearly enthusiastic about the corona pill, because mainly companies that are still 'afflicted' by the corona pandemic did well. Companies like Royal Caribbean (RCL) and Carnival (CCL) rose 3.71% and 4.32% respectively. Airline Southwest Airlines (LUV) even shot up by 5.6% and the entire Dow Jones index was able to add a plus of 1.43%.
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Today Top Movers
Adverum Biotechnologies Inc. (ADVM) stock soared 7.34% to $2.34 in the pre-market trading. The company recently announced new long-term data from the OPTIC clinical trial of ADVM-022 single, in-office intravitreal (IVT) injection gene therapy in patients requiring frequent anti-VEGF injections for their neovascular or wet age-related macular degeneration.
OpGen Inc. (NASDAQ: OPGN) shares are trading up 12.32% at $3.1 at the time of writing. OPGN is a precision medicine company harnessing the power of molecular diagnostics and bioinformatics to help combat infectious disease.
Tesla Inc. (TSLA) grew over 2.84% at $797.22 in pre-market trading today. The company reported that it produced approximately 238,000 vehicles and delivered over 240,000 vehicles in the third quarter.
Merck & Co., Inc. (MRK) jumped about 3.00% at $83.84 in pre-market trading Monday after announcing that molnupiravir (MK-4482, EIDD-2801), an investigational oral antiviral medicine, significantly reduced the risk of hospitalization or death at a planned interim analysis of the Phase 3 MOVe-OUT trial in at risk, non-hospitalized adult patients with mild-to-moderate COVID-19.
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Top Upgrades & Downgrades
Barclays turned bullish on Union Pacific Corporation (UNP), upgrading the stock to Overweight and assigning a $260.00 price target, representing potential upside of 28.92% from Friday's close.
Southwest Airlines Co. (LUV) has won the favor of Barclays's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $75.00, suggesting 37.96% additional upside for the stock.
John Bean Technologies Corporation (JBT) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $130.00. They changed their rating on JBT to Neutral from Underweight in a recently issued research note.
Earlier Monday Barclays reduced its rating on II-VI Incorporated (IIVI) stock to Underweight from Equal-Weight and assigned the price target to $56.00.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for 3M Company (MMM) has been changed to Neutral from Overweight and the new price target is set at $210.00.
Analysts at Keybanc downgraded Akamai Technologies Inc. (AKAM)'s stock to Sector Weight from Overweight Monday.
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Latest Insider Activity
CF Industries Holdings Inc. (CF) Sr. VP, Manufacturing & D'istn Malik Ashraf K announced the sale of shares taking place on Oct 01 at $59.80 for some 58,090 shares. The total came to more than $3.47 million.
Edwards Lifesciences Corporation (EW) Chairman & CEO MUSSALLEM MICHAEL A sold on Oct 01 a total 188,002 shares at $111.72 on average. The insider’s sale generated proceeds of almost $3.64 million.
Franklin Resources Inc. (BEN) Affiliate of Investment Adv. FRANKLIN RESOURCES INC declared the purchase of shares taking place on Sep 30 at $11.93 for some 3,604,359 shares. The transaction amount was around $43.0 million.
Broadcom Inc. (AVGO) Director FERNANDEZ RAUL J bought on Sep 29 a total of 2,221 shares at $489.54 on average. The purchase cost the insider an estimated $74,409.
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Important Earnings
Top US earnings releases scheduled include PepsiCo Inc. (NASDAQ:PEP). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.73 per share from revenues of $19.39B in the three-month period.
Analysts expect Saratoga Investment Corp. (NYSE:SAR) to report a net income (adjusted) of $0.5 per share, when the company releases its quarterly results. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $17.27M.
Comtech Telecommunications Corp. (CMTL), due to announce earnings after the market closes today, is expected to report earnings of $0.24 per share from revenues of $149.66M 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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