05 Aug - Morning Newsletter

Good Morning!

Stock markets on Wall Street showed a mixed picture yesterday. The S&P 500 fell 0.46% to 4,402 points, while the Nasdaq, in turn, rose 0.13% to a position of 14,780 points. The Dow Jones lost 0.92%.  The negative mood was mainly due to a disappointing jobs report. According to payroll processor ADP, only 330,000 new jobs were created in July. However, a job growth of 683,000 was taken into account in advance.On the one hand, this is a bad sign because the labor market is growing less rapidly than expected. However, there are also plenty of reasons why this happens. Firstly, the US is struggling with a staff shortage in the hospitality and technology sector. There are jobs, but finding the right people for them proves difficult. Also, many Americans still receive government aid that in some cases exceeds potential wages. In addition, many women are currently at home, because it is school holidays and the supply of daycare centers is limited due to the corona crisis. Analysts expect the situation to improve sharply from September, due to the decline in government support and the reopening of schools.

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Today Top Movers

Oblong Inc. (OBLG) stock soared 32.95% to $3.47 in the pre-market trading. Dawson James Initiates Coverage On Oblong with Buy Rating, announces price target of $15.

MicroVision Inc. (NASDAQ: MVIS) shares are trading up 14.65% at $14.01 at the time of writing after announcing second quarter 2021 results.

Meten EdtechX Education Group Ltd. (METX) grew over 28.54% at $0.69 in pre-market trading today.

Paratek Pharmaceuticals Inc. (PRTK), a Biotechnology company, rose about 13.44% at $6.16 in pre-market trading Thursday after reporting that NUZYRA (omadacycline) has been added to the CDC Plague guidelines for the treatment, Pre-Exposure and Postexposure Prophylaxis of Plague.

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Top Upgrades & Downgrades

JP Morgan turned bullish on Sarepta Therapeutics Inc. (SRPT), upgrading the stock to "Neutral" and assigning a $87.00 price target, representing potential upside of 28.89% from Wednesday's close.

Rayonier Advanced Materials Inc. (RYAM) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $10.00, suggesting 49.48% additional upside for the stock.

Editas Medicine Inc. (EDIT) received an upgrade from analysts at Evercore ISI Group, who also set their one-year price target on the stock to $60.00. They changed their rating on EDIT to Outperform from Underperform in a recently issued research note.

Earlier Thursday Piper Sandler reduced its rating on GoDaddy Inc. (GDDY) stock to Neutral from Overweight and assigned the price target to $85.00.

Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Medallia Inc. (MDLA) has been changed to Neutral from Outperform and the new price target is set at $34.00.

Analysts at Piper Sandler downgraded Nevro Corp. (NVRO)'s stock to Neutral from Overweight Thursday.

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Latest Insider Activity

ZoomInfo Technologies Inc. (ZI) 10% Owner Edell Eric J announced the sale of shares taking place on Aug 03 at $58.01 for some 1,736,500 shares. The total came to more than $100.73 million.

HCA Healthcare Inc. (HCA) Group President Hall Charles J sold on Aug 03 a total 194,870 shares at $252.94 on average. The insider’s sale generated proceeds of almost $1.52 million.

Colfax Corporation (CFX) Director RALES MITCHELL P declared the purchase of shares taking place on Aug 04 at $46.33 for some 62,500 shares. The transaction amount was around $2.9 million.

Amicus Therapeutics Inc. (FOLD) Director WHITMAN BURKE W bought on Aug 02 a total 60,582 shares at $9.28 on average. The purchase cost the insider an estimated $13,920.

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Important Earnings

Top US earnings releases scheduled for today include Chembio Diagnostics Inc. (NASDAQ:CEMI). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$0.27 per share from revenues of $8.53M in the three-month period.

Analysts expect Zynga Inc. (NASDAQ: ZNGA) to report a net income (adjusted) of $0.09 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $713.01M.

Novavax Inc. (NVAX), due to announce earnings after the market closes today, is expected to report earnings of -$3.63 per share from revenues of $387.87M 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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