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- 06 Oct - NH - Morning Newsletter (with survey at top and bottom)
06 Oct - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!Despite a great start to kick off the month, U.S. stock futures dipped Thursday as rates ticked higher.There was a dip of 199 points, or 0.7%, in Dow Jones Industrial Average futures. Futures on the S&P 500 and Nasdaq 100 fell 0.8% each.There was an increase of over 1 basis point in the benchmark 10-year rate to 3.773%. The 2-year yield is quite vulnerable to monetary policy changes. The 2-year yield surged 2 basis points to 4.14%.In its biggest two-day rally since 2020, the S&P 500 started the week with the bang. On Wednesday, stocks tried to continue their winning streak but ultimately failed. A 42-point decline, or 0.14%, was recorded in the Dow Jones Industrial Average. There was a 0.20% drop in the Nasdaq Composite and 0.25% drop in the S&P 500.Meanwhile, it’s still unclear whether the Fed's rate hikes are pushing the U.S. closer to recession or if inflation is cooling off.
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Today Top Movers
WISeKey International Holding AG (WKEY) stock soared 18.67% to $1.97 in the pre-market trading after reporting revenue of $20.5 million, a 69% increase from the 9-Month 2021 period.
Statera Biopharma Inc. (NASDAQ: STAB) shares are trading up 74.75% at $0.245 at the time of writing. The company was recently granted European patent number EP3206708 titled "Methods And Compositions For The Treatment Of Radiation-Related Disorders.
Code Chain New Continent Limited (CCNC) grew over 69.59% at $0.2766 in pre-market trading today after announcing a share purchase agreement with Shanghai Highlight Media Co., Ltd., a PRC company and all the shareholders of Target.)
Berkshire Grey Inc. (BGRY), a Specialty Industrial Machinery company, rose about 14.44% at $2.06 in pre-market trading Thursday following an announcement from the company that it has entered into a purchase agreement and registration rights agreement for up to $75 million with Lincoln Park Capital Fund, LLC.
America 2.0: Elon Musk's Next Big Move
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Top Upgrades & Downgrades
Oppenheimer turned bullish on Verizon Communications Inc. (VZ), upgrading the stock to "Outperform" and assigning a $50.00 price target, representing potential upside of 26.94% from Wednesday's close.
Pinterest Inc. (PINS) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $31.00, suggesting 25.97% additional upside for the stock.
Steel Dynamics Inc. (STLD) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $88.00. They changed their rating on STLD to Buy from Neutral in a recently issued research note.
Earlier Thursday Exane BNP Paribas reduced its rating on Freeport-McMoRan Inc. (FCX) stock to Neutral from Outperform and assigned the price target to $29.00.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for AutoNation Inc. (AN) has been changed to Neutral from Overweight and the new price target is set at $125.00.
Analysts at Vertical Research downgraded Twitter Inc. (TWTR)'s stock to Neutral from Buy Thursday.
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.
Latest Insider Activity
Alphabet Inc. (GOOG) VP, Chief Accounting Officer O'Toole Amie Thuener announced the sale of shares taking place on Oct 04 at $101.04 for some 855 shares. The total came to more than $86389.0.
Tesla Inc. (TSLA) Chief Financial Officer Kirkhorn Zachary sold on Oct 04 a total 3,750 shares at $250.50 on average. The insider’s sale generated proceeds of almost $939,375.
Rocket Companies Inc. (RKT) Chief Executive Officer Farner Jay declared the purchase of shares taking place on Oct 05 at $6.92 for some 28,800 shares. The transaction amount was around $0.2 million.
Redfin Corporation (RDFN) Director Slavet James bought on Oct 03 a total 6,667 shares at $5.81 on average. The purchase cost the insider an estimated $38,722.
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Important Earnings
Top US earnings releases scheduled for today include Conagra Brands Inc. (NYSE: CAG). It will announce its Aug 2022 financial results. The company is expected to report earnings of $0.52 per share from revenues of $2.85B in the three-month period.
Analysts expect McCormick & Company Incorporated (NYSE:MKC) to report a net income (adjusted) of $0.93 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Nov 2022 is predicted to come in at $1.78B.
Constellation Brands Inc. (STZ), due to announce earnings before the market opens today, is expected to report earnings of $2.81 per share from revenues of $2.51B 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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