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- 07 July - ST - Morning Newsletter (with survey at top and bottom)
07 July - ST - Morning Newsletter (with survey at top and bottom)
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Good Morning!
The US indices ended the session on July 6 with a slight plus. The S&P 500 gained 0.36% to close at 3845, the Nasdaq rose 0.35% and the Dow Jones rose 0.23%. Active growth was demonstrated by utility providers (+1.01%) and healthcare sector companies (+0.88%). Energy companies looked worse than the market (-1.74%) against the backdrop of a correction in oil prices.Company news
Rivian Automotive Inc. (RIVN: +10.42%) increased EV production by 72% Q/Q, deliveries also more than tripled. The company said it is actively moving towards its previously stated goal of producing 25,000 electric cars a year.
GameStop (GME: -2.33%) plans a 4:1 stock split on July 18, with holders receiving a dividend of three additional shares.
Israeli defense tech company Rada Electronics Industries (RADA: -14.16%) expects Q2 revenue to fall 20.9% YoY. This is almost a third below the consensus forecast amid reduction in orders from the US.
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Today Top Movers
Bed Bath & Beyond Inc. (BBBY) grew over 6.71% at $4.77 in pre-market trading today after its CEO Sue Gove made a purchase of 50k shares.
Veru Inc. (VERU), a Drug Manufacturers - Specialty & Generic company, rose about 12.6% to $14.66 in pre-market trading Thursday after reporting the publication of the results from a Phase 3 COVID-19 study evaluating the efficacy and safety of oral sabizabulin.
United Maritime Corporation (USEA) stock soared 34.27% to $3.84 in pre-market trading after announcing that it has completed its spin-off from Seanergy Maritime Holdings Corp. effective July 5, 2022.
Cryptyde, Inc. (TYDE) shares are trading up 14.04% at $1.38 at the time of writing. The company provided operational updates and corporate objectives for 2022 into 2023.
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Top Upgrades & Downgrades
BTIG turned bullish on 1Life Healthcare Inc. (ONEM), upgrading the stock to "Buy" and assigning a $15 price target, representing potential upside of 45.91% from Wednesday's close.
Merck & Co. Inc. (MRK) has won the favor of Daiwa Capital's equity research team. The firm upgraded the shares from Hold to Outperform and moved their price target to $102, suggesting 9.49% additional upside for the stock.
Cerence Inc. (CRNC) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $27. They changed their rating on CRNC to Sector Perform from Underperform in a recently issued research note.
Earlier Thursday UBS reduced its rating on Kellogg Company (K) stock to Neutral from Buy and assigned the price target to $74.
Citigroup analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Consolidated Communications Holdings Inc. (CNSL) has been changed to Sell from Neutral and the new price target is set at $5.
Analysts at RBC Capital downgraded The Boston Beer Company Inc. (SAM)'s stock to Sector Perform from Outperform Thursday.
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Latest Insider Activity
Palantir Technologies Inc. (PLTR) Director Moore Alexander D. announced the sale of shares taking place on Jul 01 at $9.20 for some 37,076 shares. The total came to more than $0.34 million.
Devon Energy Corporation (DVN) EVP and General Counsel CAMERON DENNIS C sold on Jul 05 a total 4,537 shares at $53.55 on average. The insider’s sale generated proceeds of almost $242,956.
Bed Bath & Beyond Inc. (BBBY) Director EDELMAN HARRIET declared the purchase of shares taking place on Jul 01 at $4.94 for some 10,000 shares. The transaction amount was around $49400.0.
9 Meters Biopharma Inc. (NMTR) Director Sirgo Mark A bought on Jul 01 a total 175,000 shares at $0.25 on average. The purchase cost the insider an estimated $42,962.
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Important Earnings
Top US earnings releases scheduled for today include Helen of Troy Limited (NASDAQ: HELE). It will announce its May 2022 financial results. The company is expected to report earnings of $2.54 per share from revenues of $484.48M in the three-month period.
Analysts expect Byrna Technologies Inc. Common Stock (NASDAQ: BYRN) to report a net income (adjusted) of -$0.03 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2022 is predicted to come in at $11.67M.
WD-40 Company (WDFC), due to announce earnings after the market closes today, is expected to report earnings of $1.27 per share from revenues of $142.77M 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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