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- 07 Oct - Morning Newsletter (with changes)
07 Oct - Morning Newsletter (with changes)
Today's Top 4 Premarket Stocks
Good Morning!
U.S. stock markets ended Wednesday mainly in the green zone. The S&P 500 index increased by 0.41%, to 4364 points. The Dow Jones added 0.3%, the Nasdaq rose 0.47%. Energy sector declined thanks to lower oil prices.Company news
Affirm climbed higher after Target (TGT) announced that fintech will become one of the network's partners, allowing customers to "buy now, pay later."
Moderna (MRNA) vaccination was suspended in Sweden for young people (born 1991 and later) due to an increased risk of heart-related side effects.
Southwest Gas (SWX) said it intends to acquire Questar Pipelines from Dominion Energy (D) for $ 2 billion, although this contradicts the opinion of one investor with a significant stake in SWX.
U.S.-China SummitThere is a weakening of geopolitical tensions as there are signs that Beijing and Washington intend to continue dialogue. A virtual summit between their leaders is expected to take place before the end of this year. The market expects the heads of state to discuss the situation around Taiwan, as well as the topics of fading credit impulse, Evergrande debt problems, energy crisis and regulatory restrictions.Upcoming Economic ReportToday will be published weekly statistics on the number of initial applications for unemployment benefits. The market expects the figure to decline to 348 thousand from 362 thousand a week earlier.
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Today Top Movers
Cyren Ltd. (CYRN) stock soared 41.81% to $0.6906 in the pre-market trading after receiving 180-day extension from Nasdaq to meet minimum bid price requirement.
NeuroMetrix Inc. (NASDAQ: NURO) shares are trading up 16.01% at $10.0 at the time of writing following the announcement from the company that it has submitted a De Novo request to the U.S. Food and Drug Administration (FDA) for Quell as a prescription treatment for the symptoms of fibromyalgia in adults.
Aspen Technology Inc. (AZPN) grew over 13.53% at $142.5 in pre-market trading today. AZPN is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle.
Tata Motors Limited (TTM) rose about 12.13% at $25.05 in pre-market trading Thursday. Morgan Stanley upgraded Tata Motors to Overweight from Equal-Weight today.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on East West Bancorp Inc. (EWBC), upgrading the stock to Overweight and assigning a $95.00 price target, representing a potential upside of 21.28% from Wednesday's close.
Essex Property Trust Inc. (ESS) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $359.00, suggesting 9.31% additional upside for the stock.
Gogo Inc. (GOGO) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $16.00. They changed their rating on GOGO to Neutral from Underweight in a recently issued research note.
Earlier Thursday Morgan Stanley reduced its rating on Takeda Pharmaceutical Company Limited (TAK) stock to Equal-Weight from Overweight.
Keybanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Teleflex Incorporated (TFX) has been changed to Sector Weight from Overweight and the new price target is set at $0.00.
Analysts at Morgan Stanley downgraded Box Inc. (BOX)'s stock to Equal Weight from Overweight Thursday.
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Latest Insider Activity
Oak Street Health Inc. (OSH) Chief Executive Officer PYKOSZ MICHAEL T announced the sale of shares taking place on Oct 05 at $41.75 for some 50,000 shares. The total came to more than $2.09 million.
Facebook Inc. (FB) COB and CEO Zuckerberg Mark sold on Oct 06 a total 77,300 shares at $331.37 on average. The insider’s sale generated proceeds of almost $25.62 million.
Performant Financial Corporation (PFMT) 10% Owner PRESCOTT GROUP CAPITAL MANAGEM declared the purchase of shares taking place on Oct 06 at $3.57 for some 281,943 shares. The transaction amount was around $1.01 million.
Evergy Inc. (EVRG) Director WILDER C JOHN bought on Oct 06 a total 2,448,663 shares at $62.96 on average. The purchase cost the insider an estimated $1.25 million.
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Important Earnings
Top US earnings releases scheduled for today include Tilray Inc. (NASDAQ:TLRY). It will announce its Aug 2021 financial results. The company is expected to report earnings of -$0.08 per share from revenues of $172.61M in the three-month period.
Analysts expect Conagra Brands Inc. (NYSE:CAG) to report a net income (adjusted) of $0.49 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $2.54B.
Accolade Inc. (ACCD), due to announce earnings after the market closes today, is expected to report earnings of -$0.56 per share from revenues of $70.46M 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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