08 Oct - Morning Newsletter (with changes)

Good Morning!

The US Senate has reached an agreement to raise the debt ceiling until December 3. This temporarily postpones the problem, but avoids a default. The US government can now borrow an additional $480 billion from the financial market. This led to a moderate reaction from the stock indices. The S&P 500 climbed 0.79% to 4,398 points. The strongest share was Murphy Oil with a daily result of plus 4.90%. Nasdaq 100 rose 0.81% and closed at 14,887 points. The strongest share price of the Nasdaq 100 went to Netease with a plus 8.29% on the boards. The Dow gained 1% with a closing price of 34,758 points. UnitedHealth was the strongest stock on Thursday, up 2.65%. The US will publish its labor market figures this afternoon . The Fed said that it is an important parameter to implement the possible 'tapering' in November.

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Today Top Movers

eFFECTOR Therapeutics Inc. (EFTR) stock soared 28.05% to $14.7 in the pre-market trading after announcing the presentation of new positive data for zotatifin in animal models of triple-negative breast cancer (TNBC) at the 2021 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics.

Sundial Growers Inc. (NASDAQ: SNDL) shares are trading up 17.5% at $0.7614 at the time of writing after reporting that it will acquire all of the issued and outstanding common shares of Alcanna by way of a statutory plan of arrangement for total consideration of approximately $346 million.

PEDEVCO Corp. (PED) grew over 4.55% at $2.07 in pre-market trading today. The company recently announced the closing of a $7 million registered direct offering of common stock.

Quidel Corporation (QDEL), a Diagnostics & Research company, rose about 6.09% at $144.5 in pre-market trading Friday after declaring preliminary results for the third quarter of 2021.

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Top Upgrades & Downgrades

Keybanc turned bullish on Lexington Realty Trust (LXP), upgrading the stock to Overweight and assigning a $16.00 price target, representing potential upside of 16.02% from Thursday's close.

Oatly Group AB (OTLY) 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 $21.00, suggesting 42.66% additional upside for the stock.

Plug Power Inc. (PLUG) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $27.00. They changed their rating on PLUG to Equal Weight from Underweight in a recently issued research note.

Earlier Friday Wells Fargo reduced its rating on Charter Communications Inc. (CHTR) stock to Underweight from Overweight.

Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Cable One Inc. (CABO) has been changed to Equal Weight from Overweight and the new price target is set at $2100.00.

Analysts at JPMorgan downgraded Sirius XM Holdings Inc. (SIRI)'s stock to Neutral from Overweight Friday.

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Latest Insider Activity

salesforce.com inc. (CRM) Chair of the Board & CEO Benioff Marc announced the sale of shares taking place on Oct 06 at $272.84 for some 20,000 shares. The total came to more than $5.46 million.

Snowflake Inc. (SNOW) Director McMahon John Dennis sold on Oct 05 a total 116,052 shares at $291.44 on average. The insider’s sale generated proceeds of almost $11.98 million.

Jupiter Wellness Inc. (JUPW) CEO, Director John Brian declared the purchase of shares taking place on Oct 06 at $1.42 for some 50,000 shares. The transaction amount was around $71000.0.

Analog Devices Inc. (ADI) Director EVANS BRUCE R bought on Oct 06 a total 100,358 shares at $164.98 on average. The purchase cost the insider an estimated $1.32 million.

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Important Earnings

Top US earnings releases scheduled for next five days include AZZ Inc. (NYSE:AZZ). It will announce its Aug 2021 financial results. The company is expected to report earnings of $0.62 per share from revenues of $219.95M in the three-month period.

Analysts expect Fastenal Company (NASDAQ:FAST) to report a net income (adjusted) of $0.42 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $1.54B.

Byrna Technologies Inc. Common Stock (BYRN), due to announce earnings before the market opens today, is expected to report revenues of $7.49M in the 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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