09 Aug - Morning Newsletter

Good Morning!

Stock markets closed higher on Friday. The Dow Jones index closed 0.41% higher, while the Nasdaq closed 0.40% lower at 14,835 points. The S&P 500 showed little movement, the index rose 0.17% to 4,436 points . Investors reacted positively to the strong US government jobs report. In the month of July, 943,000 jobs were added, which was more than the average expectation of 845,000 jobs. As a result, the unemployment rate fell to 5.4%, better than the 5.7% forecasted.Stocks benefiting from a stronger economy clearly benefited. Carnival cruise line was up 2.35% and Delta Airlines was up 0.83%. The US 10-year yield also rose above 1.3%, following the better-than-expected jobs report. Bank shares benefited significantly from this; Goldman Sachs rose 3.54% and Bank of America gained 2.90%. Technology stocks, on the other hand, fell back due to the rise in interest rates. Rising interest rates mean that the future profits of growth stocks are lower. However, signs of a strong economic recovery could prompt the Federal Reserve to scale back accommodative monetary policy sooner. Investors may therefore need to prepare for the phasing out of the bond buying program.

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Today Top Movers

Windtree Therapeutics Inc. (WINT) stock soared 41.99% to $2.57 in the pre-market trading. The company recently reported second-quarter 2021 financial results and provided key business updates.

Select Interior Concepts Inc. (NASDAQ: SIC) shares are trading up 28.16% at $14.11 at the time of writing after announcing that it has entered into a definitive agreement under which an affiliate of Sun Capital Partners, Inc. will acquire Select Interior Concepts for approximately $411 million in an all-cash transaction.

Epizyme Inc. (EPZM) grew over 15.92% at $7.5 in pre-market trading today after declaring strategic collaboration with HUTCHMED to develop and commercialize TAZVERIK (tazemetostat) in Greater China.

Bitfarms Ltd. (BITF), a Capital Markets company, rose about 21.01% at $7.2 in pre-market trading Monday after announcing a Bitcoin production update.

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Top Upgrades & Downgrades

BMO Capital turned bullish on Advanced Micro Devices Inc. (AMD), upgrading the stock to Market Perform and assigning a $110.00 price target.

Tesla Inc. (TSLA) has won the favor of Jefferies's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $850.00, suggesting 21.58% additional upside for the stock.

FTS International, Inc. (FTSI) received an upgrade from analysts at Stifel, who also set their one-year price target on the stock to $32.00. They changed their rating on FTSI to Buy from Hold in a recently issued research note.

Earlier Monday Citigroup reduced its rating on Dicerna Pharmaceuticals Inc. (DRNA) stock to Neutral from Buy and assigned the price target to $32.00.

Keybanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Werner Enterprises Inc. (WERN) has been changed to Sector Weight.

Analysts at Keybanc downgraded Marten Transport Ltd. (MRTN)'s stock to Sector Weight from Overweight Monday.

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Latest Insider Activity

Eton Pharmaceuticals Inc. (ETON) 10% Owner Opaleye Management Inc. announced the sale of shares taking place on Aug 06 at $5.84 for some 345,000 shares. The total came to more than $2.01 million.

Nikola Corporation (NKLA) 10% Owner Milton Trevor R. sold on Aug 06 a total 1,250,000 shares at $10.05 on average. The insider’s sale generated proceeds of almost $24.09 million.

Marin Software Incorporated (MRIN) EVP, Product and Technology Walcott Wister declared the purchase of shares taking place on Aug 05 at $6.00 for some 6,000 shares. The transaction amount was around $36,000.

Bright Health Group Inc. (BHG) Director Kadre Manuel bought on Aug 04 a total 50,000 shares at $8.65 on average. The purchase cost the insider an estimated $432,500.

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Important Earnings

Top US earnings releases scheduled for today include AMC Entertainment Holdings Inc. (NYSE:AMC). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$0.93 per share from revenues of $375.28M in the three-month period.

Analysts expect Inovio Pharmaceuticals Inc. (NASDAQ:INO) to report a net income (adjusted) of -$0.25 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $1.21M.

SmileDirectClub Inc. (SDC), due to announce earnings after the market closes today, is expected to report earnings of -$0.1 per share from revenues of $198.45M 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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