09 Nov - Morning Newsletter (with changes)

Good Morning!

Trading on November 8 at the main American stock markets ended with weak growth. The S&P 500 index added a symbolic 0.09%, reaching 4701 points, the Nasdaq rose by a modest 0.07%, and the Dow Jones became the leader of growth, increasing by 0.29%. The materials sector outperformed the market as a whole (+ 1.23%), which was supported by the positive dynamics of quotations of steel producers. The return of oil to positive territory contributed to the growth of the energy sector (+ 0.88%). The outsiders were the utility (-1.45%) and consumer (-1.38%) sectors.According to FactSet, about 90% of the S&P 500 companies reported for the third quarter. Their total return was 10.3% above the consensus. This is below the annual average of 18.0%, but better than the five-year average of 8.4%. Supply chain disruptions this reporting season have become the most cited issue. Apparently, it was faced by representatives of all industries. Many companies also noted a decline in sales due to difficulties in procurement.

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Today Top Movers

Luminar Technologies Inc. (LAZR) stock soared 53.37% to $26.84 in the pre-market trading after reporting that its lidar solution has been selected to be part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform.

Naked Brand Group Limited (NASDAQ: NAKD) shares are trading up 36.43% at $0.9666 at the time of writing after declaring a definitive agreement with privately-held Cenntro Automotive Group.

Roblox Corporation (RBLX) grew over 24.68% at $96.0 in pre-market trading today after releasing its third quarter 2021 financial results. Revenue increased 102% over Q3 2020 to $509.3 million.

Aterian Inc. (ATER), a Consumer Electronics company, rose about 13.16% at $7.05 in pre-market trading Tuesday after reporting results for the third quarter ended September 30, 2021.

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Top Upgrades & Downgrades

Wolfe Research turned bullish on TE Connectivity Ltd. (TEL), upgrading the stock to Outperform and assigning a $190.00 price target, representing potential upside of 20.22% from Monday's close.

Tecnoglass Inc. (TGLS) has won the favor of B. Riley Securities' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $37, suggesting 21.03% additional upside for the stock.

Prospect Capital Corporation (PSEC) received an upgrade from analysts at Raymond James. They changed their rating on PSEC to Market Perform from Underperform in a recently issued research note.

Earlier Tuesday B. Riley Securities reduced its rating on Napco Security Technologies Inc. (NSSC) stock to Neutral from Buy and assigned the price target to $48.00.

Raymond James analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Viasat Inc. (VSAT) has been changed to Outperform from Strong Buy and the new price target is set at $62.00.

Analysts at Needham downgraded Conduent Incorporated (CNDT)'s stock to Hold from Buy Tuesday.

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Latest Insider Activity

Texas Instruments Incorporated (TXN) Sr. Vice President Gary Mark announced the sale of shares taking place on Nov 04 at $190.00 for some 4,991 shares. The total came to more than $0.95 million.

UiPath Inc. (PATH) Chief Financial Officer Gupta Ashim sold on Nov 04 a total of 558,091 shares at $56.48 on average. The insider’s sale generated proceeds of almost $2.26 million.

Skillz Inc. (SKLZ) Chief Executive Officer Paradise Andrew declared the purchase of shares taking place on Nov 08 at $11.50 for some 432,105 shares. The transaction amount was around $4.97 million.

Exxon Mobil Corporation (XOM) Director Angelakis Michael J bought on Nov 03 a total of 38,000 shares at $64.00 on average. The purchase cost the insider an estimated $320,000.

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Important Earnings

Top US earnings releases scheduled for today include NIO Inc. (NYSE:NIO). It will announce its Sep 2021 financial results. The company is expected to report earnings of -$0.09 per share from revenues of $1.45B in the three-month period.

Analysts expect Plug Power Inc. (NASDAQ:PLUG) to report a net income (adjusted) of -$0.09 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $143.93M.

McAfee Corp. (MCFE), due to announce earnings after the market closes today, is expected to report earnings of $0.22 per share from revenues of $465.84M 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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