1 apr - morning newsletter

Good Morning

US stock markets lost some of their momentum by the end of Wednesday's trading. Investors summed up the results of the quarter, marked by optimism about the economic recovery and excitement in the stock market. 

• The Dow Jones Industrial Average fell by 85.41 points, or 0.3%, to 32981.55 points.

• The S&P 500 rose 14.34, or 0.4%, to 3972.89, but lost some of its earlier gains and nearly reached a new all-time high.

• The Nasdaq Composite rose 201.48 points, or 1.5%, to 13246.87 points.

• By the end of the quarter, the Dow rose 7.8%, the S&P 500 - 5.8%, and the Nasdaq - 2.8%.

 Successful national vaccination programs and continued financial support from the federal government and the Fed have boosted investor confidence in the economy. However, the stock market has unfolded its own drama. At the start of Q1, individual investors from the Reddit forum and the Robinhood app were a source of concern. At the end of the quarter, a hotbed of tension was the highly leveraged position of Archegos Capital Management, which put its banking partners at risk. This fuel mixture has led US investors this quarter to switch from winning 2020 rates - tech stocks and other momentum-based stocks - to cyclical stocks that are supported by an improved economic outlook.

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Today Top Movers

NIO Limited (NIO) stock soared 6.13% to $41.37 in the pre-market trading. The company delivered 7,257 vehicles in March 2021, a new monthly record representing a strong 373% year-over-year growth.

Uxin Limited (NASDAQ: UXIN) shares are trading up 18.8% at $1.39 at the time of writing after reporting that it has entered into a binding term sheet with two established Asian funds on April 1, 2021.

Verizon Communications Inc. (VZ) gained over 0.22% at $58.28 in pre-market trading today after signing its first private 5G contract in Europe with Associated British Ports (ABP).

WiMi Hologram Cloud Inc. (WIMI), an advertising company, rose about 8.03% at $7.13 in pre-market trading Thursday after receiving approval of WiMi HoloAR HUD from the Federal Communications Commission.

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Top Upgrades & Downgrades

SVB Leerink turned bullish on Insulet Corporation (PODD), upgrading the stock to "Outperform" from Market Perform.

uniQure N.V. (QURE) has won the favor of Mizuho's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $52.

Moody's Corporation (MCO) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $337.0. They changed their rating on MCO to Outperform from Market Perform in a recently issued research note.

Earlier Thursday SVB Leerink reduced its rating on Senseonics Holdings Inc. (SENS) stock to Market Perform from Outperform.

UBS analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Goldman Sachs Group Inc. (GS) has been changed to Neutral from Buy and the new price target is set at $332.0.

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Latest Insider Activity

Tesla Inc. (TSLA) SVP Powertrain and Energy Eng. Baglino Andrew D announced the sale of shares taking place on Mar 29 at $615.75 for some 1,500 shares. The total came to more than $0.92 million.

Facebook Inc. (FB) COB and CEO Zuckerberg Mark sold on Mar 31 a total 0 shares at $294.06 on average. The insider’s sale generated proceeds of almost $16.54 million.

CASI Pharmaceuticals Inc. (CASI) Chairman and CEO He Wei-Wu declared the purchase of shares taking place on Mar 26 at $2.05 for some 3,000,000 shares. The transaction amount was around $6.15 million.

22nd Century Group Inc. (XXII) Chief Executive Officer MISH JAMES A bought on Mar 31 a total 715,000 shares at $3.23 on average. The purchase cost the insider an estimated $48,450.

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Important Earnings

Top US earnings releases scheduled for today include CarMax Inc. (NYSE:KMX). It will announce its Feb 2021 financial results. The company is expected to report earnings of $1.26 per share from revenues of $5.17B in the three-month period.

Analysts expect Milestone Scientific Inc. (AMEX:MLSS) to report a net income (adjusted) of -$0.02 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $2.21M.

Agrify Corporation (AGFY), due to announce earnings before the market opens today, is expected to report earnings of -$0.73 per share from revenues of $3.74M 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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