1 Jul - NH - Morning Newsletter

Good Morning!

The S&P 500 continues the trend and closed another all-time high yesterday. The index rose 0.13% and closed just below 4,300 points. Cabot Oil & Gas was the strongest stock in the index, rising 7.25%. The share, active in the energy sector, benefits from the higher natural gas and oil prices. Nasdaq Composite declined slightly, closing 0.12% lower. Advanced Micro Devices closed 4.93% higher, leading the Nasdaq Composite. The Dow tried to catch up yesterday. The oldest US stock index closed 0.61% higher at 34,502 points. Heavyweight Walmart pulled the index higher with a green 2.71% on the plates. Today, the US releases the Manufacturing Purchasing Managers Index (PMI),but what is really looked forward to are the figures of the labor market.

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Today Top Movers

Spero Therapeutics Inc. (SPRO) stock soared 26.43% to $17.65 in the pre-market trading after announcing a $40 million equity investment from Pfizer Inc. and licensing agreement for SPR206.

Alterity Therapeutics Limited (NASDAQ: ATHE) shares are trading up 71.54% at $2.23 at the time of writing.

Orchard Therapeutics plc (ORTX) grew over 15.26% at $5.06 in pre-market trading today.The company announced a collaboration with Pharming Group N.V. to develop and commercialize ex vivo autologous HSC gene therapy for Hereditary Angioedema.

Pop Culture Group Co., Ltd (CPOP) is reporting increase of 48.84% to $45.10 in premarket trading today after the pricing of its initial public offering of 6,200,000 Class A Ordinary Shares at a public offering price of US$6.00 per share.

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Top Upgrades & Downgrades

HC Wainwright & Co. turned bullish on Aspen Aerogels Inc. (ASPN), upgrading the stock to "Buy" and assigning a $45.00 price target, representing potential upside of 50.18% from Wednesday's close.

AGCO Corporation (AGCO) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $160.00, suggesting 22.65% additional upside for the stock.

American Axle & Manufacturing Holdings Inc. (AXL) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $14.00. They changed their rating on AXL to Overweight from Sector Weight in a recently issued research note.

Earlier Thursday Longbow Research reduced its rating on Polaris Inc. (PII) stock to Neutral from Buy.

Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for RISE Education Cayman Ltd (REDU) has been changed to Neutral from Outperform and the new price target is set at $2.9.

Analysts at Keybanc downgraded Edison International (EIX)'s stock to Sector Weight from Overweight Thursday.

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Latest Insider Activity

Pinterest Inc. (PINS) General Counsel Flores Christine announced the sale of shares taking place on Jun 28 at $77.45 for some 13,082 shares. The total came to more than $1.01 million.

Iron Mountain Incorporated (IRM) Director HALVORSEN KRIS sold on Jun 23 a total 34,458 shares at $43.45 on average. The insider’s sale generated proceeds of almost $86893.0.

Bright Health Group Inc. (BHG) 10% Owner SANDELL SCOTT D declared the purchase of shares taking place on Jun 28 at $18.00 for some 1,944,444 shares. The transaction amount was around $35.0 million.

Asana Inc. (ASAN) President, CEO, & Chair Moskovitz Dustin A. bought on Jun 29 a total 3,790,000 shares at $63.79 on average. The purchase cost the insider an estimated $10.21 million.

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Important Earnings

Top US earnings releases scheduled for today include Acuity Brands Inc. (NYSE:AYI). It will announce its May 2021 financial results. The company is expected to report earnings of $2.27 per share from revenues of $839.75M in the three-month period.

Analysts expect McCormick & Company Incorporated (NYSE:MKC) to report a net income (adjusted) of $0.61 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2021 is predicted to come in at $1.47B.

Walgreens Boots Alliance Inc. (WBA), due to announce earnings before the market opens today, is expected to report earnings of $1.17 per share from revenues of $33.76B recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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