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1 June - ST - Morning Newsletter (with survey at top and bottom)
4 Value Stocks Taking Off This Morning
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Good Morning!
Major US stocks closed lower on Tuesday after last week's rally as inflation remained in the spotlight due to volatility in the oil market. In addition, investors reacted to statements by the representative of the US Federal Reserve, who showed an increased propensity to tighten monetary policy.The oil and gas sector of the S&P 500 outperformed the rest of the market earlier in trading, but then lost ground after reports that some members of the Organization of the Petroleum Exporting Countries are considering suspending Russia's participation in a deal to limit aggregate production.The Fed's policy has also been a hot topic since US President Joe Biden and central bank chairman Jerome Powell met on Tuesday to discuss inflation, which the president says is a priority for him.By the end of the session, the oil and gas sector was marked by the most significant decline among the 11 sectors of the S & P 500, dropping 1.6%.The Dow Jones Industrial Average fell 222.84 points, or 0.67%, to 32990.12 points, the S&P 500 fell 26.09 points, or 0.63% points, to 4132.15 points, and the Nasdaq Composite fell 49.74 points, or 0.41%, to 12081.39 points.
America's Lithium Mecca?
Lithium is a precious commodity when it comes to our shift to renewable energy. Developing more domestic sources of the metal has been called a matter of national security, since China hogs 80% of the world's lithium. The U.S. Geological Survey calls one Nevada region the best-known lithium deposit in the world.
Today Top Movers
View Inc. (VIEW) stock soared 16.54% to $1.48 in the pre-market trading after reporting full year 2021 financial results.
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) shares are trading up 9.84% at $2.68 at the time of writing following the announcement of share repurchase program.
Mullen Automotive Inc. (MULN) grew over 8.57% at $1.52 in pre-market trading today. The company recently declared impressive solid-state polymer battery test results
Salesforce Inc. (CRM), a Software - Application company, rose about 8.46% at $173.8 in pre-market trading Wednesday after releasing results for its first quarter fiscal 2023 ended April 30, 2022.
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Top Upgrades & Downgrades
Evercore ISI Group turned bullish on Enanta Pharmaceuticals Inc. (ENTA), upgrading the stock to In-line from Underperform and assigning a $39.00 price target.
Blueprint Medicines Corporation (BPMC) 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 $78.00, suggesting 41.82% additional upside for the stock.
Danaher Corporation (DHR) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $310.00. They changed their rating on CTT to Outperform from Sector Perform in a recently issued research note.
Earlier Wednesday Piper Sandler reduced its rating on Patterson-UTI Energy Inc. (PTEN) stock to Neutral from Overweight and assigned the price target to $22.75.
TAtlantic Equities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Medtronic plc (MDT) has been changed to Neutral from Overweight and the new price target is set at $105.00.
Analysts at UBS downgraded LexinFintech Holdings Ltd. (LX)'s stock to Sell from Outperform Wednesday.
Will Elon Musk Buy a Nevada Lithium Mine?
With lithium prices so high, Elon Musk recently panic-tweeted about getting into the mining business to maintain his own Tesla battery metal supply. This lines up with the recent enactment of the Defense Production Act in March 2022 to ensure the strategic metals that are critical to the US and free world independence from China and Russia are produced in the US.
Latest Insider Activity
Schlumberger Limited (SLB) President New Energy Rennick Gavin announced the sale of shares taking place on May 26 at $46.70 for some 10,759 shares. The total came to more than $0.5 million.
Comcast Corporation (CMCSA) EVP & Chief Accounting Officer Murdock Daniel C. sold on May 27 a total 8,929 shares at $44.50 on average. The insider’s sale generated proceeds of almost $0.4 million.
Rivian Automotive Inc. (RIVN) Director FLATLEY JAY T declared the purchase of shares taking place on May 26 at $29.31 for some 40,000 shares. The transaction amount was around $1.17 million.
BitNile Holdings Inc. (NILE) Executive Chairman AULT MILTON C III bought on May 27 a total 2,700,000 shares at $0.38 on average. The purchase cost the insider an estimated $1.02 million.
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Important Earnings
Top US earnings releases scheduled for today include Affimed N.V. (NASDAQ:AFMD). It will announce its Mar 2022 financial results. The company is expected to report earnings of -$0.19 per share from revenues of $10.09M in the three-month period.
Analysts expect Conn's Inc. (NASDAQ:CONN) to report a net income (adjusted) of $0.17 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2022 is predicted to come in at $360.78M.
Donaldson Company Inc. (DCI), due to announce earnings befpre the market opens today, is expected to report earnings of $0.72 per share from revenues of $823.99M 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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