1 Sep - Morning Newsletter

Good Morning!

American stock indices fell on Tuesday, but rose for the month.All three major indexes ended August higher. The S&P 500 rose 2.9% in August, the most significant monthly gain since April.The Dow Jones Industrial Average rose 1.2% for the month, while the Nasdaq Composite rose 4%.Following the session on Tuesday, the S&P 500 fell 6.11 points, or 0.1%, to 4522.68 points. The Dow Jones Industrial Average fell 39.11 points, or 0.1%, to 35360.73 points. The Nasdaq Composite was down 6.65 points, or less than 0.1, to 15259.24.Meanwhile, the delta coronavirus could be a real deterrent to stocks, especially if consumer spending cuts or new restrictions are imposed. Fresh data today showed that consumer confidence in the US deteriorated in August, having bounced back to its lowest since February. Consumer confidence fell to 113.8 in August from the revised downward revision of 125.1 in July, according to data released on Tuesday by the Conference Board.

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Today Top Movers

GBS Inc. (GBS) stock soared 40.74% to $4.56 in the pre-market trading . The company is develops technology to take the fear out of Diabetes and COVID testing.

Focus Universal Inc. Common Stock (FCUV) shares are trading up 23.33% at $6.29 at the time of writing after completing first day of trading on the Nasdaq Capital Market.

Field Trip Health Ltd. (FTRP) grew over 15.80% at $5.57 in pre-market trading today after announcing launch Of “Kap Co-Operative” program, enabling independent Psychedelic Therapists to practice at Its Field Trip Health Centers.

Ambarella, Inc. (AMBA) rose about 8.25% at $111.12 in pre-market trading Wednesday. The company reported $79.3 million in revenue for the second quarter of fiscal 2022.

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Top Upgrades & Downgrades

Morgan Stanley turned bullish on Schrodinger Inc. (SDGR), upgrading the stock to Overweight and assigning a $82.00 price target, representing potential upside of 37.38% from Tuesday's close.

PPL Corporation (PPL) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Eqaual Weight to Overweight and moved their price target to $34.00, suggesting 15.84% additional upside for the stock.

Earlier Wednesday HSBC reduced its rating on American Water Works Company Inc. (AWK) stock to Hold from Buy and assigned the price target to $190.00. With shares trading at around $182.25, the Wall Street firm thinks American Water Works Company Inc.'s stock could add 4.24%.

Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for DTE Energy Company (DTE) has been changed to Equal Weight from Overweight and the new price target is set at $128.00.

Analysts at Macquarie downgraded AMC Entertainment Holdings Inc (AMC)'s stock to Underperform from Neutral Wednesday.

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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 Aug 27 at $705.41 for some 1,500 shares. The total came to more than $1.06 million.

Snowflake Inc. (SNOW) Director Speiser Michael L sold on Aug 27 a total 2,962,525 shares at $296.44 on average. The insider’s sale generated proceeds of almost $158.6 million.

SoFi Technologies Inc. (SOFI) Chief Executive Officer Noto Anthony declared the purchase of shares taking place on Aug 26 at $14.31 for some 7,150 shares. The transaction amount was around $0.1 million.

SelectQuote Inc. (SLQT) CHIEF FINANCIAL OFFICER Sadun Raffaele bought on Aug 31 a total 927,418 shares at $9.40 on average. The purchase cost the insider an estimated $46,671.

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Important Earnings

Top US earnings releases scheduled for today include ChargePoint Holdings Inc. (NYSE:CHPT). It will announce its Jul 2021 financial results. The company is expected to report earnings of -$0.13 per share from revenues of $49.06M in the three-month period.

Analysts expect C3.ai Inc. (NYSE:AI) to report a net income (adjusted) of -$0.28 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $51.16M.

Chewy Inc. (CHWY), due to announce earnings after the market closes today, is expected to report earnings of -$0.02 per share from revenues of $2.2B 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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