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- 10 Nov - Morning Newsletter (with changes)
10 Nov - Morning Newsletter (with changes)
4 Hot Stocks to Trade Today
Good Morning!
On November 9, major US stock exchanges closed slightly lower. The S&P 500 fell 0.35% to 4685 points, the Nasdaq corrected 0.6%, and the Dow Jones fell 0.31%. The best dynamics was demonstrated by issuers from the utilities (+ 0.43%) and raw materials (+ 0.42%) industries, companies from the consumer cyclical goods (+ 0.40%) and energy (+ 0.39%) sectors. Producers of consumer cyclical goods (-1.35%) and the financial sector (-0.55%) looked worse than the market.Today, global stock markets are showing moderate dynamics. Yesterday, the Fed published its semi-annual financial stability review, in which it described the current situation and highlighted the key risks for both the global and the American economy. The document touched upon the problems of instability in the commercial real estate sector in China, as this could have an impact not only on the Chinese financial system, but also on the US economy. The Fed also warned of the possibility of a strong correction in high-risk assets amid rising interest rates, as well as a likely decline in demand and prices in the real estate market. An increase in the debt burden of businesses and households may negatively affect the labor market and investment.
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Today Top Movers
DoorDash Inc. (DASH) stock soared 17.54% to $225.69 in the pre-market trading after reporting an agreement with Wolt under which DoorDash will acquire Wolt in an all-stock transaction.
RingCentral Inc. (NYSE: RNG) shares are trading up 23.6% at $288.78 at the time of writing. RingCentral and Mitel declared a strategic partnership to enable customers to transition seamlessly to cloud-based unified business communications.
PubMatic Inc. (PUBM) grew over 24.57% at $40.0 in pre-market trading today. The company reported that revenue in the third quarter of 2021 was $58.1 million, an increase of 54% over $37.8 million in the same period of 2020.
Fiverr International Ltd. (FVRR), an Internet Retail company, rose about 14.91% at $185.0 in pre-market trading Wednesday after reporting an increase of 42% to $74.3 million in Q3 revenue year over year.
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Top Upgrades & Downgrades
Deutsche Bank turned bullish on General Electric Company (GE), upgrading the stock to "Buy" and assigning a $131.00 price target, representing a potential upside of 17.7% from Tuesday's close.
Unity Biotechnology Inc. (UBX) 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 $7.00, suggesting 172.37% additional upside for the stock.
DCP Midstream LP (DCP) received an upgrade from analysts at Truist, who also set their one-year price target on the stock to $37.00. They changed their rating on DCP to Buy from Hold in a recently issued research note.
Earlier Wednesday Societe Generale reduced its rating on ConocoPhillips (COP) stock to Hold from Buy and assigned the price target to $77.00.
Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Casper Sleep Inc. (CSPR) has been changed to Neutral from Overweight and the new price target is set at $3.50.
Analysts at RBC Capital downgraded Palantir Technologies Inc. (PLTR)'s stock to Underperform from Sector Perform Wednesday.
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Latest Insider Activity
Coinbase Global Inc. (COIN) Director Ehrsam Frederick Ernest III announced the sale of shares taking place on Nov 08 at $353.77 for some 17,513 shares. The total came to more than $6.2 million.
Chinook Therapeutics Inc. (KDNY) Chief Operating Officer Frohlich Tom sold on Nov 08 a total 140,849 shares at $15.17 on average. The insider’s sale generated proceeds of almost $0.21 million.
Seagate Technology Holdings plc (STX) EVP & CIO Naik Ravi declared the purchase of shares taking place on Oct 07 at $81.28 for some 201 shares. The transaction amount was around $16322.0.
Bed Bath & Beyond Inc. (BBBY) EVP, CFO Arnal Gustavo bought on Nov 08 a total 318,196 shares at $21.40 on average. The purchase cost the insider an estimated $53,500.
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Important Earnings
Top US earnings releases scheduled for today include ContextLogic Inc. (NASDAQ:WISH). It will announce its Sep 2021 financial results. The company is expected to report earnings of -$0.15 per share from revenues of $353.62M in the three-month period.
Analysts expect SoFi Technologies Inc. (NASDAQ:SOFI) to report a net income (adjusted) of -$0.14 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $251.57M.
Progenity Inc. (PROG), due to announce earnings after the market closes today, is expected to report earnings of -$0.45 per share from revenues of $3.8M 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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