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11 Aug - ST - Morning Newsletter (with survey at top and bottom)
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Good Morning!
The trading session on August 10, US stock markets completed a steady growth. The S&P 500 rose 2.13% to 4210, the Nasdaq rose 2.89% and the Dow Jones gained 1.63%. The growth leaders were commodity and processing companies (+2.88%), as well as representatives of the discretionary goods sector (+2.87%).Company news
Coinbase Global (COIN: +7.37%) April-June financials were significantly weaker than forecasts in terms of revenue. In addition, the company ends the second quarter in a row with a loss due to a drop in trading activity. Coinbase’s own guidance for the number of active investors for the year has been reduced from 15 million to 9 million.
Qorvo's (QRVO: +6.63%) quarterly revenue and earnings declined slightly less than consensus. However, the company's management provided weak guidance until the end of the year.
Walt Disney (DIS: +3.98%) revenue from amusement parks and streaming services for the second quarter beat market expectations. For the first time, Disney+ surpassed Netflix in terms of subscriber numbers.
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Today Top Movers
AcelRx Pharmaceuticals Inc. (ACRX) stock soared 148.72% to $0.5845 in the pre-market trading after announcing abstract acceptance for Podium Presentation at the ANESTHESIOLOGY® 2022 Annual Meeting.
The Walt Disney Company (NYSE: DIS) shares are trading up 8.19% at $121.64 at the time of writing. The company reported the third quarter and nine months' earnings for fiscal 2022.
Matterport Inc. (MTTR) grew over 14.07% at $5.92 in pre-market trading today after releasing Q2 2022 financial results, with stronger-than-expected subscription revenue and Non-GAAP EPS.
Vacasa Inc. (VCSA), a Software - Application company, rose about 19.08% at $3.62 in pre-market trading Thursday after declaring record second quarter 2022 results.
Top 5 Stocks with Strong Insider Buying
One of the best ways to spot potential opportunity is by tracking insiders.
After all, who knows the company better than an insider - the CEO, CFO, COO, officers, employees, and directors? If they're buying a sizable number of shares, it's often a good idea to start looking into why and perhaps follow them into the stock. Here are five stocks seeing a good share of insider buying in recent weeks.
Top Upgrades & Downgrades
Guggenheim turned bullish on The Walt Disney Company (DIS), upgrading the stock to "Buy" and assigning a $145 price target, representing potential upside of 28.88% from Wednesday's close.
Cheniere Energy Partners L.P. (CQP) has won the favor of Evercore ISI Group's equity research team. The firm upgraded the shares from In-line to Outperform and moved its price target to $55.00, suggesting a 17.82% additional upside for the stock.
First Solar Inc. (FSLR) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $145.00. They changed their rating on FSLR to Overweight from Sector Weight in a recently issued research note.
Earlier Thursday Citigroup reduced its rating on Lowe's Companies Inc. (LOW) stock to Neutral from Buy and assigned the price target to $205.00.
Atlantic Equities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Upstart Holdings Inc. (UPST) has been changed to Underweight from Neutral and the new price target is set at $22.00.
Analysts at Credit Suisse downgraded ironSource Ltd. (IS)'s stock to Neutral from Outperform Thursday.
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Latest Insider Activity
AMC Entertainment Holdings Inc. (AMC) SVP & CHIEF ACCOUNTING OFFICER COX CHRIS A announced the sale of shares taking place on Aug 08 at $25.00 for some 12,000 shares. The total came to more than $0.3 million.
Alphabet Inc. (GOOG) Director HENNESSY JOHN L sold on Aug 10 a total 500 shares at $120.00 on average. The insider’s sale generated proceeds of almost $60000.0.
Luminar Technologies Inc. (LAZR) Chairperson, President & CEO Russell Austin declared the purchase of shares taking place on Aug 10 at $9.70 for some 25,000 shares. The transaction amount was around $0.24 million.
WeWork Inc. (WE) Chief Financial Officer Fernandez Andre J bought on Aug 10 a total 40,000 shares at $5.01 on average. The purchase cost the insider an estimated $200,500.
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Important Earnings
Top US earnings releases scheduled for today include Hanesbrands Inc. (NYSE: HBI). It will announce its Jun 2022 financial results. The company is expected to report earnings of $0.33 per share from revenues of $1.68B in the three-month period.
Analysts expect Bakkt Holdings Inc. (NYSE: BKKT) to report a net income (adjusted) of -$0.16 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2022 is predicted to come in at $13.9M.
Cardinal Health Inc. (CAH), due to announce earnings before the market opens today, is expected to report earnings of $1.17 per share from revenues of $44.71B 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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