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- 11 July - ST - Morning Newsletter (with survey at top and bottom)
11 July - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Starting the Week Strong
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US equity futures dropped Monday as traders await the key second-quarter earnings season for indications on how companies are weathering the inflation storm. The dollar jumped and Treasuries gained.Contracts on the S&P 500 and Nasdaq 100 were lower, suggesting last week’s rally in US stocks my stall as concerns about China’s Covid resurgence also weigh on risk appetite. . Twitter shares slumped in premarket trading after Elon Musk terminated his $44 billion takeover approach for the social media company. The Stoxx Europe 600 index pared a decline of more than 1% as an advance for utilities offset losses for carmakers and miners.Price pressures, a wave of monetary tightening and a slowing global economy continue to shadow markets. A US inflation reading later this week is expected to get closer to 9%, a fresh four-decade high, buttressing the Federal Reserve’s case for a jumbo July interest-rate hike. Company earnings will shed light on recession fears that contributed to an $18 trillion first-half wipe-out in global equities.
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Today Top Movers
Digital World Acquisition Corp. (DWAC) is up 19.00% to $29.18 in pre-market trading today following Tesla CEO Elon Musk terminated the $44 billion deal to buy Twitter.
Nyxoah S.A. (NYXH) stock soared 30.59% to $10.16 in the pre-market trading after receiving FDA IDE approval to initiate the ACCCESS Study of Genio® in complete concentric collapse patients.
Phunware Inc. (NASDAQ: PHUN) shares are trading up 26.23% at $1.54 at the time of writing. The company recently entered into a Note Purchase Agreement with Streeterville Capital, LLC and consummated the sale to such Investor of an unsecured Promissory Note with an original principal amount of $12,808,672 in a private placement that closed on July 6, 2022.
9 Meters Biopharma Inc. (NMTR) grew over 14.76% at $0.269 in pre-market trading today. President & Chief Executive Officer of 9 Meters, John Temperato will participate in a fireside chat at the William Blair Biotech Focus Conference. The fireside chat will be available on-demand beginning Monday, July 11, 2022.
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Top Upgrades & Downgrades
Goldman Sachs turned bullish on Mattel Inc. (MAT), upgrading the stock to "Buy" and assigning a $31 price target, representing potential upside of 36.2% from Friday's close.
Element Solutions Inc (ESI) has won the favor of Barclays' equity research team. The firm upgraded the shares from Equal Weight to Overweight and moved their price target to $22.00, suggesting 26.95% additional upside for the stock.
Bank of America Corporation (BAC) received an upgrade from analysts at Societe Generale, who also set their one-year price target on the stock to $37.5. They changed their rating on BAC to Buy from Hold in a recently issued research note.
Earlier Monday JP Morgan reduced its rating on ManpowerGroup Inc. (MAN) stock to Neutral from Overweight and assigned the price target to $78.00.
Goldman Sachs 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 Sell from Neutral and the new price target is set at $14.00.
Analysts at HC Wainwright & Co. downgraded CytomX Therapeutics Inc. (CTMX)'s stock to Neutral from Buy Monday.
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Latest Insider Activity
GitLab Inc. (GTLB) 10% Owner August Capital Management VII, announced the sale of shares taking place on Jul 08 at $57.54 for some 43,573 shares. The total came to more than $2.51 million.
Adaptive Biotechnologies Corporation (ADPT) Chief Operating Officer ADAMS R MARK sold on Jul 08 a total 2,300 shares at $10.47 on average. The insider’s sale generated proceeds of almost $24081.0.
Titan Pharmaceuticals Inc. (TTNP) 10% Owner Lazar David E. declared the purchase of shares taking place on Jul 07 at $0.99 for some 744,294 shares. The transaction amount was around $0.74 million.
Rocket Companies Inc. (RKT) Chief Executive Officer Farner Jay bought on Jul 08 a total 23,000 shares at $8.69 on average. The purchase cost the insider an estimated $199,870.
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Important Earnings
Top US earnings releases scheduled for today include N/A (N/A:GBX). It will announce its May 2022 financial results. The company is expected to report earnings of $0.59 per share from revenues of $740.67M in the three-month period.
Analysts expect AZZ Inc. (NYSE: AZZ) to report a net income (adjusted) of $1.03 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2022 is predicted to come in at $268.09M.
PriceSmart Inc. (PSMT), due to announce earnings after the market closes today, is expected to report earnings of $0.8 per share from revenues of $951.87M 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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