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12 Jul - morning newsletter

12 Jul - morning newsletter

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July 12, 2021

Good Morning!

Last Thursday, everyone and everything panicked from one red trading day. We are no longer used to that and because the stock market has been rising for so long, we have all become a bit afraid of heights. Fortunately, it didn't last long and the S&P 500 even managed to close on a new all-time high on Friday. The S&P 500 closed 1.13% higher at 4,369 points. Stocks that benefit from economic recovery, also known as post-corona stocks, were in demand. Financials bounced, with Bank of America and Goldman Sachs both rising more than 3%. Travel-related stocks also rose. Royal Caribbean was up 3.6%, Wynn Resorts was up nearly 2%, and American Airlines and United Airlines were both up more than 2%.The Nasdaq rose 0.98% to 14,701 points and has been rock solid since the breakout last month. On the chart we see that the index has broken out of an upward triangle. The price target of this pattern is around 16,000 points and the stock market seems to have a few good months ahead of it. Last week, US bonds saw their strongest gains in more than a year. The sharp fall in interest rates will also benefit technology stocks.The quarterly earnings season will start again this week. JPMorgan Chase, Goldman Sachs and PepsiCo kick off earnings season, with results to be announced on Tuesday before the markets open. Bank of America, Citigroup, Wells Fargo, Delta Air Lines and BlackRock will release Q2 results on Wednesday. According to data provider Refinitiv, earnings of S&P 500 companies are expected to rise 65% from the same quarter a year ago.

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Today Top Movers

Antelope Enterprise Holdings Limited (AEHL) stock soared 42.64% to $4.75 in the pre-market trading.

Celldex Therapeutics Inc. (NASDAQ: CLDX) shares are trading up 32.98% at $43.1 at the time of writing after declaring updated data from the Company’s ongoing, open label Phase 1b clinical trial of CDX-0159 in patients with antihistamine refractory cold urticaria and symptomatic dermographism.

Virgin Galactic Holdings Inc. (SPCE) grew over 7.97% at $53.12 in pre-market trading today as the company prepares to launch co-founder, Sir Richard Branson, into space this weekend.

AST SpaceMobile Inc. (ASTS), a Telecom Services company, rose about 11.13% at $14.18 in pre-market trading Monday after announcing the opening of its UK headquarters.

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Top Upgrades & Downgrades

JP Morgan turned bullish on Reinsurance Group of America, Incorporated (RGA), upgrading the stock to "Overweight" and assigning a $138.00 price target.

TriState Capital Holdings, Inc. (TSC) has won the favor of B. Riley Securities' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $26.00, suggesting 25.97% additional upside for the stock.

The Cheesecake Factory Incorporated (CAKE) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $60.00. They changed their rating on CAKE to Outperform from Market Perform in a recently issued research note.

Earlier Monday BMO Capital reduced its rating on Empire State Realty Trust, Inc. (ESRT) stock to Market Perform from Outperform and assigned the price target to $13.5.

Jefferies analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Rocket Companies, Inc. (RKT) has been changed to Hold from Buy.

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