12 Oct - Morning Newsletter (with changes)

Good Morning!

The stock exchanges in New York started the new trading week in green, but during the day mainly red candles appeared on the intraday charts. This brought the markets towards the close to the lowest point of the day and ultimately resulted in negative results. The S&P 500 ended 0.69% lower at 4,361 points and the Nasdaq Composite lost 0.64% at a close of 14,486 points.There was no good apparent reason for the weakness, but it is a good indication that the cold is not over yet. Investors remain concerned about high inflation coupled with weakening growth. Wall Street futures are currently lower again; the 3 major indices lose up to 0.54%. Investors will be eyeing the latest employment data later today. The Labor Department makes the so-called JOLT's vacancies public. The report provides a detailed overview of all open vacancies broken down by region and sector. Economists polled by Dow Jones expect 10.9 million open job openings in August, unchanged from the total in July.

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Today Top Movers

Westwater Resources Inc. (WWR) stock soared 10.89% to $3.87 in the pre-market trading after its Board of Directors approved construction of phase I of Coosa Graphite Project.

Quanterix Corporation (NASDAQ: QTRX) shares are trading up 16.06% at $47.9 at the time of writing after declaring that its Simoa phospho-Tau 181 (pTau-181) blood test has been granted Breakthrough Device designation by the U.S. Food and Drug Administration (FDA) as an aid in diagnostic evaluation of Alzheimer’s Disease (AD).

FREYR Battery (FREY) jumped over 18.56% at $11.50 in pre-market trading today after announcing joint venture with Koch Strategic Platforms to advance development of clean battery cell manufacturing in the United States.

NRx Pharmaceuticals, Inc. (NRXP) increased over 12.39% to $7.62 in the early morning today following the declaration from the company that a revised Investigational New Drug module on the manufacturing of ZYESAM was submitted to the US Food and Drug Administration (FDA), containing documentation that confirmed Nephron Pharmaceuticals, Inc. is prepared to supply ZYESAMI on a commercial scale.

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Top Upgrades & Downgrades

Credit Suisse turned bullish on MGM Resorts International (MGM), upgrading the stock to "Outperform" and assigning a $68.00 price target, representing potential upside of 52.77% from Monday's close.

Acuity Brands Inc. (AYI) has won the favor of UBS's equity research team. The firm upgraded the shares from Sell to Neutral and moved their price target to $206.00, suggesting 0.1% additional upside for the stock.

Autoliv Inc. (ALV) received an upgrade from analysts at Evercore ISI Group, who also set their one-year price target on the stock to $130.00. They changed their rating on ALV to Outperform from In-Line in a recently issued research note.

Earlier Tuesday Baird reduced its rating on Trex Company Inc. (TREX) stock to Neutral from Outperform and assigned the price target to $108.00.

Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Equinor ASA (EQNR) has been changed to Underweight from Equal Weight and the new price target is set at $23.42.

Analysts at Raymond James downgraded Lumentum Holdings Inc. (LITE)'s stock to Outperform from Strong Buy Tuesday.

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Latest Insider Activity

Abeona Therapeutics Inc. (ABEO) Chief Financial Officer CARR EDWARD announced the sale of shares taking place on Oct 08 at $1.05 for some 29,122 shares. The total came to more than $30596.0.

Momentive Global Inc. (MNTV) Director EVAN DANA L sold on Oct 07 a total 29,314 shares at $21.21 on average. The insider’s sale generated proceeds of almost $0.26 million.

Celsion Corporation (CLSN) Director Fritz Frederick J. declared the purchase of shares taking place on Oct 07 at $0.88 for some 20,000 shares. The transaction amount was around $17600.0.

PetVivo Holdings Inc. (PETV) Director Martin James Rudolph bought on Oct 05 a total 86,684 shares at $2.46 on average. The purchase cost the insider an estimated $3,937.

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Important Earnings

Top US earnings releases scheduled for today include Fastenal Company (NASDAQ:FAST). It will announce its Sep 2021 financial results. The company is expected to report earnings of $0.42 per share from revenues of $1.54B in the three-month period.

Analysts expect AZZ Inc. (NYSE:AZZ) to report a net income (adjusted) of $0.62 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $219.95M.

SMART Global Holdings Inc. (SGH), due to announce earnings after the market closes today, is expected to report earnings of $1.6 per share from revenues of $461.3M 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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