13 Apr - ST - Morning Newsletter (with survey at top and bottom)

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Good Morning!

US stocks tumbled on Tuesday, losing ground after inflation data hit a new four-decade high in March.As a result of trades, the S&P 500 fell 15.08 points, or 0.3%, to 4397.45 points after rising 1.3% earlier in the session. The Dow Jones Industrial Average fell 87.72 points, or 0.3%, to 34,220.36. The Nasdaq Composite fell 40.38 points, or 0.3%, to 13371.51.Data from the US Department of Labor showed that the consumer price index rose to 8.5% in March compared to last year and was higher than some economists had forecast. The data surpassed the February value of 7.9% and marked a maximum for several decades.

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Today Top Movers

Antares Pharma Inc. (ATRS) stock soared 48.13% to $5.54 in the pre-market trading. The company and Halozyme Therapeutics, Inc. (HALO) reported that they have entered into a definitive agreement pursuant to which Halozyme will acquire Antares for $5.60 per share in cash.

Sierra Oncology Inc. (NASDAQ: SRRA) shares are trading up 36.61% at $53.99 at the time of writing after announcing an agreement with GlaxoSmithKline plc under which GSK will acquire Sierra Oncology for $55 per share of common stock in cash.

Vuzix Corporation (VUZI) grew over 16.97% at $6.48 in pre-market trading today after announcing a reseller agreement with Opsivity.

Lucid Group Inc. (LCID), a Auto Manufacturers company, rose about 1.13% at $21.53 in pre-market trading Wednesday. The company recently reported that it has begun customer deliveries of Lucid Air Grand Touring and that it will introduce a new version of Lucid Air, the Lucid Air Grand Touring Performance.

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Top Upgrades & Downgrades

UBS turned bullish on Humana Inc. (HUM), upgrading the stock to Buy from Neutral..

Booz Allen Hamilton Holding Corporation (BAH) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $102.00.

J.B. Hunt Transport Services Inc. (JBHT) received an upgrade from analysts at Deutsche Bank. They changed their rating on JBHT to Buy from Hold in a recently issued research note.

Earlier Wednesday BMO Capital reduced its rating on Datto Holding Corp. (MSP) stock to Market perform from Outperform and assigned the price target to $35.50.

B. Riley Securities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Bicycle Therapeutics plc (BCYC) has been changed to Neutral from Buy and the new price target is set at $33.00.

Analysts at Roth Capital downgraded Hecla Mining Company (HL)'s stock to Neutral from Buy Wednesday.

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Latest Insider Activity

Robinhood Markets Inc. (HOOD) Chief Financial Officer Warnick Jason announced the sale of shares taking place on Apr 08 at $11.29 for some 20,000 shares. The total came to more than $225,828.

QuantumScape Corporation (QS) Director Prinz Fritz sold on Apr 08 a total 156,200 shares at $18.24 on average. The insider’s sale generated proceeds of almost $2.85 million.

T2 Biosystems Inc. (TTOO) Chief Financial Officer Sprague John M declared the purchase of shares taking place on Apr 08 at $0.50 for some 12,952 shares. The transaction amount was around $6,476.

Confluent Inc. (CFLT) 10% Owner GERSTNER BRAD bought on Apr 08 a total 135,000 shares at $38.58 on average. The purchase cost the insider an estimated $5.21 million.

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Important Earnings

Top US earnings releases scheduled for today include Delta Air Lines Inc. (NYSE:DAL). It will announce its Mar 2022 financial results. The company is expected to report earnings of -$1.27 per share from revenues of $8.92B in the three-month period.

Analysts expect JPMorgan Chase & Co. (NYSE:JPM) to report a net income of $2.69 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2022 is predicted to come in at $30.86B.

Infosys Limited (INFY), due to announce earnings before the market opens today, is expected to report earnings of $0.19 per share from revenues of $4.29B 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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