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- 13 Feb - NH - Morning Newsletter (with survey at top and bottom)
13 Feb - NH - Morning Newsletter (with survey at top and bottom)
Today's Market Buzz: Get the Inside Scoop
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Good Morning!Following the worst weekly performance in nearly two months for the S&P 500 and Nasdaq Composite, U.S. stock futures were flat Monday.The S&P 500 futures were just above the flat line. Nasdaq-100 futures rose 0.2%, while Dow Jones Industrial Average futures fell 20 points, or less than 0.1%.There was a downward trend in all three major indexes last week. There was a 0.17% drop in the Dow last week. It was the S&P 500's worst week since December as it fell 1.11%, and the tech-heavy Nasdaq dropped 2.41%.The losses follow comments by Federal Reserve Chairman Jerome Powell that inflation is still a pressing concern. The Fed chairman also indicated that if inflation continues to rise, interest rates may rise more than markets anticipate, reversing some prior market optimism.Inflation numbers, as well as retail sales data, will be available on Tuesday for investors to keep an eye on. Among the companies posting results next week are Coca-Cola, Marriott, Cisco, Marathon, and Paramount.
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Today Top Movers
Vallon Pharmaceuticals Inc. (VLON) stock soared 34.77% to $0.6233 in the pre-market trading after announcing an agreement and plan of merger with GRI Bio, Inc. pursuant to which a wholly-owned subsidiary of Vallon will merge with and into GRI.
EBET Inc. (NASDAQ: EBET) shares are trading up 50.49% at $0.8849 at the time of writing following an SEC Form 10-Q: Periodic Financial Reports filing.
SHF Holdings Inc. (SHFS) grew over 24.96% at $0.9497 in pre-market trading today following an SEC Form SC 13G/A: Tender Offer/Acquisition Reports filing.
Ocular Therapeutix Inc. (OCUL), a Biotechnology company, rose about 11.11% at $4.3 in pre-market trading Monday. The company recently announced interim 10-month data from its U.S. Phase 1 clinical trial evaluating OTX-TKI.
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Top Upgrades & Downgrades
Roth Capital turned bullish on Five Below Inc. (FIVE), upgrading the stock to "Buy" and assigning a $240 price target, representing potential upside of 19.02% from Friday's close.
Newmont Corporation (NEM) has won the favor of Exane BNP Paribas's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $60, suggesting 25.07% additional upside for the stock.
Progressive Corp (PGR) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $138. They changed their rating on PGR to Neutral from Underweight in a recently issued research note.
Earlier Monday Baird reduced its rating on Caterpillar Inc. (CAT) stock to Neutral from Outperform and assigned the price target to $230.
Exane BNP Paribas analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Barrick Gold Corporation (GOLD) has been changed to Neutral from Outperform and the new price target is set at $19.
Analysts at Roth Capital downgraded Advance Auto Parts Inc. (AAP)'s stock to Neutral from Buy Monday.
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Latest Insider Activity
Geron Corporation (GERN) Chairman, President and CEO SCARLETT JOHN A announced the sale of shares taking place on Feb 10 at $3.00 for some 446,668 shares. The total came to more than $1.34 million.
MGM Resorts International (MGM) CEO AND PRESIDENT HORNBUCKLE WILLIAM sold on Feb 09 a total 110,000 shares at $44.86 on average. The insider’s sale generated proceeds of almost $4.93 million.
Minerva Surgical Inc. (UTRS) 10% Owner NEW ENTERPRISE ASSOCIATES 13 L declared the purchase of shares taking place on Feb 09 at $0.20 for some 24,437,927 shares. The transaction amount was around $5.0 million.
Akamai Technologies Inc. (AKAM) Chief Executive Officer LEIGHTON F THOMSON bought on Feb 10 a total 290 shares at $86.26 on average. The purchase cost the insider an estimated $25,015.
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Important Earnings
Top US earnings releases scheduled for today include CEMEX S.A.B. de C.V. (NYSE: CX). It will announce its Dec 2022 financial results. The company is expected to report earnings of $0.12 per share from revenues of $3.89B in the three-month period.
Analysts expect Blue Owl Capital Inc. (NYSE: OWL) to report a net income (adjusted) of $0.15 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $374.91M.
Roivant Sciences Ltd. (ROIV), due to announce earnings before the market opens today, is expected to report earnings of -$0.39 per share from revenues of $14.64M 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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