15 Sep - Morning Newsletter

Good Morning!

Inflation in the US came in lower than expected in August. The CPI (consumer price index) rose 0.3% last month from the expected 0.4% and the core CPI (CPI excluding food and energy prices) rose 0.1% from the expected 0 .3%. These numbers don't rush the Fed to accelerate stimulus cuts. The initial reaction from US equities was positive. There was a brief rise, but after an hour, the markets were unable to hold on to gains. Inflation data yesterday had a positive effect on precious metals. The gold price rose a sloppy 0.60% and the little brother silver had to make do with a sloppy 0.40%Furthermore, Apple's event is finally over. The iPhone 13 gets new chips, a better camera and battery. Last year, the iPhone generated $137.8 billion in revenue, which is significant. The Apple share fell 0.96% and remained around the same price after trading hours. This phenomenon is often seen at Apple product presentations. Strong anticipation pushes the price up, only to fall back after the performance. Similar to the phenomenon 'Buy the rumor, sell the news'.

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Today Top Movers

Nxt-ID Inc. (NXTD) stock soared 33.39% to $0.6116 in the pre-market trading. The surge is likely connected to the recent price jump in Bitcoin.

Stealth BioTherapeutics Corp (NASDAQ: MITO) shares are trading up 11.85% at $1.51 at the time of writing following the announcement from the company that multiple abstracts have been accepted for presentation at several leading ophthalmic conferences this fall.

Microsoft Corporation (MSFT) grew over 1.35% at $303.83 in pre-market trading today after its board of directors declared a quarterly dividend of $0.62 per share, reflecting a 6 cent or 11% increase over the previous quarter's dividend.

Sonnet BioTherapeutics Holdings Inc. (SONN), a Biotechnology company, rose about 8.66% at $0.6138 in pre-market trading Wednesday.

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Top Upgrades & Downgrades

JPMorgan turned bullish on Range Resources Corporation (RRC), upgrading the stock to "Neutral" and assigning a $20.00 price target.

Bio-Techne Corporation (TECH) has won the favor of Keybanc's equity research team. The firm upgraded the shares from Sector Weight to Overweight and moved their price target to $600.00, suggesting 17.67% additional upside for the stock.

Sarepta Therapeutics Inc. (SRPT) received an upgrade from analysts at Guggenheim. They changed their rating on SRPT to Buy from Neutral in a recently issued research note.

Earlier Wednesday BTIG reduced its rating on Integra LifeSciences Holdings Corporation (IART) stock to Neutral from Buy.

JPMorgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Chevron Corporation (CVX) has been changed to Neutral from Overweight and the new price target is set at $111.00.

Analysts at JPMorgan downgraded Southwestern Energy Company (SWN)'s stock to Underweight from Neutral Wednesday.

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Latest Insider Activity

TuSimple Holdings Inc. (TSP) Lu Cheng announced the sale of shares taking place on Sep 14 at $39.26 for some 43,723 shares. The total came to more than $1.72 million.

Anaplan Inc. (PLAN) Chief Development Officer Pinczuk Ana G. sold on Sep 14 a total 33,952 shares at $64.94 on average. The insider’s sale generated proceeds of almost $0.67 million.

Athenex Inc. (ATNX) Director WU JINN declared the purchase of shares taking place on Sep 14 at $3.22 for some 50,000 shares. The transaction amount was around $0.16 million.

Myovant Sciences Ltd. (MYOV) 10% Owner Sumitomo Chemical Co., Ltd. bought on Sep 13 a total 49,467,358 shares at $23.38 on average. The purchase cost the insider an estimated $1.95 million.

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Important Earnings

Top US earnings releases scheduled for today include Weber Inc. (NYSE:WEBR). It will announce its Jun 2021 financial results. The company is expected to report earnings of $0.35 per share from revenues of $669.2M in the three-month period.

Analysts expect Manchester United plc (NYSE:MANU) to report a net income (adjusted) of -$15 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $104M.

That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team

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