16 Aug - Morning Newsletter

Good Morning!

US stocks didn't move too much last Friday. The S&P 500 index closed 0.16% higher. The final closing price was 4,468 points. The technology exchange Nasdaq 100 was 0.32% higher at 15,136 points. The Dow Jones Industrial Average closed 0.04% higher at 35,515 points.A potential pain point for the coming weeks and months is still supply chain disruption. Asia plays a major role in the supply of products that are used in all kinds of processes. With COVID-19 on the rise again in Asia, the supply chain could come under greater pressure than previously thought. The cost of delivering goods from Shanghai to ports such as Rotterdam and New York is skyrocketing like never before. Furthermore, popular production countries from Asia such as Malaysia, Thailand and Vietnam are also subject to rising COVID-19 cases. This may also have negative consequences for the supply of all kinds of products. Higher prices for products coming from these countries would be a logical consequence.

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Today Top Movers

Enlivex Therapeutics Ltd. (ENLV) stock soared 21.24% to $12.33 in the pre-market trading following the Israeli Ministry of Health has authorized the initiation of a proposed Company-sponsored, multi-center, placebo-controlled, randomized, blinded, Phase IIb clinical trial evaluating AllocetraTM in severe and critical COVID-19 patients with the acute respiratory distressed syndrome (ARDS).

Surgalign Holdings Inc. (NASDAQ: SRGA) shares are trading up 23.16% at $1.11 at the time of writing.

Sonos Inc. (SONO) grew over 12.43% at $42.88 in pre-market trading today after winning the first round in patent case against Google at ITC.

Cellect Biotechnology Ltd. (APOP), a Biotechnology company, rose about 14.62% at $4.47 in pre-market trading Monday. The company recently announced that SEC declared its registration statement filed on Form F-4 effective in connection with its previously announced strategic merger with Quoin Pharmaceuticals.

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Top Upgrades & Downgrades

RBC Capital turned bullish on PG&E Corporation (PCG), upgrading the stock to Outperform and assigning a $14.00 price target, representing potential upside of 53.42% from Monday's close.

The Honest Company, Inc. (HNST) has won the favor of Guggenheim's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $14.00.

Seagate Technology Holdings plc (STX) received an upgrade from analysts at UBS, who also set their one-year price target on the stock to $105.00. They changed their rating on STX to Buy from Neutral in a recently issued research note.

Earlier Monday H.C. Wainwright reduced its rating on Sesen Bio Inc. (SESN) stock to Neutral from Buy.

Evercore ISI Group analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Ecolab Inc. (ECL) has been changed to In-line from Outperform.

Analysts at Raymond James downgraded Chipotle Mexican Grill Inc. (CMG)'s stock to Outperform from Strong Buy Monday.

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Latest Insider Activity

Pinterest Inc. (PINS) Co-Founder & Chief Design & Cr Sharp Evan announced the sale of shares taking place on Aug 11 at $56.89 for some 103,501 shares. The total came to more than $5.89 million.

The Carlyle Group Inc. (CG) Director Rubenstein David M. sold on Aug 13 a total 33,249,644 shares at $47.80 on average. The insider’s sale generated proceeds of almost $90.83 million.

Cricut Inc. (CRCT) 10% Owner Abdiel Capital Management, LLC declared the purchase of shares taking place on Aug 13 at $27.59 for some 1,500,000 shares. The transaction amount was around $41.38 million.

Elanco Animal Health Incorporated (ELAN) President, CEO & Director Simmons Jeffrey N bought on Aug 11 a total 568,577 shares at $29.70 on average. The purchase cost the insider an estimated $500,445.

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Important Earnings

Top US earnings releases scheduled for today include Ideanomics Inc. (NASDAQ:IDEX). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$0.01 per share from revenues of $31M in the three-month period.

Analysts expect Tencent Music Entertainment Group (NYSE: TME) 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 Jun 2021 is predicted to come in at $8.13B.

Romeo Power Inc. (RMO), due to announce earnings after the market closes today, is expected to report earnings of -$0.16 per share from revenues of $2.37M 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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