16 Sep - Morning Newsletter

Good Morning!

The US stock market ended the trading session on Wednesday with a rise in quotes on the back of rising oil prices and another portion of optimistic macroeconomic data.The Dow Jones Industrial Average (DJIA) rose 0.68% to 34814.39 points, the NASDAQ high-tech index rose 0.82% to 15161.53 points, the S&P 500 broad market index rose 0.85% to 4480.70 pips.The market is believed to have been supported by the data on the August growth of industrial production by 0.4% versus the previous month and the first slowdown in annual inflation since October to 5.3% from 5.4%.The rising oil price also had a positive effect on the dynamics of quotations: the main American grade of WTI rose in price by $ 2.15, to $ 72.61 per barrel - the maximum since July 30.

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Today Top Movers

Leap Therapeutics Inc. (LPTX) stock soared 40.16% to $2.705 in the pre-market trading following presentation of updated positive data from the DisTinGuish study of DKN-01 Plus Tislelizumab at the ESMO Congress.

MedAvail Holdings Inc (NASDAQ: MDVL) shares are trading up 11.62% at $3.65 at the time of writing after signing an agreement with IMA Medical Group to open four SpotRx locations in Florida.

IronNet Inc. (IRNT) grew over 77.4% at $57.0 in pre-market trading today. The company recently declared fiscal second quarter 2022 financial results.

ION Geophysical Corporation (IO), a Oil & Gas Equipment & Services company, rose about 22.67% at $1.84 in pre-market trading Thursday. The company has initiated a process to evaluate a range of strategic alternatives to strengthen its financial position.

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Top Upgrades & Downgrades

Credit Suisse turned bullish on Cisco Systems Inc. (CSCO), upgrading the stock to "Outperform" and assigning a $74.00 price target, representing potential upside of 28.56% from Wednesday's close.

Azul S.A. (AZUL) has won the favor of Raymond James's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $25.00, suggesting 25.09% additional upside for the stock.

Dana Incorporated (DAN) received an upgrade from analysts at BofA, who also set their one-year price target on the stock to $30.00. They changed their rating on DAN to Buy from Neutral in a recently issued research note.

Earlier Thursday JP Morgan reduced its rating on Melco Resorts & Entertainment Limited (MLCO) stock to Neutral from Overweight and assigned the price target to $10.00.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Las Vegas Sands Corp. (LVS) has been changed to Neutral from Overweight and the new price target is set at $38.00.

Analysts at JP Morgan downgraded Wynn Resorts Limited (WYNN)'s stock to Neutral from Overweight Thursday.

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Latest Insider Activity

Aterian Inc. (ATER) 10% Owner 9830 Macarthur, LLC announced the sale of shares taking place on Sep 07 at $7.34 for some 10,000 shares. The total came to more than $73400.0.

SoFi Technologies Inc. (SOFI) Vice Chairman - Galileo Wilkes Thomas Clayton sold on Sep 13 a total 52,802,242 shares at $15.16 on average. The insider’s sale generated proceeds of almost $16.97 million.

Enterprise Products Partners L.P. (EPD) Director Rutherford John R declared the purchase of shares taking place on Sep 15 at $22.24 for some 10,000 shares. The transaction amount was around $0.22 million.

OPKO Health Inc. (OPK) CEO & Chairman FROST PHILLIP MD ET AL bought on Sep 14 a total 193,171,694 shares at $3.46 on average. The purchase cost the insider an estimated $346,443.

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Important Earnings

Top upcoming US earnings releases scheduled for the next 5 days include Cognyte Software Ltd. (NASDAQ:CGNT). It will announce its Jul 2021 financial results. The company is expected to report earnings of $0.15 per share from revenues of $115.57M in the three-month period.

Analysts expect Lennar Corporation (NYSE:LEN) to report a net income (adjusted) of $3.28 per share, when the company releases its quarterly results on Monday. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $6.86B.

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

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