17 Aug - Morning Newsletter

Good Morning!

Initially, US indices opened lower, but the loss quickly turned into gain on the previous trading session. If we look at the weak Chinese data that was released. This raises questions about the global economic recovery. It was mainly the health sector and utilities stocks that fueled the intraday recovery.The broad S&P 500 rose 0.26% to 4,480 points. The stock index has now more than doubled from the COVID-19 dip. The S&P fell towards 2,188 points and is now shining at 4,480 points. The technology exchange Nasdaq 100 remained almost status quo with a daily result of plus 0.03% or 15,140 points. The oldest US stock index, the Dow Jones Industrial Average, lost 0.31%. The closing price was 35,625 points. The VIX index rose more than 4% yesterday. This is not very high for the fear gauge, but it does give a signal that volatility in the S&P 500 may be lurking around the corner. We also find this reflected by comparing the CBOE Crude Oil Volatility Index (OVX) with the VIX index. In most cases, both are quite similar.

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Today Top Movers

LM Funding America Inc. (LMFA) stock soared 20.22% to $5.53 in the pre-market trading. The company reported net income of $11.1 million or $2.05 per basic common share for the Q2 of 2021.

Forte Biosciences Inc. (NASDAQ: FBRX) shares are trading up 14.71% at $27.3 at the time of writing. The company expected to announce topline data from the phase 2 clinical trial of FB-401 for the treatment of Atopic Dermatitis on Sept. 7.

Powerbridge Technologies Co. Ltd. (PBTS) grew over 11.92% at $1.69 in pre-market trading today.

BHP Group (BBL) rose about 6.58% at $67.68 in pre-market trading Tuesday after announcing a merger agreement with Woodside Petroleum Ltd under which both companies will combine their respective oil and gas portfolios by an all-stock merger to create a global top 10 independent energy company by production.

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Top Upgrades & Downgrades

Berenberg turned bullish on CF Industries Holdings Inc. (CF), upgrading the stock to "Buy" and assigning a $60.00 price target, representing potential upside of 29.48% from Monday's close.

Perficient Inc. (PRFT) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $126.00, suggesting 19.48% additional upside for the stock.

Old National Bancorp (ONB) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $20.00. They changed their rating on ONB to Overweight from Neutral in a recently issued research note.

Earlier Tuesday Evercore ISI Group reduced its rating on The Allstate Corporation (ALL) stock to In-line from Outperform and assigned the price target to $135.00.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Automatic Data Processing Inc. (ADP) has been changed to Underweight from Neutral and the new price target is set at $224.00.

Analysts at JP Morgan downgraded Rackspace Technology Inc. (RXT)'s stock to Neutral from Overweight Tuesday.

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Latest Insider Activity

Berkeley Lights Inc. (BLI) General Counsel MERKADEAU STUART L announced the sale of shares taking place on Aug 12 at $40.21 for some 7,712 shares. The total came to more than $0.31 million.

Pfizer Inc. (PFE) SVP & Controller DAMICO JENNIFER B. sold on Aug 13 a total 9,769 shares at $48.30 on average. The insider’s sale generated proceeds of almost $80226.0.

Talkspace, Inc (TALK) Hudson Executive Capital LP 10% Owner declared the purchase of shares taking place on Aug 16 at $5.30 for some 142,500 shares. The transaction amount was around $755,250.

Katapult Holdings Inc. (KPLT) CHIEF ACCOUNTING OFFICER TOWERS CHRISTOPHER bought on Aug 13 a total 2,750 shares at $3.66 on average. The purchase cost the insider an estimated $10,062.

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Important Earnings

Top US earnings releases scheduled for today include Amcor plc (NYSE:AMCR). It will announce its Jun 2021 financial results. The company is expected to report earnings of $0.22 per share from revenues of $3.3B in the three-month period.

Analysts expect Agilent Technologies Inc. (NYSE:A) to report a net income (adjusted) of $0.99 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $1.54B.

BEST Inc. (BEST), due to announce earnings after the market closes today, is expected to report earnings of -$0.73 per share from revenues of $8.31B 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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