17 June - morning newsletter

Good Morning!

Investors have already seen the slump with inflation at 5% and those suspicions were confirmed last night. The Federal Reserve also sees that the economy is starting to pick up steam and is now thinking about phasing out the corona support measures. In concrete terms, this means that the US central bank will first of all reduce the volume of monthly bond purchases. When that will start and how much will be 'tapped' was not announced.Jerome Powell acknowledged that inflation is higher than expected, but insists it is a temporary effect. The so-called dot plot also showed that more and more central bankers believe that at least two interest rate hikes will take place in 2023. Some central bankers even think that an interest rate hike will be implemented as early as next year. This means that interest rates appear to be rising earlier than expected. Shares were sold in response to the interest rate decision and explanation from the Fed. The S&P 500 fell 0.54% to 4,223 points and the Nasdaq Composite was down 0.24% to 14,039 points. The US 10-year Treasury bond rose to 1.575%. The decline appears to be continuing today as futures in New York are up to half a percent lower.

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Today Top Movers

ReShape Lifesciences Inc. (RSLS) stock gained 5.08% to $6.62 in the early morning trading session today following the completion of merger with Obalon Therapeutics.

Midatech Pharma plc (MTP) stock soared 69.47% to $3.43 in the pre-market trading after announcing breakthrough in vitro data which demonstrate Q-Sphera's potential to formulate proteins into long-acting injectable products, as well as significant progress across multiple other programmes.

Tiziana Life Sciences PLC (NASDAQ: TLSA) shares are trading up 9.41% at $2.79 at the time of writing. The company responded to UK call for development of innovative ‘Take Home’ treatments for COVID-19 disease.

Cellect Biotechnology Ltd. (APOP) grew over 33.44% at $4.19 in pre-market trading today after the company filed a registration statement in connection with a proposed strategic merger agreement with Quoin Pharmaceuticals.

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Top Upgrades & Downgrades

Barclays turned bullish on Ambev S.A. (ABEV), upgrading the stock to Equal Weight and assigning a $4 price target, representing potential upside of 5.54% from Wednesday's close.

Boot Barn Holdings Inc. (BOOT) has won the favor of Citi's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $92.00, suggesting 22.25% additional upside for the stock.

Patterson Companies Inc. (PDCO) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $44.00. They changed their rating on PDCO to Overweight from Neutral in a recently issued research note.

Earlier Thursday Keefe Bruyette reduced its rating on Northern Trust Corporation (NTRS) stock to Market Perform from Outperform and assigned the price target to $128.00.

Citi analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Voya Financial Inc. (VOYA) has been changed to Neutral from Buy and the new price target is set at $72.00.

Analysts at Scotiabank downgraded Omega Healthcare Investors Inc. (OHI)'s stock to Sector Perform from Outperform Thursday.

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Latest Insider Activity

Roblox Corporation (RBLX) Chief Business Officer Donato Craig announced the sale of shares taking place on Jun 14 at $89.10 for some 45,000 shares. The total came to more than $4.01 million.

Centene Corporation (CNC) Director AYALA ORLANDO sold on Jun 15 a total 100,261 shares at $69.01 on average. The insider’s sale generated proceeds of almost $2.07 million.

Clarivate Plc (CLVT) Director ROEDEL RICHARD declared the purchase of shares taking place on Jun 11 at $26.07 for some 19,193 shares. The transaction amount was around $0.5 million.

First BanCorp. (FBP) Director Heffern John A. bought on Jun 11 a total 74,081 shares at $12.87 on average. The purchase cost the insider an estimated $3,055.

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Important Earnings

Top US earnings releases scheduled for today include The Kroger Co. (NYSE:KR). It will announce its Apr 2021 financial results. The company is expected to report earnings of $1.01 per share from revenues of $39.78B in the three-month period.

Analysts expect Adobe Inc. (NASDAQ:ADBE) to report a net income (adjusted) of $2.81 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2021 is predicted to come in at $3.73B.

Smith & Wesson Brands Inc. (SWBI), due to announce earnings after the market closes today, is expected to report earnings of $1.02 per share from revenues of $259.8M 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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