17 mar - morning newsletter

Good Morning

The Dow Jones Industrial Average and S&P 500 were down from record levels on Tuesday as the early-session tech rally lost momentum.The DJIA fell 127.51 points, or 0.4%, to 32,825.95, ending a seven-day rally. The S&P 500 was down 6.23 points, or 0.2%, to 3962.71 points. Both indices reached record closing levels the day before.The Nasdaq Composite added 11.86 points, or less than 0.1%, to close at 13471.57 points, while earlier during the day it showed gains to 1.2%.The index lost more than 4.0% compared to the record closing level reached in February. Tech stocks have stabilized in recent sessions after falling amid a sharp jump in government bond yields in late February and early March. The tech sell-off came amid rising bond yields that made tech and other fast-growing stocks less attractive to investors.Seven of the 11 sectors of the S&P 500 ended the day lower, with the oil and gas sector falling the most, driven by lower oil prices.The technology and communications sectors nevertheless showed growth. Shares of Apple, Microsoft and Alphabet rose more than 1.0%, while Facebook shares rose 2.0%.On Tuesday, another two-day Fed meeting began, and fund managers are waiting for the central bank to express its opinion on the rise in government bond yields at a press conference on Wednesday.Thanks to loose monetary policy, as well as the spread of Covid-19 vaccines and Biden's $ 1.9 trillion stimulus package, the S&P 500 has been hitting all-time highs in recent months. But if there are signs that the Fed is worried about inflation, it could affect the rally in the stock market.Retail sales fell 3% in February, according to the US Department of Commerce. Economists had expected a decline, albeit not as significant, after a sharp rise in spending earlier in the year. February is usually not the best month for retail sales and this year has also been impacted by severe weather conditions.According to the data released by the FRS, industrial production in the United States in February fell by 2.2% versus January, interrupting a two-month growth. According to the central bank, much of the decline was due to the cold weather, due to which a number of factories were temporarily closed.The yield on 10-year US government bonds rose to 1.622% from 1.609% on Monday.Oil prices fell for the third straight session after reaching an almost two-year high. ICE Brent crude futures fell 0.7% at $ 68.39 a barrel.

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Today Top Movers

FSD Pharma Inc. (HUGE) stock soared 58.45% to $3.28 in the pre-market trading following the declaration from the company that it has entered into a license agreement with Innovet Italia S.R.L. to develop FDA approved veterinary drugs for the treatment of Gastro-Intestinal diseases in dogs and cats.

TD Holdings Inc. (NASDAQ: GLG) shares are trading up 15.82% at $2.27 at the time of writing after signing a letter of intent with Chenzhou Dingmei Silver Co., Ltd. to acquire ownership of a Molybdenum Copper Ore in Kazakhstan.

Rapid7 Inc. (RPD) jumped over 5.32% at $83.75 in pre-market trading today after announcing upsized pricing of $525 million convertible senior notes offering.

Nabriva Therapeutics plc (NBRV), a Biotechnology company, rose about 29.17% at $2.48 in pre-market trading Wednesday. The company today revealed that The Journal of Emergency Medicine has published results from a post-hoc analysis of clinical data from the pivotal Lefamulin Evaluation Against Pneumonia (LEAP) 2 Phase 3 clinical trial.

Wall Street Insider Quietly "Predicts" Massive Stock Market EventBiggest stock market event in 20 years is almost here. And the next 2 months could decide your wealth in 2021.Here's what to do now.

Top Upgrades & Downgrades

Deutsche Bank turned bullish on Alcoa Corporation (AA), upgrading the stock to "Buy" and assigning a $36.0 price target, representing potential upside of 21.95% from Tuesday's close.

McDonald's Corporation (MCD) has won the favor of Deutsche Bank's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $244, suggesting 10.98% additional upside for the stock.

Funko Inc. (FNKO) received an upgrade from analysts at BMO Capital, who also set their one-year price target on the stock to $16. They changed their rating on FNKO to Market Perform from Underperform in a recently issued research note.

Earlier Wednesday Atlantic Equities reduced its rating on Avery Dennison Corporation (AVY) stock to Neutral from Overweight.

Truist analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Plug Power Inc. (PLUG) has been changed to Hold from Buy.

Analysts at Kepler Cheuvreux downgraded Credit Suisse Group AG (CS)'s stock to Hold from Buy Wednesday.

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Latest Insider Activity

Roblox Corporation (RBLX) Gen. Counsel & Secretary Reinstra Mark announced the sale of shares taking place on Mar 15 at $70.60 for some 40,000 shares. The total came to more than $2.82 million.

General Motors Company (GM) Executive Vice President Blissett Julian G. sold on Mar 12 a total 34,393 shares at $55.83 on average. The insider’s sale generated proceeds of almost $1.73 million.

General Electric Company (GE) Director Reynolds Paula Rosput declared the purchase of shares taking place on Mar 12 at $12.50 for some 5,000 shares. The transaction amount was around $62500.0.

Qurate Retail Inc. (QRTEA) CAO/PFO Wendling Brian J bought on Mar 12 a total 7,621 shares at $100.64 on average. The purchase cost the insider an estimated $251,609.

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Important Earnings

Top US earnings releases scheduled for today include Sundial Growers Inc. (NASDAQ:SNDL). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.06 per share from revenues of $12.07M in the three-month period.

Analysts expect Gevo Inc. (NASDAQ:GEVO) to report a net income (adjusted) of -$0.05 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $750k.

Pinduoduo Inc. (PDD), due to announce earnings before the market opens today, is expected to report earnings of $0.03 per share from revenues of $2.95B 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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