17 may - NH - Morning Newsletter

Good Morning!

Wall Street had its worst week since February last week. The S&P 500 was more than 4% lower mid-week, but a recovery was visible from Thursday. On Friday, investors clearly showed their willingness to buy. The S&P 500 was up 1.49% to 4,173 points and the Nasdaq shot up 2.32% to 13,430 points. Stock markets are rocking back and forth in anticipation of more clarity. Will the interest increase or not?The US 10-year interest rate has been fluctuating between 1.5 and 1.7% since March. Last week, the US government announced the fastest price increase since 2008 at 4.2% on an annual basis. So for now, central bankers seem to be right; inflation is temporary. That may also be evident from the retail sales on Friday. There was no growth in April, while an increase of 10.7% was announced in March. Economists assumed an average increase of 1%. The impact of the checks appears to be waning, but sales are likely to pick up again in the coming months, given Americans' high savings coupled with a picking up economy.Furthermore, industrial production showed an increase of 0.7% in April and the University of Michigan survey found that consumer confidence fell in early May as inflation expectations rose. American futures are currently slightly lower.

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Today Top Movers

Digital Brands Group, Inc. (DBGI) is up 81.47% to $6.17 in today’s premarket trading session after the announcement of pricing of $10.0 million initial public offering and Nasdaq Listing.

Onconova Therapeutics Inc. (ONTX) stock soared 17.78% to $0.6195 in the pre-market trading after reporting that the company intends to release its first quarter 2021 financial results on Monday, May 17, 2021. The company is expected to report earnings of -$0.03 per share from revenues of $60k in the recently concluded three-month period.

Ideanomics Inc. (NASDAQ: IDEX) shares are trading up 8.94% at $2.68 at the time of writing. The company recently signed a definitive agreement to acquire California-based US Hybrid.

Discovery Inc. (DISCA) grew over 12.37% at $40.06 in pre-market trading today after the news that AT&T Inc. is preparing to merge it with Discovery Inc.

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Top Upgrades & Downgrades

Deutsche Bank turned bullish on Texas Roadhouse Inc. (TXRH), upgrading the stock to "Buy" and assigning a $116.0 price target.

Occidental Petroleum Corporation (OXY) has won the favor of Societe Generale's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $30.

Trip.com Group Limited (TCOM) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $50. They changed their rating on TCOM to Overweight from Equal Weight in a recently issued research note.

Earlier Monday Oppenheimer reduced its rating on Mirati Therapeutics Inc. (MRTX) stock to Perform from Outperform and assigned the price target to $160.

Analysts at Credit Suisse downgraded Korea Electric Power Corporation (KEP)'s stock to Neutral from Underperform Monday.

Profit-Stocks: Upstart Gold Firm Hits High-Grade Gold Zone In the gold sector, it's the tiny, low-priced exploration firms that typically make the initial discovery through drilling. It's also where investors can secure 10-fold and even 20-fold gains as early drill results are released to the public. Investors are currently jumping into this low-priced gold driller that just hit a high-grade discovery hole in Canada with additional results due any day.Details here...

Latest Insider Activity

Ocugen Inc. (OCGN) Chief Financial Officer Subramanian Sanjay announced the sale of shares taking place on May 14 at $8.18 for some 31,000 shares. The total came to more than $0.25 million.

DraftKings Inc. (DKNG) Kalish Matthew sold on May 14 a total of 2,166,397 shares at $44.07 on average. The insider’s sale generated proceeds of almost $2.54 million.

Energy Transfer LP (ET) Director Washburne Ray W declared the purchase of shares taking place on May 11 at $9.53 for some 200,000 shares. The transaction amount was around $1.91 million.

Cleveland-Cliffs Inc. (CLF) Director Miller Janet L bought on May 14 a total 70,468 shares at $19.48 on average. The purchase cost the insider an estimated $24,941.

Investors Get Green-Light on US$0.25 Per Share Uranium StockUranium prices are on a tear amid global mine shutdowns in the face of the coronavirus pandemic which has now forced nearly 50% of global uranium production offline. Select US uranium stocks are poised to deliver big gains to investors. Here's a little-known company that has quietly amassed over 45 million lbs of high-grade uranium resources - all on US soil - and trading below US$0.25 per share.More details here...

Important Earnings

Top US earnings releases scheduled for today include Tencent Music Entertainment Group (NYSE:TME). It will announce its Mar 2021 financial results. The company is expected to report earnings of $0.09 per share from revenues of $1.2B in the three-month period.

Analysts expect Ideanomics Inc. (NASDAQ:IDEX) to report a net income (adjusted) of -$0.18 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $11.1M.

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

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