18 June - morning newsletter

Good Morning!

On Thursday, the stock markets in New York were again divided. Investors seemed to be quickly shaking off fears of higher interest rates a day after the Federal Reserve's interest rate decision. The US central bank does not appear to raise interest rates until 2023. This means that the climate will remain favorable for growth companies for the time being. Investors turned to tech stocks, which gave the Nasdaq a gain of 0.87%. With that, the index continues to rumble against resistance while the smaller Nasdaq-100 hit another all-time high yesterday.Notable names were Amazon, up 2.2% and chipmaker NVIDIA, up 5.1%. Despite this, the S&P 500 index lost 0.04% at a close of 4,221 points and the Dow Jones even lost 0.62%. Caterpillar and JPMorgan Chase lost 3.55% and 2.89% respectively.US jobless claims unexpectedly came in higher at 412,000, an increase of 37,000. This may have to do with the fact that corona support has been discontinued in a number of states. During the morning, Wall Street futures are slightly higher. There is little new direction on the agenda today, so it looks like it will be a quiet day. Possibly a day with new all-time highs

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Today Top Movers

BioNTech SE (BNTX) stock soared 0.15% to $214.53 in the pre-market trading after declaring that the first patient has been treated in its BNT111 phase 2 cancer vaccine trial.

CAI International Inc. (NYSE: CAI) shares are trading up 44.81% at $55.26 at the time of writing following the announcement from the company that it has entered into a definitive agreement to be acquired by Mitsubishi HC Capital Inc.

Geron Corporation (GERN) grew over 31.21% at $1.85 in pre-market trading today. The company reported publication of IMbark phase 2 data in Journal of Clinical Oncology.

AnPac Bio-Medical Science Co. Ltd. (ANPC), a Biotechnology company, rose about 21.71% at $5.27 in pre-market trading Friday after it was granted its first disease treatment patent by the United States Patent and Trademark Office on June 7, 2021.

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Top Upgrades & Downgrades

JPMorgan turned bullish on Crinetics Pharmaceuticals Inc. (CRNX), upgrading the stock to "Overweight" and assigning a $28.00 price target.

HSBC Holdings plc (HSBC) has won the favor of JPMorgan's equity research team. The firm upgraded the shares from Underweight to Neutral.

Lennar Corporation (LEN) received an upgrade from analysts at JPMorgan, who also set their one-year price target on the stock to $141.00. They changed their rating on LEN to Overweight from Neutral in a recently issued research note.

Earlier Friday JPMorgan reduced its rating on Compass Minerals International Inc. (CMP) stock to Underweight from Neutral and assigned the price target to $62.00.

HSBC analysts reduced their investment ratings, saying in research reports covered by the media that its rating for TAL Education Group (TAL) has been changed to Hold from Buy and the new price target is set at $25.

Analysts at HSBC downgraded New Oriental Education & Technology Group Inc. (EDU)'s stock to Hold from Buy Friday.

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Latest Insider Activity

Kindred Biosciences Inc. (KIN) Chief Executive Officer Chin Richard announced the sale of shares taking place on Jun 16 at $9.18 for some 40,000 shares. The total came to more than $0.37 million.

ContextLogic Inc. (WISH) Chief Accounting Officer Just Brett sold on Jun 15 a total 28,674 shares at $11.72 on average. The insider’s sale generated proceeds of almost $36133.0.

PDS Biotechnology Corporation (PDSB) Director Glover Steve C declared the purchase of shares taking place on Jun 15 at $8.50 for some 5,882 shares. The transaction amount was around $49997.0.

Transocean Ltd. (RIG) Director Mohn Frederik Wilhelm bought on Jun 16 a total 72,740,354 shares at $4.20 on average. The purchase cost the insider an estimated $8.4 million.

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Important Earnings

Top US earnings releases scheduled for Wednesday, June 23 include IHS Markit Ltd. (NYSE:INFO). It will announce its May 2021 financial results. The company is expected to report earnings of $0.8 per share from revenues of $1.13B in the three-month period.

Analysts expect Steelcase Inc. (NYSE:SCS) to report a net income (adjusted) of -$0.31 per share, when the company releases its quarterly results on Wednesday. Revenue for the fiscal quarter ended May 2021 is predicted to come in at $554.87M.

Concentrix Corporation (CNXC), due to announce earnings after the market closes Wednesday, June 23, is expected to report earnings of $2.27 per share from revenues of $1.36B 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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