18 mar - morning newsletter

Good Morning

March 18- The Dow Jones Industrial Average closed above 33,000 on Wednesday for the first time after the US Federal Reserve pledged to maintain a loose monetary policy as the US economy recovers from the Covid-19 pandemic. The Nasdaq Composite added 53.64 points, or 0.4%, to 13525.20 points. The recent plunge in tech stocks saw the index plummet 4.0% from its February record high. Unemployment remains elevated and the Fed is taking a cautious approach, said George Cathrumbone of DWS Group. Investors are finding some comfort in the fact that the central bank wants to make sure the economic recovery and inflation are sustainable before seriously considering raising interest rates, he said. The Fed highlighted the improvement in GDP growth prospects. In recent weeks, fund managers have begun adjusting their portfolios in response to an improved economic outlook thanks to massive government bailouts and vaccinations. This led to an influx of funds into previously affected sectors of the market, which are sensitive to the economic situation, while the rally of strongly appreciated technology stocks slowed. The tech sector S&P 500 declined on Wednesday, while cyclical stocks strengthened. The oil and gas and financial sectors are now the leaders of growth in the index compared to the beginning of the year. Stock managers have already begun to take into account the increase in inflation in prices, which led to the sale of government bonds. Managers are also betting that interest rates will start to rise by the end of the year and have begun to ditch stocks that look too generous after last year's rally. Value stocks with low price / earnings multiples have performed more positively recently than fast-growing companies, which often have higher valuations. The Russell 1000 Growth index on Wednesday added 0.1%, and the Russell 1000 Value index rose 0.5%, having already risen 11% since the beginning of the year, while the growth index during this time showed an increase of only 1%.The yield on 10-year US Treasuries rose to 1.641%. On the eve, it was 1.622%. Yields are up strongly from this year's low of January 4 of 0.915%.NRG Energy shares fell 17%. The company withdrew its financial forecasts for 2021 after a recent winter storm hit its results. Plug Power fell 7.8% after the hydrogen and fuel cell maker said it would revise its financials.

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Today Top Movers

Upstart Holdings Inc. (UPST) stock soared 43.13% to $87.01 in the pre-market trading after declaring that it has entered into a definitive agreement to acquire Prodigy Software, Inc.

Evolving Systems Inc. (NASDAQ: EVOL) shares are trading up 27.73% at $4.1 at the time of writing after reporting its 2020 year-end and fourth quarter financial results.

Hudson Technologies Inc. (HDSN) grew over 19.62% at $1.89 in pre-market trading today.

Fusion Fuel Green PLC (HTOO), a Utilities - Renewable company, rose about 5.94% at $15.33 in pre-market trading Thursday.

Free Report: The Top 5 SPAC Stocks to Watch in 2021SPACs, or special purpose acquisition companies have been some of the hottest opportunities. While many have been around for a while, they've been doing extraordinarily well because of the sectors they've been targeting, including electric vehicles, online gambling, and autonomous vehicles.Here are the top 5 SPACs to keep an eye on in 2021

Top Upgrades & Downgrades

Wells Fargo turned bullish on Falcon Minerals Corporation (FLMN), upgrading the stock to "Overweight" and assigning a $8.0 price target.

NatWest Group plc (NWG) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Buy to Conviction Buy.

Agilent Technologies Inc. (A) received an upgrade from analysts at Citigroup, who also set their one-year price target on the stock to $150. They changed their rating on A to Buy from Neutral in a recently issued research note.

Rosenblatt analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Lumentum Holdings Inc. (LITE) has been changed to Neutral from Buy and the new price target is set at $97.0.

Analysts at Macquarie downgraded Pinduoduo Inc. (PDD)'s stock to Neutral from Outperform Thursday.

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Latest Insider Activity

Zynga Inc. (ZNGA) Chief Financial Officer Griffin James Gerard announced the sale of shares taking place on Mar 17 at $9.99 for some 31,340 shares. The total came to more than $0.31 million.

Snap Inc. (SNAP) Chief Financial Officer Andersen Derek sold on Mar 16 a total 1,283,738 shares at $62.92 on average. The insider’s sale generated proceeds of almost $2.12 million.

Oracle Corporation (ORCL) Director Fairhead Rona Alison declared the purchase of shares taking place on Mar 16 at $67.03 for some 7,712 shares. The transaction amount was around $0.52 million.

Baudax Bio Inc. (BXRX) Chief Financial Officer Casten Richard S bought on Mar 15 a total 125,000 shares at $1.41 on average. The purchase cost the insider an estimated $35,180.

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.

Important Earnings

Top US earnings releases scheduled for today include Ocugen Inc. (NASDAQ:OCGN). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.02 per share.

Analysts expect Luminar Technologies Inc. (NASDAQ:LAZR) to report a net income (adjusted) of -$0.06 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $3.95M.

NIKE Inc. (NKE), due to announce earnings after the market closes today, is expected to report earnings of $0.76 per share from revenues of $11.02B 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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