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- 18 Nov - ST - Morning Newsletter (with survey at top and bottom)
18 Nov - ST - Morning Newsletter (with survey at top and bottom)
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Good Morning!Futures for US stock indices are growing on Friday after the release of statistics on the labor market on Thursday, according to trading data.The Dow Jones Industrial Index (DJIA) is growing by 0.15% to 33632 points, the NASDAQ high-tech index is up 0.35% to 11750.75 points, the S&P 500 broad market index is up 0.28 %, up to 3966.25 points.US initial jobless claims for the week ending Nov. 12 fell by 4,000 from the previous week's revised figure to 222,000. Analysts predicted that the figure will remain at the initial level of last week at 225 thousand.The data slightly supported the mood of investors, who are still evaluating the prospects for further tightening of the US Federal Reserve's monetary policy.
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Today Top Movers
PaxMedica Inc. (PXMD) stock soared 50.32% to $2.33 in the pre-market trading after announcing that it has entered into a purchase agreement and registration rights agreement for up to $20 million with Lincoln Park Capital Fund, LLC.
StoneCo Ltd. (NASDAQ: STNE) shares are trading up 18.54% at $11.7 at the time of writing after announcing 71% growth in revenue to R$ 2.5 billion in 3Q22.
Ross Stores Inc. (ROST) grew over 17.42% at $114.99 in pre-market trading today. The company released Q3 earnings and updated Q4 guidance.
IVERIC bio Inc. (ISEE), a Biotechnology company, rose about 21.81% at $21.0 in pre-market trading Friday after declaring that the FDA has granted Breakthrough Therapy designation for avacincaptad pegol.
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Top Upgrades & Downgrades
JPMorgan turned bullish on Walgreens Boots Alliance Inc. (WBA), upgrading the stock to "Overweight" and assigning a $42 price target, representing potential upside of 4.66% from Thursday's close.
Applied Materials Inc. (AMAT) has won the favor of Summit Insights' equity research team. The firm upgraded the shares from Hold to Buy.
Taiwan Semiconductor Manufacturing Company Limited (TSM) received an upgrade from analysts at Erste Group. They changed their rating on TSM to Buy from Hold in a recently issued research note.
Earlier Friday Morgan Stanley reduced its rating on Rent the Runway Inc. (RENT) stock to Equal-Weight from Overweight and assigned the price target to $2.5.
Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Editas Medicine Inc. (EDIT) has been changed to Neutral from Outperform and the new price target is set at $13.
Analysts at Piper Sandler downgraded OncoCyte Corporation (OCX)'s stock to Neutral from Overweight Friday.
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Latest Insider Activity
Meta Platforms Inc. (META) Chief Technology Officer Bosworth Andrew announced the sale of shares taking place on Nov 16 at $114.56 for some 15,000 shares. The total came to more than $1.72 million.
LyondellBasell Industries N.V. (LYB) 10% Owner AI INVESTMENTS HOLDINGS LLC sold on Nov 15 a total 127,412 shares at $86.48 on average. The insider’s sale generated proceeds of almost $11.02 million.
GoHealth Inc. (GOCO) 10% Owner CCP III Cayman GP Ltd. declared the purchase of shares taking place on Nov 17 at $0.56 for some 2,717,898 shares. The transaction amount was around $1.52 million.
Ryan Specialty Holdings Inc. (RYAN) Director OHALLERAN MICHAEL D bought on Nov 17 a total 7,724 shares at $34.62 on average. The purchase cost the insider an estimated $267,374.
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Important Earnings
Top US earnings releases scheduled for today include Foot Locker Inc. (NYSE: FL). It will announce its Oct 2022 financial results. The company is expected to report earnings of $1.11 per share from revenues of $2.09B in the three-month period.
Analysts expect Twist Bioscience Corporation (NASDAQ: TWST) to report a net income (adjusted) of -$1.25 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2022 is predicted to come in at $57.02M.
The Buckle Inc. (BKE), due to announce earnings before the market opens today, is expected to report earnings of $1.19 per share from revenues of $326.65M 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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