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- 18 Oct - Morning Newsletter (with changes)
18 Oct - Morning Newsletter (with changes)
4 Must-Watch Hot Stocks for Today
Good Morning!
Last Friday, stock indices were able to end strongly. Strong quarterly results fueled the euphoria among many investors. Financials pushed US indices higher.The S&P 500 finished 0.74 percent higher, with Wells Fargo the strongest riser with a plus 6.79% on the boards after encouraging quarterly results. Earnings per share came in at $1.17, while only $0.98 was expected, and many of the provisions the bank had set up due to the pandemic have also been released. $1.7 billion of these provisions will now be used for normal business operations. The Dow Jones climbed 1.10% to 35,288 points. Goldman Sachs was the strongest stock in the Dow Jones Industrial Average after strong quarterly figures. The technology exchange Nasdaq 100 closed the week at plus 0.63% or 15,142 points. Giant Amazon gained 3.31% after US retail sales unexpectedly rose 0.7% for October. The expectation was a contraction of 0.2%
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Today Top Movers
Valneva SE American Depositary Shares (VALN) stock soared 40.11% to $39.3 in the pre-market trading after company announced positive topline results from the Phase 3 pivotal trial Cov-Compare of its inactivated, adjuvanted COVID-19 vaccine candidate, VLA2001.InMed Pharmaceuticals Inc. (NASDAQ: INM) shares are trading up 9.29% at $1.53 at the time of writing. Investors and traders responded to completion of the previously announced acquisition of BayMedica Inc. Company’s 52-week ranged between $1.43 to $8.94.ION Geophysical Corporation (IO) grew over 25.17% at $1.74 in pre-market trading today soon after the company announced that it expects third quarter 2021 revenues to be in the range of $44 - 45 million, an increase of approximately 125% sequentially and 175% from the third quarter 2020.Dynavax Technologies Corporation (DVAX), a Biotechnology company, rose about 8.32% at $18.35 in pre-market trading Monday after company announced that Valneva SE reported positive topline results from the Phase 3 pivotal trial of VLA2001, their inactivated COVID-19 vaccine candidate using Dynavax's CpG 1018® adjuvant.
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Top Upgrades & Downgrades
Mizuho turned bullish on Coterra Energy Inc. (CTRA), upgrading the stock to "Buy" and assigning a $31.00 price target, representing potential upside of 52.48% from Friday's close.
Antero Resources Corporation (AR) has won the favor of Mizuho's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $32.00, suggesting 63.35% additional upside for the stock.
Fortune Brands Home & Security Inc. (FBHS) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $109.00. They changed their rating on FBHS to Out Perform from Sector Perform in a recently issued research note.
Earlier Monday Barclays reduced its rating on The Walt Disney Company (DIS) stock to Equal-Weight from Overweight and assigned the price target to $175.00. With shares trading at around $176.46, the Wall Street firm thinks The Walt Disney Company's stock could decline more than 16.06%.
Goldman Sachs analysts reduced their investment ratings, saying in research reports covered by the media that its rating for NetApp Inc. (NTAP) has been changed to Sell from Neutral and the new price target is set at $81.00.
Analysts at JP Morgan downgraded Infinera Corporation (INFN)'s stock to Underweight from Neutral Monday.
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Latest Insider Activity
Ocugen Inc. (OCGN) Chief Executive Officer Musunuri Shankar announced the sale of shares taking place on Oct 15 at $9.80 for some 125,000 shares. The total came to more than $1.23 million.
DraftKings Inc. (DKNG) See Remarks Kalish Matthew sold on Oct 15 a total 1,795,077 shares at $48.78 on average. The insider’s sale generated proceeds of almost $4.69 million.
Agile Therapeutics Inc. (AGRX) 10% Owner PERCEPTIVE ADVISORS LLC declared the purchase of shares taking place on Oct 13 at $0.85 for some 5,734,560 shares. The transaction amount was around $4.87 million.
Old Republic International Corporation (ORI) Director KOVALESKI CHARLES J bought on Oct 13 a total 12,913 shares at $24.41 on average. The purchase cost the insider an estimated $6,102.
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Important Earnings
Top US earnings releases scheduled for today include State Street Corporation (NYSE:STT). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.92 per share from revenues of $2.96B in the three-month period.
Analysts expect F.N.B. Corporation (NYSE:FNB) to report a net income (adjusted) of $0.3 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $307.02M.
Albertsons Companies Inc. (ACI), due to announce earnings after the market closes today, is expected to report earnings of $0.45 per share from revenues of $15.81B 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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