19 Aug - Morning Newsletter

Good Morning!

The stock markets in the United States seem to have started the long-awaited correction. The indices have been under pressure for several days and yesterday the selling pressure clearly increased. From 8:00 PM, large red candles appeared on the intraday charts. The Nasdaq ended the day with a loss of 0.89% at 14,525 points. The index already broke out of the rising wedge at the end of last week, which we also discussed in the Morning Call. The price target and first support level is around 14,200 points. The S&P 500 plunged 1.07% at a close of 4,400 points.Investors began pushing the sell buttons after the Federal Reserve's minutes were made public. If the US economy continues to develop well, the US bank is already thinking of reducing the size of the bond-buying program this year. It also emerged that central bank policymakers agree that inflation targets have been achieved. Concrete plans may be announced during the next interest rate decision on September 22.

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Today Top Movers

Eros STX Global Corporation (ESGC) stock soared 27.57% to $0.8411 in the pre-market trading after the announcement that the company and Amazon Prime Video have expanded their output deal in South Africa.

DLocal Limited (NASDAQ: DLO) shares are trading up 18.71% at $58.5 at the time of writing after reporting the increase of 186% in revenues to US$59.0 million for Q2.

Coherus BioSciences Inc. (CHRS) grew over 19.52% at $16.9 in pre-market trading today after releasing positive interim results from the pivotal study “CHOICE-01”.

Sonnet BioTherapeutics Holdings Inc. (SONN), a Biotechnology company, rose about 189.89% at $2.16 in pre-market trading Thursday.

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Top Upgrades & Downgrades

Jefferies turned bullish on Smartsheet Inc. (SMAR), upgrading the stock to "Buy" and assigning a $85.00 price target, representing potential upside of 24.6% from Wednesday's close.

Bill.com Holdings Inc. (BILL) has won the favor of Jefferies's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $250.00, suggesting 22% additional upside for the stock.

SFL Corporation Ltd. (SFL) received an upgrade from analysts at Jefferies, who also set their one-year price target on the stock to $9.00. They changed their rating on SFL to Buy from Hold in a recently issued research note.

Earlier Thursday Baird reduced its rating on The Toro Company (TTC) stock to Neutral from Outperform and assigned the price target to $116.00.

Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Galapagos NV (GLPG) has been changed to Equal-Weight from Overweight.

Analysts at Summit Insights Group downgraded NVIDIA Corporation (NVDA)'s stock to Sell from Hold Thursday.

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Latest Insider Activity

Coupang Inc. (CPNG) Chief Financial Officer Anand Gaurav announced the sale of shares taking place on Aug 16 at $33.33 for some 160,000 shares. The total came to more than $5.33 million.

Splunk Inc. (SPLK) Chief Accounting Officer Emanuelson Timothy sold on Aug 16 a total 22,102 shares at $147.16 on average. The insider’s sale generated proceeds of almost $53419.0.

TherapeuticsMD Inc. (TXMD) Director Collins Cooper C. declared the purchase of shares taking place on Aug 18 at $0.72 for some 900,000 shares. The transaction amount was around $0.65 million.

Origin Materials Inc. (ORGN) Director SIM Boon bought on Aug 18 a total 50,000 shares at $5.38 on average. The purchase cost the insider an estimated $215,200.

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Important Earnings

Top US earnings releases scheduled for today include Applied Materials Inc. (NASDAQ:AMAT). It will announce its Jul 2021 financial results. The company is expected to report earnings of $1.77 per share from revenues of $5.94B in the three-month period.

Analysts expect Farfetch Limited (NYSE:FTCH) to report a net income (adjusted) of -$0.4 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $496.91M.

Ross Stores Inc. (ROST), due to announce earnings after the market closes today, is expected to report earnings of $0.94 per share from revenues of $4.48B 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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