2 June - NH - Morning Newsletter

Good Morning!

The relationship between the US and China seems to be heading in the right direction following the recent meetings. China and the US have come together to support economic growth and finally put the pandemic behind. The decision was allegedly made during a conference call between Janet Yellen and Chinese Vice President Liu He. At the same time, Xi Jinping is urging Chinese diplomats to change their international stance. The outside world should see China as trustworthy and respectable, Xi Jinping said. A strong cooperation between the two largest economic engines may well be the next trigger for the stock market to resume the upward trend.Shares in the US got off to a strong start yesterday, but eventually bounced back towards the close of the trading day. The S&P 500 closed 0.05% lower at 4,202 points. The Nasdaq 100 technology index fell 0.23% and closed at 13,654 points. The Dow Jones Industrial Average closed 0.10% higher at 34,570 points.In Asia, the Nikkei 225 and KOSPI rose 0.40% and 0.04% respectively. Furthermore, Shenzhen Component Index was down 1.07%, followed by a 0.50% decline in the Hang Seng Index.

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Today Top Movers

Stealth BioTherapeutics Corp (MITO) stock soared 48.28% to $2.15 in the pre-market trading after receiving Orphan Drug Designation from the European Medicines Agency for Elamipretide for the treatment of Barth Syndrome.

BlackBerry Limited (NYSE: BB) shares are trading up 14.71% at $13.26 at the time of writing. Company’s 52-week ranged between $4.37 to $28.77.

SCWorx Corp. (WORX) grew over 10.19% at $1.73 in pre-market trading today after the company announced compliance with Nasdaq Listing Standards and appointment of Tim Hannibal as CEO.

AMC Entertainment Holdings Inc (AMC), an entertainment company, rose about 26.84% at $40.64 in pre-market trading Wednesday as individual traders on social media forums were unfazed by a hedge fund flipping its stake in AMC, calling it overvalued.

Investors Get Green-Light on US$0.25 Per Share Uranium StockUranium prices are on a tear amid global mine shutdowns in the face of the coronavirus pandemic which has now forced nearly 50% of global uranium production offline. Select US uranium stocks are poised to deliver big gains to investors. Here's a little-known company that has quietly amassed over 45 million lbs of high-grade uranium resources - all on US soil - and trading below US$0.25 per share.More details here...

Top Upgrades & Downgrades

Wells Fargo turned bullish on DXC Technology Company (DXC), upgrading the stock to "Overweight" and assigning a $48 price target, representing potential upside of 25.95% from Tuesday's close.

The Bank of Nova Scotia (BNS) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Underperform to Neutral.

Coca-Cola Europacific Partners PLC (CCEP) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $70.00. They changed their rating on CCEP to Overweight from Neutral in a recently issued research note.

Earlier Wednesday Barclays reduced its rating on Sanderson Farms Inc. (SAFM) stock to Equal Weight from Overweight and assigned the price target to $175.00.

Guggenheim analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Progyny Inc. (PGNY) has been changed to Neutral from Buy.

Analysts at Citi downgraded iRhythm Technologies Inc. (IRTC)'s stock to Neutral from Buy Wednesday.

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Latest Insider Activity

Intel Corporation (INTC) EVP General Counsel Rodgers Steven Ralph announced the sale of shares taking place on May 28 at $57.61 for some 2,972 shares. The total came to more than $0.17 million.

Pinterest Inc. (PINS) Chief Accounting Officer Yang Tseli Lily sold on May 27 a total 64,104 shares at $63.00 on average. The insider’s sale generated proceeds of almost $0.16 million.

OPKO Health Inc. (OPK) CEO & Chairman FROST PHILLIP MD ET AL declared the purchase of shares taking place on May 25 at $3.64 for some 400,000 shares. The transaction amount was around $1.46 million.

Coty Inc. (COTY) 10% Owner Cottage Holdco B.V. bought on May 26 a total 463,853,684 shares at $11.78 on average. The purchase cost the insider an estimated $2.89 million.

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Important Earnings

Top US earnings releases scheduled for today include C3.ai Inc. (NYSE:AI). It will announce its Apr 2021 financial results. The company is expected to report earnings of -$0.26 per share from revenues of $50.6M in the three-month period.

Analysts expect NetApp Inc. (NASDAQ:NTAP) to report a net income (adjusted) of $1.12 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $1.5B.

PagSeguro Digital Ltd. (PAGS), due to announce earnings after the market closes today, is expected to report earnings of $0.19 per share from revenues of $371.41M recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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