20 Jul - NH - Morning Newsletter

Good Morning!

The stock markets started the new week with a big hangover. Investors are clearly concerned about the revival of the delta variant, because there are fears of new restrictions that could hinder the economic recovery. The fact that people are mainly concerned about corona is clearly reflected in the losses of the various shares. Old economy stocks hit hard by a lockdown were the hardest hit. The Dow Jones index lost more than 2% and ended at 33,962 points. It was the largest one-day drop for the Dow since October last year. The S&P 500 plunged 1.59% to 4,258 points and the Nasdaq underperformed, losing 1.06%. Biotech stocks like Moderna (+10.09%) and Novavax (+12.78% ) did well. Among the biggest losers were Booking.com (-3.62%), Walt Disney (-3.55%) and Boeing (-4.94%). Although US banks released strong data last week, these stocks also fell sharply. This is again due to the fall in the US 10-year yield. The fee on the 10-year Treasury Yield fell below 1.2%, its lowest point in five months. The fall in interest rates is putting pressure on banks' profits and also indicates that investors expect a slower rate of growth.

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Today Top Movers

NeuroBo Pharmaceuticals Inc. (NRBO) stock soared 32.27% to $3.73 in the pre-market trading.

Acutus Medical Inc. (NASDAQ: AFIB) shares are trading up 12.02% at $15.0 at the time of writing. Company’s 52-week ranged between $11.18 to $38.99.

PLx Pharma Inc. (PLXP) grew over 7.95% at $18.33 in pre-market trading today after announcing that three stock-keeping units of VAZALORE will be available in over 8,000 Walgreens stores nationwide later in August

Moderna Inc. (MRNA), a Biotechnology company, rose about 1.49% at $318.25 in pre-market trading Tuesday following the declaration from the company that the Ministry of Health, Labour and Welfare of Japan (MHLW) and Takeda Pharmaceutical Company Limited (TAK) have agreed to purchase and distribute an additional 50 million doses of Moderna’s COVID-19 vaccine.

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Top Upgrades & Downgrades

Baird turned bullish on Zions Bancorporation National Association (ZION), upgrading the stock to "Neutral" and assigning a $49.00 price target, representing potential upside of 2.73% from Monday's close.

International Business Machines Corporation (IBM) has won the favor of Societe Generale's equity research team. The firm upgraded the shares from Sell to Hold and moved their price target to $140.00, suggesting 1.32% additional upside for the stock.

Simon Property Group Inc. (SPG) received an upgrade from analysts at Stifel, who also set their one-year price target on the stock to $132.00. They changed their rating on SPG to Buy from Hold in a recently issued research note.

Earlier Tuesday Piper Sandler reduced its rating on Ardelyx Inc. (ARDX) stock to Neutral from Overweight and assigned the price target to $4.00.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Viavi Solutions Inc. (VIAV) has been changed to Neutral from Overweight and the new price target is set at $19.00.

Analysts at Citigroup downgraded Janus Henderson Group plc (JHG)'s stock to Neutral from Buy Tuesday.

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Latest Insider Activity

Cloudflare Inc. (NET) CEO & Chair of the Board Prince Matthew announced the sale of shares taking place on Jul 19 at $103.44 for some 52,385 shares. The total came to more than $5.42 million.

Velodyne Lidar Inc. (VLDR) Chief Marketing Officer Frykman Sally sold on Jul 15 a total 35,451 shares at $9.23 on average. The insider’s sale generated proceeds of almost $10171.0.

Jefferies Financial Group Inc. (JEF) Director Weiler Melissa declared the purchase of shares taking place on Jul 19 at $32.00 for some 4,000 shares. The transaction amount was around $0.13 million.

Conagra Brands Inc. (CAG) Director LENNY RICHARD H bought on Jul 15 a total 128,261 shares at $34.14 on average. The purchase cost the insider an estimated $341,400.

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Important Earnings

Top US earnings releases scheduled for today include United Airlines Holdings Inc. (NASDAQ:UAL). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$4.23 per share from revenues of $5.25B in the three-month period.

Analysts expect Netflix Inc. (NASDAQ:NFLX) to report a net income (adjusted) of $3.15 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $7.32B.

Canadian National Railway Company (CNI), due to announce earnings after the market closes today, is expected to report earnings of $1.21 per share from revenues of $2.94B 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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