20 may - NH - Morning Newsletter

Good Morning!

Wall Street has slumped for three days in a row, but yesterday made up for much of the loss. The Nasdaq opened nearly 2% lower but managed to rebound during the day, eventually finishing just 0.03% lower at 13,299 points. In the S&P 500, similar move was witnessed with the index closing 0.29% lower at 4,115 points. Fears of a sharp rise in inflation and possibly a faster rate hike are the cause of the correction. Technology stocks in particular are under pressure, but Bitcoin and other crypto coins also fell sharply yesterday.The minutes of the last Fed meeting showed that the central bank had discussed when the ample bond buying program should be scaled back. If the economy continues to make progress and inflation is above inflation targets for an extended period of time, Fed members will discuss an adjustment at the next meeting. However, the central bankers agree that inflation is currently only of a temporary high nature.Today, investors are processing the latest figures on weekly unemployment benefits in the US. The figure is a first indication for measuring the recovery of the labor market. New claims for unemployment benefits are expected to reach 452,000 for the week ending May 15, slightly less than the 473,000 in the week before.

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Today Top Movers

Virgin Galactic Holdings, Inc. (SPCE) stock soared 12.28% to $19.39 in the pre-market trading after the confirmation from the company that the test flight of SpaceShipTwo Unity will be conducted on May 22.

NetEase Inc. (NASDAQ: NTES) shares are trading up 3.39% at $114.0 at the time of writing. Company’s 52-week ranged between $72.20 to $134.33.The company report it results saying 2021 is off to a strong start with our total net revenues climbing to RMB20.5 billion, up approximately 20% year-over-year

NVIDIA Corporation (NVDA) grew over 0.91% at $567.75 in pre-market trading today. The market expects Nvidia (NVDA) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended April 2021.

ViacomCBS Inc. (VIAC), a Entertainment company, rose about 2.42% at $40.65 in pre-market trading Thursday after showcasing the strength of its content and capabilities with a special celebrity-casting Upfront edition of Survivor.

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Top Upgrades & Downgrades

Scotiabank turned bullish on Sociedad Quimica y Minera de Chile (SQM), upgrading the stock to "Sector Perform" from Underperform.

Chipotle Mexican Grill, Inc. (CMG) has won the favor of UBS's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $1700.

American Campus Communities, Inc.(ACC) received an upgrade from analysts at JPMorgan, who also set their one-year price target on the stock to $46. They changed their rating on ACC to Neutral from Underweight in a recently issued research note.

Earlier Thursday JPMorgan reduced its rating on Healthpeak Properties, Inc. (PEAK) stock to Neutral from Overweight and assigned the price target to $34.

Oppenheimer analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Lumen Technologies, Inc. (LUMN) has been changed to Perform from Outperform.

Analysts at JPMorgan downgraded Camden Property Trust (CPT)'s stock to Neutral from Overweight Thursday.

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Latest Insider Activity

Renewable Energy Group Inc. (REGI) Director Sorrells Christopher D. announced the sale of shares taking place on May 18 at $65.00 for some 5,000 shares. The total came to more than $0.33 million.

Coupa Software Incorporated (COUP) Chief Executive Officer BERNSHTEYN ROBERT sold on May 17 a total 213,043 shares at $224.25 on average. The insider’s sale generated proceeds of almost $11.21 million.

C.H. Robinson Worldwide Inc. (CHRW) Director Crawford Kermit R declared the purchase of shares taking place on May 14 at $99.60 for some 1,000 shares. The transaction amount was around $99599.0.

Support.com Inc. (SPRT) Chief Financial Officer ROOK CAROLINE bought on May 14 a total 16,966 shares at $1.65 on average. The purchase cost the insider an estimated $10,801.

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Important Earnings

Top US earnings releases scheduled for today include Repro Med Systems Inc. (NASDAQ:KRMD). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$0.02 per share from revenues of $5.39M in the three-month period.

Analysts expect Applied Materials Inc. (NASDAQ:AMAT) to report a net income (adjusted) of $1.51 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $5.41B.

Precipio Inc. (PRPO), due to announce earnings after the market closes today, is expected to report earnings of -$0.1 per share from revenues of $3.25M 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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