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- 20 Oct - NH - Morning Newsletter (with changes)
20 Oct - NH - Morning Newsletter (with changes)
The Power Hour: 4 Stocks Rallying Today
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Good Morning!
The S&P 500 closed at its highest level in six weeks on Tuesday, as investors scrutinized companies' performance to gauge how they are coping with inflation and supply chain disruptions.As a result of trading, the S & P 500 rose 33.17 points, or 0.7%, to 4519.63 points. This is 0.4% below the record level reached in early September. The Dow Jones Industrial Average rose 198.70 points, or 0.6%, to 35457.31, its highest close in two months. The Nasdaq Composite rose 107.28 points, or 0.7%, to 15129.09 points.The earnings season started very recently, with about 10% of S&P 500 companies reporting results. According to FactSet, the results of about four out of five companies exceeded expectations.
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Today Top Movers
FSD Pharma Inc. (HUGE) stock soared 3.25% to $1.59 in the pre-market trading after signing an agreement with Covar Pharmaceuticals to support the development of Lucid-PSYCH.
Sesen Bio Inc. (NASDAQ: SESN) shares are trading up 17.82% at $1.19 at the time of writing following a company announcement that the FDA granted its request for a Type A Meeting.
LumiraDx Limited (LMDX) ascended over 63.58% at $13.79 in pre-market trading today after receiving emergency use approval by India's Central Drugs Standard Control Organisation for its SARS-CoV-2 Antigen test for use in India.
Troika Media Group, Inc. (TRKA) jumped about 32.92% at $2.14 in pre-market trading Wednesday. TRKA is an end-to-end brand solutions company that creates both near-term and long-term value for global brands in entertainment, sports and consumer products.
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Top Upgrades & Downgrades
Maxim Group turned bullish on Indaptus Therapeutics Inc. (INDP), upgrading the stock to "Buy" and assigning a $16.00 price target, representing potential upside of 104.87% from Tuesday's close.
Xcel Energy Inc. (XEL) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Underweight to Equal-Weight and moved their price target to $65.00, suggesting 0.11% additional upside for the stock.
The Macerich Company (MAC) received an upgrade from analysts at Evercore ISI Group, who also set their one-year price target on the stock to $18.00. They changed their rating on MAC to In-Line from Underperform in a recently issued research note.
Earlier Tuesday Barclays reduced its rating on Holly Energy Partners L.P. (HEP) stock to Equal-Weight from Overweight and assigned the price target to $20.00.
Citigroup analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Albertsons Companies Inc. (ACI) has been changed to Neutral from Buy and the new price target is set at $32.00.
Analysts at OTR Global downgraded Under Armour Inc. (UAA)'s stock to Mixed from Positive Tuesday.
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Latest Insider Activity
Snowflake Inc. (SNOW) Director GARRETT MARK announced the sale of shares taking place on Oct 15 at $334.90 for some 813 shares. The total came to more than $0.27 million.
Twitter Inc. (TWTR) Chief Legal Officer Gadde Vijaya sold on Oct 15 a total 769,766 shares at $63.21 on average. The insider’s sale generated proceeds of almost $0.15 million.
Windtree Therapeutics Inc. (WINT) Director Huang James declared the purchase of shares taking place on Oct 19 at $1.90 for some 50,000 shares. The transaction amount was around $95135.0.
E2open Parent Holdings Inc. (ETWO) Chief Executive Officer Farlekas Michael bought on Oct 19 a total 213,531 shares at $11.76 on average. The purchase cost the insider an estimated $235,200.
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Important Earnings
Top US earnings releases scheduled for today include Tesla Inc. (NASDAQ:TSLA). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.58 per share from revenues of $13.62B in the three-month period.
Analysts expect CSX Corporation (NASDAQ:CSX) to report a net income (adjusted) of $0.38 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $3.06B.
Kinder Morgan Inc. (KMI), due to announce earnings after the market closes today, is expected to report earnings of $0.24 per share from revenues of $3.26B 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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