21 Jul - morning newsletter

Good Morning!

After two weak days on the stock market, investors were ready to pick up the shares again yesterday. That resulted in a 1.52% increase for the S&P 500 and a 1.57% gain for the Nasdaq Composite. If we look at the chart of the Nasdaq, it is technically easy to explain why we bounced back yesterday. The former price peaks from February and April have captured the price beautifully. This is important for the sentiment in the market, because the technological heavyweights determine to a large extent where the market is headed.The positive sentiment was helped by strong quarterly figures from IBM, among others. The tech company showed the largest revenue increase in three years in the second quarter. The focus on cloud services seems to have been a good move by the IT company and the numbers were rewarded with a plus of 1.49%. Apple was also in demand with a profit of 2.60%, but Netflix (-0.23%) took a wait-and-see attitude towards the figures

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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

RBC Capital turned bullish on Westlake Chemical Corporation (WLK), upgrading the stock to Outperform and assigning a $105.00 price target, representing potential upside of 30.19% from Tuesday's close.

Sundial Growers Inc. (SNDL) has won the favor of ATB Capital's equity research team. The firm upgraded the shares from Underperform to Sector Perform.

Telefonaktiebolaget LM Ericsson (publ) (ERIC) received an upgrade from analysts at Arete. They changed their rating on ERIC to Neutral from Sell in a recently issued research note.

Earlier Wednesday Morgan Stanley reduced its rating on Autohome Inc. (ATHM) stock to Equal Weight from Overweight and assigned the price target to $50.00.

Jefferies analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Ardelyx Inc. (ARDX) has been changed to Hold from Buy and the new price target is set at $2.00.

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Latest Insider Activity

Upwork Inc. (UPWK) President & CEO Brown Hayden announced the sale of shares taking place on Jul 19 at $50.17 for some 1,281 shares. The total came to more than $64266.0.

Opendoor Technologies Inc. (OPEN) CEO Wu Eric Chung-Wei sold on Jul 16 a total 34,628,864 shares at $14.60 on average. The insider’s sale generated proceeds of almost $2.72 million.

Ashford Hospitality Trust Inc. (AHT) Director Ansell Benjamin J MD declared the purchase of shares taking place on Jul 19 at $16.87 for some 5,300 shares. The transaction amount was around $89411.0.

The Blackstone Group Inc. (BX) 10% Owner Clarus Lifesciences III, L.P. bought on Jul 20 a total 3,375,037 shares at $16.00 on average. The purchase cost the insider an estimated $2.4 million.

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Important Earnings

Top US earnings releases scheduled for today include Kinder Morgan Inc. (NYSE:KMI). It will announce its Jun 2021 financial results. The company is expected to report earnings of $0.19 per share from revenues of $2.88B in the three-month period.

Analysts expect CSX Corporation (NASDAQ:CSX) to report a net income (adjusted) of $0.37 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $2.92B.

TechnipFMC plc (FTI), due to announce earnings after the market closes today, is expected to report earnings of -$0.01 per share from revenues of $1.6B 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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Disclaimer: Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. Stocks featured in this newsletter may be owned by owners/operators of this website which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside of these emails.