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- 21 June - ST - Morning Newsletter (with survey at top and bottom)
21 June - ST - Morning Newsletter (with survey at top and bottom)
4 Skyrocketing Stocks to Start the Week
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Good Morning!
Futures for the major US stock indices rose correctively yesterday after plunging markets in the last week, according to trading data.Futures for the Dow Jones Industrial Index (DJIA) rose by 0.63%, to 30,057 points. Futures for the NASDAQ high-tech companies index glided by 0.76%, to 11,382.75 points and for the broad market index S&P 500 surged by 0.78%, to 3,704.5 points.US stock markets closed lower last week. Thus, Dow Jones and NASDAQ decreased by 4.8%, S&P 500 collapsed by 5.8%. Traders assessed the prospects for the US economy against the backdrop of the Fed's decision to raise interest rates by 75 basis points at once.Meanwhile, one of the largest grocery store chains Kroger (NYSE: KR) reported first-quarter earnings higher than expected and raised its full-year profit forecast. The reasons for the higher results and optimistic forecasts were a change in consumer preferences in favor of food and essential goods due to inflation that has been record high in more than forty years.
Top 5 Stocks with Strong Insider Buying
One of the best ways to spot potential opportunity is by tracking insiders.
After all, who knows the company better than an insider - the CEO, CFO, COO, officers, employees, and directors? If they're buying a sizable number of shares, it's often a good idea to start looking into why and perhaps follow them into the stock. Here are five stocks seeing a good share of insider buying in recent weeks.
Today Top Movers
Valneva SE (VALN) stock soared 83.37% to $25.14 in the pre-market trading. The company entered into an equity subscription agreement with Pfizer and updated terms of collaboration agreement for Lyme disease vaccine candidate VLA15.
NIO Inc. (NYSE: NIO) shares are trading up 5.92% at $22.0 at the time of writing. Citi analyst Jeff Chung assigned a $41.10 price target on NIO. And Chung is maintaining a “Buy” rating on the shares.
RedHill Biopharma Ltd. (RDHL) grew over 17.52% at $0.7474 in pre-market trading today. The company will report its first quarter 2022 financial results and operational highlights on Thursday, June 23, 2022.
Oracle Corporation (ORCL), a Software - Infrastructure company, rose about 1.45% at $68.7 in pre-market trading Tuesday after announcing the opening of a second cloud region in France to deliver public cloud services
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Top Upgrades & Downgrades
Credit Suisse turned bullish on Centene Corporation (CNC), upgrading the stock to "Outperform" and assigning a $88 price target, representing potential upside of 15.15% from Tuesday's close.
Exxon Mobil Corporation (XOM) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $125, suggesting 45.03% additional upside for the stock.
The Charles Schwab Corporation (SCHW) received an upgrade from analysts at UBS, who also set their one-year price target on the stock to $75. They changed their rating on SCHW to Buy from Neutral in a recently issued research note.
Earlier Tuesday Morgan Stanley reduced its rating on Adobe Inc. (ADBE) stock to Equal-Weight from Overeight and assigned the price target to $362.
Citigroup analysts reduced their investment ratings, saying in research reports covered by the media that its rating for WestRock Company (WRK) has been changed to Neutral from Buy and the new price target is set at $45.
Analysts at Goldman Sachs downgraded SunPower Corporation (SPWR)'s stock to Sell from Neutral Tuesday.
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Latest Insider Activity
Mullen Automotive Inc. (MULN) CEO, President Michery David announced the sale of shares taking place on Jun 15 at $1.10 for some 150,000 shares. The total came to more than $0.17 million.
Snap Inc. (SNAP) Chief Financial Officer Andersen Derek sold on Jun 16 a total 1,100,496 shares at $12.28 on average. The insider’s sale generated proceeds of almost $0.47 million.
Annaly Capital Management Inc. (NLY) CEO and President Finkelstein David L declared the purchase of shares taking place on Jun 17 at $5.56 for some 200,000 shares. The transaction amount was around $1.11 million.
OPKO Health Inc. (OPK) CEO & Chairman FROST PHILLIP MD ET AL bought on Jun 16 a total 196,406,694 shares at $2.31 on average. The purchase cost the insider an estimated $231,327.
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Important Earnings
Top US earnings releases scheduled include Reservoir Media Inc. (NASDAQ: RSVR). It will announce its Mar 2022 financial results. The company is expected to report earnings of $0.09 per share from revenues of $29.98M in the three-month period.
Analysts expect Quotient Limited (NASDAQ: QTNT) to report a net income (adjusted) of -$0.31 per share when the company releases its quarterly results tomorrow. Revenue for the fiscal quarter ended Mar 2022 is predicted to come in at $8.17M.
La-Z-Boy Incorporated (LZB), due to announce earnings after the market closes today, is expected to report earnings of $0.92 per share from revenues of $664.91M 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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