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- 21 Mar - NH - Morning Newsletter (with survey at top and bottom)
21 Mar - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!A hope that the banking turmoil would be contained sparked a rally in stock futures Tuesday.There was a gain of 237 points, or 0.7%, on futures for the Dow Jones Industrial Average. Futures on the S&P 500 rose 0.7%, while Nasdaq-100 futures rose 0.4%.First Republic led the way in early trading as regional banks surged. An uptick of 21.9% came a day after the bank lost 47%. A 3% gain was recorded by the SPDR Regional Banking ETF (KRE). After Bloomberg News reported that the U.S. government is considering temporarily broadening the coverage of Federal Deposit Insurance Co., regional banks gained momentum.A strong rally on Wall Street has pushed the Dow up more than 380 points, while the S&P 500 gained 0.9%. This comes after UBS took over Credit Suisse under Swiss government pressure. Meanwhile, the news that JPMorgan Chase may offer strategic advice to embattled First Republic Bank also pleased investors.
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Today Top Movers
Cerberus Cyber Sentinel Corporation (CISO) stock soared 149.34% to $0.5735 in the pre-market trading after announcing preliminary estimated financial information as of and for the quarter and fiscal year ended December 31, 2022.
Selecta Biosciences, Inc. (SELB) shares are trading up 13.28% at $1.45 at the time of writing after annoucing positive topline results from the Phase 3 DISSOLVE I & II placebo controlled randomized clinical trials to determine safety and efficacy of two different dose levels of SEL-212 in adult patients with chronic refractory gout.
Terran Orbital Corporation (LLAP) grew over 20.23% at $2.08 in pre-market trading today. The company generated a record $94.2 million of revenue in 2022, an increase of 130% year-over-year.
Harmonic Inc. (HLIT) rose about 8.48% at $14.20 in pre-market trading Monday following the announcement from the company that Charter Communications has selected Harmonic as its strategic technology partner to deploy virtual CMTS technology for next-gen broadband services.
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Top Upgrades & Downgrades
Citigroup turned bullish on Foot Locker Inc. (FL), upgrading the stock to Buy and assigning a $50 price target, representing potential upside of 25.41% from Monday's close.
Meta Platforms Inc. (META) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $250, suggesting 26.38% additional upside for the stock.
Emerson Electric Co. (EMR) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $96. They changed their rating on EMR to Overweight from Equal-Weight in a recently issued research note.
Earlier Tuesday Jefferies reduced its rating on Profound Medical Corp. (PROF) stock to Equal-Weight from Buy and assigned the price target to $10.
Stifel analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Electrameccanica Vehicles Corp. (SOLO) has been changed to Hold from Buy and the new price target is set at $0.6.
Analysts at JMP Securities downgraded Agree Realty Corporation (ADC)'s stock to Market Perform from Market Outperform Tuesday.
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Latest Insider Activity
Tellurian Inc. (TELL) Executive Chairman SOUKI CHARIF announced the sale of shares taking place on Mar 17 at $1.15 for some 792,209 shares. The total came to more than $0.91 million.
Sprouts Farmers Market Inc. (SFM) Chief Store Operations Officer Sanders Dan J sold on Mar 20 a total 40,452 shares at $32.56 on average. The insider’s sale generated proceeds of almost $1.32 million.
Enovix Corporation (ENVX) Director Rodgers Thurman J declared the purchase of shares taking place on Mar 20 at $10.88 for some 69,557 shares. The transaction amount was around $0.76 million.
Grove Collaborative Holdings Inc. (GROV) President & CEO Landesberg Stuart bought on Mar 20 a total 55,000 shares at $0.37 on average. The purchase cost the insider an estimated $20,086.
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Important Earnings
Top US earnings releases scheduled for today include NIKE Inc. (NYSE: NKE). It will announce its Feb 2023 financial results. The company is expected to report earnings of $0.55 per share from revenues of $11.47B in the three-month period.
Analysts expect Array Technologies Inc. (NASDAQ: ARRY) to report a net income (adjusted) of $0.08 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $366.77M.
GameStop Corp. (GME), due to announce earnings after the market closes today, is expected to report earnings of -$0.13 per share from revenues of $2.18B 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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