21 may - morning newsletter

Good Morning!

The stock markets have been experiencing some selling pressure recently, but there is still enough power in them. That became clear yesterday when the indices on Wall Street took a sharp jump. The S&P 500 was up 1.06% to 4,159 points and the Nasdaq shot up 1.77% to 13,535 points . On balance, the Nasdaq has been moving into a wide sideways bandwidth for almost all of the year. In addition, the index was still well above the 200-day moving average, so this can still be seen as a consolidation within the upward trend. Now that the price is rebounding, it even seems to have left a higher bottom around 13,000 points on the chart.Although the Fed is talking about a possible winding down of the buy-back program, central bankers are not worried about the strong inflation. In response, US interest rates plunged and investors massively jumped on technology stocks. Big Tech did well; Alphabet was up 2.05% and Tesla (+ 4.53%), Spotify (+ 3.80%), Apple (+ 2.18%) and NVIDIA (+ 3.92%) all posted nice gains. A new low in the number of claims for unemployment benefits also contributed to the positive sentiment on Thursday . Jobless claims for the week ended May 15 stood at 444,000, the lowest figure since March 14. This was also slightly better than the 452,000 new applications expected. The improvement in unemployment claims suggests that April's disappointing jobs report was possible and temporary effect.

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Today Top Movers

Tesla Inc. (TSLA) stock soared 2.54% to $601.7 in the pre-market trading. The most recent rating by Canaccord Genuity, on April 27, 2021, is a Buy.

Yalla Group Limited (NYSE: YALA) shares are trading up 14.41% at $18.26 at the time of writing after declaring US$150 million share repurchase Program

Applied Materials Inc. (AMAT) grew over 1.15% at $131.81 in pre-market trading today after reporting second quarter 2021 results. The company recorded quarterly revenue of $5.58 billion, up 41 percent year over year.

JD.com Inc. (JD), a Internet Retail company, rose about 1.02% at $74.45 in pre-market trading Friday. The company revealed that it has raised about $3.2 billion after pricing its Hong Kong initial public offering.

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Top Upgrades & Downgrades

Evercore ISI turned bullish on CommScope Holding Company Inc. (COMM), upgrading the stock to "Outperform" and assigning a $24.0 price target.

Lamb Weston Holdings Inc. (LW) has won the favor of Stifel's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $89.

Asana Inc. (ASAN) received an upgrade from analysts at KeyBanc, who also set their one-year price target on the stock to $40.0. They changed their rating on ASAN to Overweight from Sector Weight in a recently issued research note.

Earlier Friday Citi reduced its rating on Nielsen Holdings plc (NLSN) stock to Neutral from Buy and assigned the price target to $29.0.

Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for LPL Financial Holdings Inc. (LPLA) has been changed to Neutral from Outperform and the new price target is set at $166.

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Latest Insider Activity

Urban One Inc. (UONE) Director ARMSTRONG D GEOFFREY announced the sale of shares taking place on May 18 at $3.59 for some 35,298 shares. The total came to more than $0.13 million.

Micron Technology Inc. (MU) EVP, Chief Business Officer Sadana Sumit sold on May 19 a total 0 shares at $79.33 on average. The insider’s sale generated proceeds of almost $2.5 million.

Opendoor Technologies Inc. (OPEN) Director Keffer Pueo declared the purchase of shares taking place on May 19 at $14.75 for some 67,700 shares. The transaction amount was around $1.0 million.

Vistra Corp. (VST) Director FERRAIOLI BRIAN K bought on May 17 a total 20,000 shares at $15.94 on average. The purchase cost the insider an estimated $127,544.

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Important Earnings

Top US earnings releases scheduled for today include V.F. Corporation (NYSE:VFC). It will announce its Mar 2021 financial results. The company is expected to report earnings of $0.29 per share from revenues of $2.5B in the three-month period.

Analysts expect Foot Locker Inc. (NYSE:FL) to report a net income (adjusted) of $1.09 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $1.88B.

Deere & Company (DE), due to announce earnings before the market opens today, is expected to report earnings of $4.52 per share from revenues of $10.44B the 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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