21 Oct - Morning Newsletter (with changes)

Good Morning!

Trading on October 20 at American stock markets ended mainly in the green zone. The S&P 500 Index climbed 0.37% to 4536 points, the Nasdaq dropped a marginal 0.05% and the Dow Jones added 0.43%. The growth leaders were the utilities (+ 1.56%), real estate (+ 1.55%) and healthcare (+ 1.45%) sectors. The largest decline was shown by the securities of technology companies (-0.29%).The S&P 500 index finished the sixth session in a row in positive territory, coming close to the all-time high. Value stocks were in higher demand from buyers than growth stocks.The Wall Street Journal writes that Arizona Senator Kirsten Cinema opposes tax hikes for high-income businesses and individuals, as well as capital gains. In addition, it became known that the Democratic faction of the Congress is working to optimize the program to stimulate the economy, it is planned to reduce funding for this project to $ 1.7-1.9 trillion.Fed spokesman Randall Quarles said that there is no need to rush to the decision to raise rates but noted that inflationary risk tends to grow.

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Today Top Movers

NextPlay Technologies Inc. (NXTP) stock soared 22.36% to $3.01 in the pre-market trading after reporting fiscal Q2 2022 record revenue of $2.6 million.

Sio Gene Therapies Inc. (NASDAQ: SIOX) shares are trading up 15.35% at $2.48 at the time of writing after presenting positive interim data from the Company’s ongoing Phase 1/2 study of AXO-AAV-GM1.

Digital World Acquisition Corp. (DWAC) is up 20.19% to $11.97 in premarket trading today after announcing a plan to merge with Trump Media Technology Group.

TriState Capital Holdings Inc. (TSC) grew over 25.76% at $28.61 in pre-market trading today. The company reported Q3 2021 EPS of $0.44 on record net income and revenue, organic loan and balance sheet growth, and net interest margin expansion.

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Top Upgrades & Downgrades

Truist Securities turned bullish on Denny's Corporation (DENN), upgrading the stock to "Buy" and assigning a $18.00 price target, representing potential upside of 23.29% from Wednesday's close.

Aramark (ARMK) has won the favor of Berenberg's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $40.00, suggesting 10.89% additional upside for the stock.

Carnival Corporation & plc (CCL) received an upgrade from analysts at Berenberg, who also set their one-year price target on the stock to $22.50. They changed their rating on CCL to Hold from Sell in a recently issued research note.

Earlier Thursday RBC Capital reduced its rating on Fiverr International Ltd. (FVRR) stock to Sector Perform from Outperform and assigned the price target to $195.00.

RBC Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Wix.com Ltd. (WIX) has been changed to Sector Perform from Outperform and the new price target is set at $210.00.

Analysts at Barclays downgraded LivePerson Inc. (LPSN)'s stock to Underweight from Equal-Weight Thursday.

Biden: By 2030, 50% Of All Vehicles Will Be Electric. Sparking New "Lithium Gold Rush."Experts predict that the global lithium market will balloon by 500%. That's wonderful news for investors, because a "sure-thing" like this appears once in a lifetime. And this small-cap company just snagged what could be one of the world's largest lithium deposits.

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Latest Insider Activity

Cloudflare Inc. (NET) CEO & Chair of the Board Prince Matthew announced the sale of shares taking place on Oct 19 at $176.13 for some 52,385 shares. The total came to more than $9.23 million.

Flex Ltd. (FLEX) Group President Barbier Francois sold on Oct 18 a total of 385,342 shares at $19.11 on average. The insider’s sale generated proceeds of almost $1.49 million.

Agenus Inc. (AGEN) 10% Owner AGENUS INC declared the purchase of shares taking place on Oct 19 at $12.00 for some 1,400,000 shares. The transaction amount was around $16.8 million.

PAVmed Inc. (PAVM) 10% Owner PAVmed Inc. bought on Oct 18 a total 27,927,190 shares at $14.00 on average. The purchase cost the insider an estimated $8.0 million.

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Important Earnings

Top US earnings releases scheduled for today include Intel Corporation (NASDAQ:INTC). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.11 per share from revenues of $18.24B in the three-month period.

Analysts expect Snap Inc. (NYSE:SNAP) 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 Sep 2021 is predicted to come in at $1.1B.

Mattel Inc. (MAT), due to announce earnings after the market closes today, is expected to report earnings of $0.72 per share from revenues of $1.68B 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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