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21 Sep - ST - Morning Newsletter (with survey at top and bottom)
4 Breakout Stocks to Trade Today
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Good Morning!Wednesday's stock futures rose slightly as traders anticipated a possible Federal Reserve interest rate hike.Futures on the Dow Jones Industrial Average climbed 60 points, or 0.2%. S&P 500 futures gained 0.2%, while Nasdaq 100 futures traded above flat.As a result of high inflation, investors expect the central bank to raise interest rates for the third consecutive time by 0.75 percentage points. The consumer price index read was higher than expected in August, and Fed leaders' comments on rate hikes have weighed on stocks, with more pressure likely as the central bank combats inflation.Tuesday was the first day of the Federal Open Market Committee's meeting, and disappointing day for the stocks. Dow Jones fell by 1.01%. It was a down day for the S&P 500 and S&P Nasdaq Composite, both falling 1.13% and 0.95%, respectively.
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Today Top Movers
Ra Medical Systems Inc. (RMED) stock soared 15.57% to $0.164 in the pre-market trading after announcing the results of its special meeting of stockholders and a 1-for-50 reverse stock split.
Edgio Inc. (NASDAQ: EGIO) shares are trading up 13.11% at $3.45 at the time of writing following the completion of its most successful week by setting all-time traffic record.
Ideanomics Inc. (IDEX) grew over 3.29% at $0.424 in pre-market trading today. The company announced the successful testing of WAVE's 500kW at the Port of Los Angeles.
India Globalization Capital, Inc. (IGC), a Conglomerates company, jumped about 7.45% at $0.50 in pre-market trading Wednesday.
Lithium Stocks In The Spotlight
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Top Upgrades & Downgrades
Goldman Sachs turned bullish on The Estee Lauder Companies Inc. (EL), upgrading the stock to "Buy" and assigning a $303.00 price target, representing potential upside of 26.55% from Tuesday's close.
PBF Energy Inc. (PBF) has won the favor of Barclays' equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $43.00, suggesting 44.82% additional upside for the stock.
Arista Networks Inc. (ANET) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $131.00. They changed their rating on ANET to Overweight from Equal Weight in a recently issued research note.
Earlier Wednesday JP Morgan reduced its rating on Sotera Health Company (SHC) stock to Underweight from Overweight and assigned the price target to $9.00.
SMBC Nikko analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Block Inc. (SQ) has been changed to Neutral from Outperform and the new price target is set at $70.00.
Analysts at BTIG downgraded Renovacor Inc (RCOR)'s stock to Neutral from Buy Wednesday.
The $1.3 Trillion Global Pharma Industry's #1 New Disruptor?
Pharma supply chain companies are absolutely killing it. This one, in particular, recently joined the Nasdaq. With 160+ clients and vendors, they have a global network that is mind-blowing. Killer revenue growth of 40% gross profit growth of nearly 120% paints a picture of a Pharma company on the rise.
Latest Insider Activity
Roblox Corporation (RBLX) Chief Business Officer Donato Craig announced the sale of shares taking place on Sep 15 at $44.38 for some 2,000 shares. The total came to more than $88760.0.
Amyris Inc. (AMRS) Director Kung Frank sold on Sep 19 a total 1,080,676 shares at $3.80 on average. The insider’s sale generated proceeds of almost $4.11 million.
Luminar Technologies Inc. (LAZR) Chairperson, President & CEO Russell Austin declared the purchase of shares taking place on Sep 20 at $9.87 for some 25,000 shares. The transaction amount was around $0.25 million.
Purple Innovation Inc. (PRPL) Chief Legal Officer McGarvey Casey Kale bought on Sep 16 a total 30,000 shares at $2.85 on average. The purchase cost the insider an estimated $85,500.
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Important Earnings
Top US earnings releases scheduled for today include General Mills Inc. (NYSE: GIS). It will announce its Aug 2022 financial results. The company is expected to report earnings of $1 per share from revenues of $4.72B in the three-month period.
Analysts expect KB Home (NYSE: KBH) to report a net income (adjusted) of $2.67 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2022 is predicted to come in at $1.87B.
Lennar Corporation (LEN), due to announce earnings after the market closes today, is expected to report earnings of $4.9 per share from revenues of $9.01B 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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