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- 22 Feb - NH - Morning Newsletter (with survey at top and bottom)
22 Feb - NH - Morning Newsletter (with survey at top and bottom)
Morning Stock Market News: Be the First to Know
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Good Morning!Futures for US stock indices show weak dynamics on Wednesday, it follows from the trading data. Investors continue to wait for the publication of the minutes of the February meeting of the US Federal Reserve System (FRS).Futures for the Dow Jones Industrial Index (DJIA) fell by 0.01% to 33,158 points, the NASDAQ high-tech companies index dropped by 0.02%, to 12,094 points and futures for the S&P 500 broad market index slipped by 0.02%, to 4,005 points.The main attention of the markets remains around the Fed's key rate policy. Later on Wednesday, the minutes of the February meeting of the regulator will be published, the document may contain clues about the future plans of the US central bank on monetary policy, including regarding the timing of the possible completion of the cycle of rate hikes.A media report that Google is planning to cut 240 jobs in Ireland has caught the attention of investors.
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Today Top Movers
Sorrento Therapeutics Inc. (SRNE) stock soared 41.88% to $0.5468 in the pre-market trading after receiving Court approval for $75 million financing in Chapter 11 Case.
Palo Alto Networks Inc. (NASDAQ: PANW) shares are trading up 10.04% at $183.64 at the time of writing following the release of fiscal second quarter 2023 financial results.
Greenlane Holdings Inc. (GNLN) grew over 16.26% at $0.4434 in pre-market trading today. The company reported that it has reduced its current loan facility by over 40% from $15M to approximately $8.5M and will receive more than $4.8M from the sale of its Employee Retention Credit.
Baidu Inc. (BIDU), a Internet Content & Information company, rose about 7.46% at $151.32 in pre-market trading Wednesday after announcing fourth quarter and fiscal year 2022 results and US$5 billion share repurchase program.
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Top Upgrades & Downgrades
Wolfe Research turned bullish on Merck & Co. Inc. (MRK), upgrading the stock to Outperform and assigning a $127 price target, representing potential upside of 16.43% from Wednesday's close.
Shopify Inc. (SHOP) has won the favor of DA Davidson's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $50, suggesting 20.77% additional upside for the stock.
Alcoa Corporation (AA) received an upgrade from analysts at Citigroup, who also set their one-year price target on the stock to $65. They changed their rating on AA to Buy from Neutral in a recently issued research note.
Earlier Wednesday Evercore ISI Group reduced its rating on Occidental Petroleum Corporation (OXY) stock to Underperform from In-Line and assigned the price target to $60.
Atlantic Equities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for American International Group Inc. (AIG) has been changed to Neutral from Overweight and the new price target is set at $65.
Analysts at Wolfe Research downgraded AbbVie Inc. (ABBV)'s stock to Peer Perform from Outperform Wednesday.
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Latest Insider Activity
Momentive Global Inc. (MNTV) Chief Legal Officer & Secty Blum Lora D announced the sale of shares taking place on Feb 21 at $7.20 for some 5,038 shares. The total came to more than $36291.0.
Overstock.com Inc. (OSTK) Director Corbus Barclay F sold on Feb 21 a total 2,334 shares at $21.15 on average. The insider’s sale generated proceeds of almost $49364.0.
R1 RCM Inc. (RCM) Chief Executive Officer RIVAS LEE declared the purchase of shares taking place on Feb 21 at $13.93 for some 71,767 shares. The transaction amount was around $1.0 million.
Akamai Technologies Inc. (AKAM) Chief Executive Officer LEIGHTON F THOMSON bought on Feb 21 a total 325 shares at $76.99 on average. The purchase cost the insider an estimated $25,022.
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Important Earnings
Top US earnings releases scheduled for today include The TJX Companies Inc. (NYSE: TJX). It will announce its Jan 2023 financial results. The company is expected to report earnings of $0.89 per share from revenues of $14.06B in the three-month period.
Analysts expect NiSource Inc. (NYSE: NI) to report a net income (adjusted) of $0.48 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $1.39B.
Editas Medicine Inc. (EDIT), due to announce earnings before the market opens today, is expected to report earnings of -$0.8 per share from revenues of $3.26M 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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