22 June - morning newsletter

Good Morning!

Major US stocks rose on Monday, with the Dow Jones Industrial Average gaining more than 550 points after hitting the biggest downturn since late October last week on concerns about the Federal Reserve's monetary trajectory.Market participants were concerned that the Fed had signaled the possibility of an earlier increase in interest rates in connection with the economic recovery. At the same time, investors who are optimistic about the outlook for stocks believe that more rapid economic growth and accelerated inflation in the coming months are likely to support the stock market, even in the event of a slight increase in long-term rates.The Dow Jones Industrial Average rose 586.89 points, or 1.8%, to 33876.97 points, the S&P 500 climbed 58.34, or 1.4%, to 4224.79 points, and the Nasdaq Composite gained 111. 10 points, or 0.8%, reaching 14141.48 points.All 11 sectors of the S&P 500 ended the day higher. Industrial and financial sector securities, which are sensitive to the outlook for the economy, were the top gainers on Monday. Morgan Stanley and Bank of America rose 2.2% and 2.5%, respectively, Boeing added 3.3% and Caterpillar 2.1%.

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Today Top Movers

GameStop Corp. (GME) stock soared 0.31% to $201.0 in the pre-market trading after completing at-the-market equity offering program.

Fennec Pharmaceuticals Inc. (NASDAQ: FENC) shares are trading up 9.35% at $7.25 at the time of writing following the acceptance from FDA of new drug application resubmission for PEDMARK™.

Translate Bio Inc. (TBIO) grew over 2.19% at $19.15 in pre-market trading today. Sanofi and Translate Bio recently initiated phase 1 clinical trial of mRNA Influenza vaccine.

Comstock Mining Inc. (LODE), a Real Estate Services company, rose about 7.32% at $3.81 in pre-market trading Tuesday after announcing the acquisition of 100% of the equity of Renewable Process Solutions, Inc.

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Top Upgrades & Downgrades

Oppenheimer turned bullish on Sally Beauty Holdings Inc. (SBH), upgrading the stock to "Outperform" and assigning a $24.00 price target, representing potential upside of 23.52% from Monday's close.

CrowdStrike Holdings Inc. (CRWD) 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 $300.00, suggesting 26.22% additional upside for the stock.

Fortune Brands Home & Security Inc. (FBHS) received an upgrade from analysts at Loop Capital, who also set their one-year price target on the stock to $100.00. They changed their rating on FBHS to Buy from Hold in a recently issued research note.

Earlier Tuesday Wells Fargo reduced its rating on Evergy Inc. (EVRG) stock to Equal Weight from Overweight and assigned the price target to $68.00.

CIBC analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Kinross Gold Corporation (KGC) has been changed to Neutral from Outperformer and the new price target is set at $8.50.

Analysts at Baird downgraded Welbilt Inc. (WBT)'s stock to Neutral from Outperform Tuesday.

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Latest Insider Activity

Tradeweb Markets Inc. (TW) Chief Financial Officer WARSHAW ROBERT J announced the sale of shares taking place on Jun 17 at $85.04 for some 1,323 shares. The total came to more than $0.11 million.

Humanigen Inc. (HGEN) Chief Scientific Officer Chappell Dale sold on Jun 18 a total 1,067,811 shares at $18.50 on average. The insider’s sale generated proceeds of almost $7.45 million.

Continental Resources Inc. (CLR) Director Hamm Harold declared the purchase of shares taking place on Jun 18 at $34.43 for some 8,086 shares. The transaction amount was around $0.28 million.

Fortress Value Acquisition Corp. II (FAII) 10% Owner Fortress Acquisition Sponsor I bought on Jun 16 a total 16,025,000 shares at $10.00 on average. The purchase cost the insider an estimated $75.0 million.

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Important Earnings

Top US earnings releases scheduled for today & tomorrow include Plug Power Inc. (NASDAQ:PLUG). It will announce its Mar 2021 financial results. The company is expected to report earnings of -$0.08 per share from revenues of $76.87M in the three-month period.

Analysts expect Patterson Companies Inc. (NASDAQ:PDCO) to report a net income (adjusted) of $0.52 per share, when the company releases its quarterly results tomorrow. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $1.52B.

Winnebago Industries Inc. (WGO), due to announce earnings before the market opens tomorrow, is expected to report earnings of $1.77 per share from revenues of $839.42M 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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