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- 22 June - NH - Morning Newsletter (with survey at top and bottom)
22 June - NH - Morning Newsletter (with survey at top and bottom)
4 Best Performing Stocks That Can't Be Ignored
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Good Morning!
Futures on the Dow, NASDAQ Composite and S&P 500 indices were trading down on Wednesday, erasing most of yesterday's gains, as investors turned their attention to inflation's impact on global economic expansion. Dow Jones futures fell 360 points after the index added 641 points on Tuesday to end the day at 30,530. S&P 500 futures look set to open 54 points lower, with the Nasdaq on track to go down 195 points. After 3 weeks of decline, which caused the US markets to lose more than 10%, investors went on the hunt for bargains on Tuesday. All three major indices ended Tuesday in the green zone. All 11 sectors included in the broad market index showed strong growth. Energy companies (+5.14%) and consumer sector enterprises (+2.82%) outperformed the market. Representatives of the raw materials industry moved up a little slower (+1.47%).Company news
Kellogg Company plans to split its business into three independent companies.
JetBlue Airways Corporation increased its potential takeover price to shareholders of Spirit Airlines, Inc from $31.50 per share to $33.50.
Uber Technologies, Inc is returning rideshare service to nine US cities.
An important event for investors today will be the speech of Fed Chairman Jerome Powell before the Senate Banking Committee. The market is waiting for new information regarding future interest rate hikes and fresh comments on the state of the US economy.
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Today Top Movers
Quotient Limited (QTNT) stock soared 55.23% to $0.5801 in the pre-market trading. The company rescheduled Q4 and FY 2022 financial results declaration to Friday, June 24th, and secured $1.4 million of orders in Q1 FY23 for the recently CE Marked Extended IH MosaiQ Solution.
Precision BioSciences Inc. (NASDAQ: DTIL) shares are trading up 39.57% at $1.94 at the time of writing after announcing that it has entered into an exclusive worldwide in vivo gene editing research and development collaboration and license agreement with Novartis Pharma AG.
U.S. Well Services Inc. (USWS) grew over 28.2% at $0.9215 in pre-market trading today following news that ProFrac Holding Corp. agreed to acquire the U.S. Well Services.
Tantech Holdings Ltd (TANH), a Household & Personal Products company, rose about 3.71% at $0.31 in pre-market trading Wednesday after announcing that its subsidiary, Shangchi Automobile Co., Ltd., won a new 6 vehicle order.
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Top Upgrades & Downgrades
RBC Capital turned bullish on Equity Residential (EQR), upgrading the stock to Outperform and assigning a $79 price target, representing potential upside of 10.92% from Tuesday's close.
The Kraft Heinz Company (KHC) has won the favor of BMO Capital's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $46, suggesting 25.65% additional upside for the stock.
Noah Holdings Limited (NOAH) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $22. They changed their rating on NOAH to Overweight from Neutral in a recently issued research note.
Earlier Wednesday Cowen & Co. reduced its rating on Jack in the Box Inc. (JACK) stock to Market Perform from Outperform and assigned the price target to $68.
Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Scotts Miracle-Gro Company (SMG) has been changed to Equal-Weight from Overweight and the new price target is set at $85.00.
Analysts at Credit Suisse downgraded Dow Inc. (DOW)'s stock to Underperform from Neutral Friday.
Top 5 Stocks with Strong Insider Buying
One of the best ways to spot potential opportunity is by tracking insiders.
After all, who knows the company better than an insider - the CEO, CFO, COO, officers, employees, and directors? If they're buying a sizable number of shares, it's often a good idea to start looking into why and perhaps follow them into the stock. Here are five stocks seeing a good share of insider buying in recent weeks.
Latest Insider Activity
Opendoor Technologies Inc. (OPEN) CFO WHEELER CARRIE announced the sale of shares taking place on Jun 16 at $4.53 for some 121,094 shares. The total came to more than $0.55 million.
ContextLogic Inc. (WISH) Chief Data Officer Liu Pai sold on Jun 16 a total 95,289 shares at $1.68 on average. The insider’s sale generated proceeds of almost $0.16 million.
Microchip Technology Incorporated (MCHP) President & CEO MOORTHY GANESH declared the purchase of shares taking place on Jun 17 at $57.29 for some 8,000 shares. The transaction amount was around $0.46 million.
GreenBox POS (GBOX) Chief Operating Officer Wei Min bought on Jun 17 a total 3,473 shares at $1.03 on average. The purchase cost the insider an estimated $3,574.
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Important Earnings
Top US earnings releases scheduled for today include Winnebago Industries Inc. (NYSE:WGO). It will announce its May 2022 financial results. The company is expected to report earnings of $2.96 per share from revenues of $1.2B in the three-month period.
Analysts expect Korn Ferry (NYSE: KFY) to report a net income (adjusted) of $1.55 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2022 is predicted to come in at $680.71M.
KB Home (KBH), due to announce earnings after the market closes today, is expected to report earnings of $2.01 per share from revenues of $1.63B 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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