22 Sep - Morning Newsletter (with changes)

Good Morning!

Wall Street appeared to be in a strong recovery as it opened yesterday. During the peak, nearly half of Monday's loss was made up for. During the day, however, the stock prices remained volatile and by the end of the day, indices lost their profits. The S&P 500 lost 0.08% to finish at 4,354 points and the Dow Jones closed 0.15% lower. The Nasdaq managed to squeeze out a small gain of 0.22%. The technology exchange was helped in this by heavyweights such as Tesla (+0.89%), Alphabet (+0.40%) and Facebook (+0.30%), who nevertheless managed to end the day slightly higher.Investors still seemed cautious in anticipation of developments around the Chinese Evergrande. Last night, the real estate giant announced it would pay Thursday's coupon payment. The announcement seems to have removed some uncertainty from the market and the Shanghai index is currently 0.25% higher. At opening, the index was still facing a loss of almost 2%.

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Today Top Movers

Marin Software Incorporated (MRIN) stock soared 74.69% to $9.94 in the pre-market trading following an announcement from management that the company entered into a revenue share agreement with Google to develop its enterprise tech platform and software products.

Stitch Fix Inc. (NASDAQ: SFIX) shares are trading up 15.6% at $40.99 at the time of writing after announcing the launch of Stitch Fix Freestyle.

Sasol Limited (SSL) grew over 7.22% at $16.64 in pre-market trading today. Sasol is a global integrated chemicals and energy company.

Lucid Group Inc. (LCID), a Auto Manufacturers company, rose about 3.77% to $27.82 in pre-market trading Wednesday. Lucid's mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience.

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Top Upgrades & Downgrades

Piper Sandler turned bullish on Peoples Bancorp Inc. (PEBO), upgrading the stock to "Overweight" and assigning a $35.00 price target, representing potential upside of 18.12% from Tuesday's close.

Xponential Fitness Inc. (XPOF) has won the favor of Raymond James's equity research team. The firm upgraded the shares from Market Perform to Strong Buy and moved their price target to $14.00, suggesting 36.05% additional upside for the stock.

Ambarella Inc. (AMBA) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $185.00. They changed their rating on AMBA to Overweight from Sector Weight in a recently issued research note.

Earlier Wednesday Goldman Sachs reduced its rating on Vir Biotechnology Inc. (VIR) stock to Neutral from Buy and assigned the price target to $62.00.

Goldman Sachs analysts reduced their investment ratings, saying in research reports covered by the media that its rating for FibroGen Inc. (FGEN) has been changed to Sell from Neutral and the new price target is set at $11.00.

Analysts at B of A Securities downgraded Vale S.A. (VALE)'s stock to Neutral from Buy Wednesday.

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Latest Insider Activity

Rekor Systems Inc. (REKR) Chief Science Officer Hill Matthew Anthony announced the sale of shares taking place on Sep 21 at $10.11 for some 100,000 shares. The total came to more than $1.01 million.

Cloudflare Inc. (NET) Chief Accounting Officer Underwood Paul D. sold on Sep 20 a total 13,285 shares at $125.70 on average. The insider’s sale generated proceeds of almost $0.25 million.

Aterian Inc. (ATER) 10% Owner 9830 Macarthur, LLC declared the purchase of shares taking place on Sep 17 at $7.71 for some 1,468,700 shares. The transaction amount was around $11.32 million.

1847 Goedeker Inc. (GOED) Chief Executive Officer Fouerti Albert bought on Sep 15 a total 330,000 shares at $2.95 on average. The purchase cost the insider an estimated $972,345.

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Important Earnings

Top US earnings releases scheduled for today include BlackBerry Limited (NYSE:BB). It will announce its Aug 2021 financial results. The company is expected to report earnings of -$0.07 per share from revenues of $163.5M in the three-month period.

Analysts expect KB Home (NYSE:KBH) to report a net income (adjusted) of $1.62 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $1.57B.

Steelcase Inc. (SCS), due to announce earnings after the market closes today, is expected to report earnings of $0.24 per share from revenues of $763.62M 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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