23 Aug - Morning Newsletter

Good Morning!

After several days of selling pressure, the stock markets turned upward on Thursday. This recovery continued on Friday as the S&P 500 closed 0.81% higher at 4,441 points. The Nasdaq Composite even rose 1.19% to 14,714 points. Now that the quarterly earnings season is over, the focus of investors will be primarily on economic developments in the coming period. To this end, the American labor market is closely monitored and, of course, all eyes are on the inflation figures. New data on this will only be released in the 1st week of September.Today, investors process the Purchasing Managers' Indices (PMI) which give a good idea of the current status of the manufacturing and services sector. The index shows the confidence that purchasing managers have in the economy. Later this week, the focus will be on the annual symposium in Jackson Hole, where central bankers and finance ministers will discuss the latest monetary developments and trends. People are especially curious what Fed Chair Jerome Powell will say about inflation and the possible reduction of corona support.Developments surrounding the delta variant of the coronavirus will also remain important for the financial markets. A possible new outbreak of the coronavirus could cause headwinds. Combined with concerns about a slowing economic growth and the end of the summer period, the volatility on the stock markets may soon increase again.

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Today Top Movers

Greenpro Capital Corp. (GRNQ) stock soared 32.91% to $1.01 in the pre-market trading after its incubator company Angkasa-X signed MOU to develop the world's first GEO-LEO integrated satellite network and services platform.

Plus Therapeutics Inc. (NASDAQ: PSTV) shares are trading up 19.07% at $2.31 at the time of writing. The company recently presented data from the NIH-supported ReSPECT Phase 1 clinical trial evaluating its lead investigational drug, Rhenium-186 NanoLiposome (186RNL), in recurrent glioblastoma (GBM).

City Office REIT Inc. (CIO) grew over 22.56% at $15.81 in pre-market trading today following the announcement from the company that it has entered into definitive agreements to sell all of its holdings in the Sorrento Mesa submarket of San Diego for $576 million.

Orphazyme A/S (ORPH), a Biotechnology company, rose about 20.56% at $6.04 in pre-market trading Monday after announcing the publication of results from its Phase 2/3 trial of arimoclomol in Niemann-Pick disease type C in the Journal of Inherited Metabolic Disease.

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Top Upgrades & Downgrades

Arete turned bullish on Snap Inc. (SNAP), upgrading the stock to "Buy" and assigning a $83.00 price target.

EOG Resources Inc. (EOG) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Equal Weight to Overweight and moved their price target to $88.00.

Continental Resources Inc. (CLR) received an upgrade from analysts at Wells Fargo, who also set their one-year price target on the stock to $45.00. They changed their rating on CLR to Overweight from Equal Weight in a recently issued research note.

Earlier Monday Arete reduced its rating on Facebook Inc. (FB) stock to Neutral from Buy and assigned the price target to $381.00.

Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Chesapeake Energy Corporation (CHK) has been changed to Equal Weight from Overweight and the new price target is set at $64.00.

Analysts at Wells Fargo downgraded Earthstone Energy, Inc. (ESTE)'s stock to Underweight from Equal Weight Monday.

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Latest Insider Activity

Cloudflare Inc. (NET) CEO & Chair of the Board Prince Matthew announced the sale of shares taking place on Aug 20 at $120.36 for some 52,385 shares. The total came to more than $6.3 million.

Flex Ltd. (FLEX) EVP, General Counsel OFFER DAVID SCOTT sold on Aug 19 a total 257,061 shares at $17.55 on average. The insider’s sale generated proceeds of almost $1.05 million.

Ball Corporation (BLL) Director CAVE MICHAEL J declared the purchase of shares taking place on Aug 19 at $90.71 for some 2,200 shares. The transaction amount was around $0.2 million.

XpresSpa Group Inc. (XSPA) Chief Financial Officer Berry James A. bought on Aug 20 a total 198,213 shares at $1.39 on average. The purchase cost the insider an estimated $34,197.

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Important Earnings

Top US earnings releases scheduled for today include Palo Alto Networks Inc. (NYSE:PANW). It will announce its Jul 2021 financial results. The company is expected to report earnings of $1.43 per share from revenues of $1.17B in the three-month period.

Analysts expect JD.com Inc. (NASDAQ:JD) to report a net income (adjusted) of $2.35 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $249.69B.

Precipio Inc. (PRPO), due to announce earnings after the market closes today, is expected to report earnings of -$0.1 per share from revenues of $2.34M 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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