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- 23 Jan - NH - Morning Newsletter (with survey at top and bottom)
23 Jan - NH - Morning Newsletter (with survey at top and bottom)
4 Active Stocks Breaking Out Today 🔥
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Good Morning!On Sunday evening, stock futures remained relatively unchanged as investors considered the possibility of a slowdown or pause in Federal Reserve interest rate hikes and prepared for a busy week of earnings reports.The Dow Jones Industrial Average, S&P 500, and Nasdaq-100 futures all showed slight decreases.Despite this, the major averages had a strong rally on Friday and, for the month, all remain in positive territory. The Nasdaq has particularly strong year-to-date gains at 6.44%.In the coming weeks, an abundance of earnings reports will test the recent rebound in certain technology and growth stocks that experienced significant losses last year. With concerns of a potential recession and high interest rates impacting growth-related sectors, major tech companies such as Microsoft, Amazon, and Alphabet have had to lay off thousands of employees.Over half of the companies that make up the S&P 500 index's market value will be reporting earnings in the next two weeks. Some notable companies include Microsoft (the second-largest U.S. firm by market value) on Tuesday, Tesla and IBM on Wednesday, and Intel on Thursday.
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Today Top Movers
Pliant Therapeutics Inc. (PLRX) stock soared 76.68% to $39.77 in the pre-market trading after releasing positive data from the INTEGRIS-IPF Phase 2a trial.
Helbiz Inc. (NASDAQ: HLBZ) shares are trading up 56.46% at $0.3187 at the time of writing after reporting that its Board of Directors has begun examining measures to address the alleged illegal short selling of its stock. Company’s 52-week ranged between $0.11 to $5.02.
Allarity Therapeutics Inc. (ALLR) grew over 63.51% at $0.415 in pre-market trading today. The firm announced that the Company’s 2023 Annual Meeting of Stockholders, on January 19, 2023, at 1:00 p.m. (Eastern Time) was adjourned without any business being conducted until Friday, February 3, 2023.
Boxed Inc. (BOXD), a Internet Retail company, rose about 46.13% at $0.6909 in pre-market trading Monday after reported that it entered into a second lien secured term loan facility with a lender that provided $10 million of new funding to the Company at close.
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Top Upgrades & Downgrades
Cowen & Co. turned bullish on Skechers U.S.A. Inc. (SKX), upgrading the stock to Outperform and assigning a $65 price target, representing potential upside of 39.46% from Friday's close.
Wayfair Inc. (W) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Underweight to Overweight and moved their price target to $63, suggesting 34.85% additional upside for the stock.
Shopify Inc. (SHOP) received an upgrade from analysts at Deutsche Bank, who also set their one-year price target on the stock to $50. They changed their rating on SHOP to Buy from Hold in a recently issued research note.
Earlier Monday MKM Partners reduced its rating on Zoom Video Communications Inc. (ZM) stock to Neutral from Buy and assigned the price target to $75.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for KLA Corporation (KLAC) has been changed to Underweight from Equal-Weight and the new price target is set at $325.
Analysts at Deutsche Bank downgraded CrowdStrike Holdings Inc. (CRWD)'s stock to Hold from Buy Monday.
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Latest Insider Activity
Bowlero Corp. (BOWL) Chief Executive Officer Shannon Thomas F. announced the sale of shares taking place on Jan 18 at $14.26 for some 3,490 shares. The total came to more than $49767.0.
Credo Technology Group Holding Ltd (CRDO) Pres & Chief Executive Officer Brennan William Joseph sold on Jan 19 a total 7,500 shares at $14.76 on average. The insider’s sale generated proceeds of almost $0.11 million.
Delta Air Lines Inc. (DAL) Director BLAKE FRANCIS S declared the purchase of shares taking place on Jan 18 at $38.58 for some 12,880 shares. The transaction amount was around $0.5 million.
CME Group Inc. (CME) Director SHEPARD WILLIAM R bought on Jan 18 a total 1,244 shares at $175.98 on average. The purchase cost the insider an estimated $218,906.
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Important Earnings
Top US earnings releases scheduled for today include Umpqua Holdings Corporation (NASDAQ: UMPQ). It will announce its Dec 2022 financial results. The company is expected to report earnings of $0.53 per share from revenues of $356.7M in the three-month period.
Analysts expect Zions Bancorporation National Association (NASDAQ: ZION) to report a net income (adjusted) of $1.64 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $862.57M.
F.N.B. Corporation (FNB), due to announce earnings after the market closes today, is expected to report earnings of $0.42 per share from revenues of $398.77M 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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