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- 23 June - NH - Morning Newsletter (with survey at top and bottom)
23 June - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!
Futures on the Dow, NASDAQ Composite and S&P 500 point to mixed open a day after Jerome Powell's words about the possibility of a recession in the US. Fed Chairman Jerome Powell's speech in the US Congress on June 22 brought no surprises to market participants. However, tighter monetary policy continues to dampen investor risk appetite, especially as doubts rise that regulators will be able to secure a soft landing for the economy amid supply chain problems, high commodity prices and geopolitical uncertainty. US stock markets closed Wednesday with a slight fall in the major indices. The S&P 500 shed 0.13% to 3760, the Nasdaq shed 0.15% and the Dow Jones shed 0.13%. Positive sentiment was demonstrated by the healthcare sector (+1.42%) and utility service providers (+1.03%). Energy companies (-4.19%) and raw material suppliers (-1.29%) looked worse than the market. The recent drop in bond yields is providing some relief to the hard-hit technology sector. Company news
Moderna stated that the new version of its booster vaccine was highly effective against many variants of the omicron strain.
Toyota Motor cut its July vehicle production forecast by 50,000 units to 800,000 due to shortages of spare parts and extended plant shutdowns. At the same time, the company has more than doubled its EV sales guideline by 2030.
The FDA is preparing an order to ban the sale of electronic cigarettes manufactured by Juul Labs in the US market. Altria Group owns 35% of the capital of this company.
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Today Top Movers
Flex LNG Ltd. (FLNG) stock soared 11.85% to $28.22 in the pre-market trading after announcing new Time Charter Agreements for Flex Rainbow, Flex Enterprise and Flex Amber.
Fujian Blue Hat Interactive Entertainment Technology Ltd. (NASDAQ: BHAT) shares are trading up 67.55% at $1.26 at the time of writing. The company recently announced that it has determined not to proceed with the previously announced underwritten public offering of its ordinary shares and pre-funded warrants.
Li Auto Inc. (LI) grew over 6.52% at $39.2 in pre-market trading today after revealing Li L9, the Company’s flagship smart SUV for families.
Exela Technologies Inc. (XELA), a Software - Application company, rose about 2.79% at $0.195 in pre-market trading Thursday after reporting a new customer win of $136 million in total contract value over three years bringing the year-to-date XBP TCV wins to $175 million.
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Top Upgrades & Downgrades
RBC Capital turned bullish on MGIC Investment Corporation (MTG), upgrading the stock to "Ourperform" and assigning a $23 price target, representing potential upside of 37.22% from Wednesday's close.
MetLife Inc. (MET) has won the favor of Wolfe Research's equity research team. The firm upgraded the shares from Peer Perform to Outperform and moved their price target to $74.00, suggesting 19.97% additional upside for the stock.
Snowflake Inc. (SNOW) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $165. They changed their rating on SNOW to Overweight from Neutral in a recently issued research note.
Earlier Thursday Morgan Stanley reduced its rating on Teck Resources (NYSE:TECK) stock to Equal-Weight from Overweight and assigned the price target to $45.00.
RBC Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for NMI Holdings Inc. (NMIH) has been changed to Sector Perform from Outperform and the new price target is set at $20.00.
Analysts at William Blair downgraded Acuity Brands Inc. (AYI)'s stock to Market Perform from Outperform Thursday.
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
Spectrum Pharmaceuticals Inc. (SPPI) Former Director Vyas Dolatrai announced the sale of shares taking place on Jun 21 at $0.79 for some 4,283 shares. The total came to more than $3362.0.
Salesforce Inc. (CRM) Chairman and Co-CEO Benioff Marc sold on Jun 21 a total 2,300 shares at $167.52 on average. The insider’s sale generated proceeds of almost $385,296.
APi Group Corporation (APG) Director MALKIN ANTHONY E declared the purchase of shares taking place on Jun 17 at $14.47 for some 25,200 shares. The transaction amount was around $0.36 million.
Sysco Corporation (SYY) EVP and CFO Alt Aaron E bought on Jun 21 a total 1,000 shares at $80.09 on average. The purchase cost the insider an estimated $80,090.
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Important Earnings
Top US earnings releases scheduled for today include Rite Aid Corporation (NYSE: RAD). It will announce its May 2022 financial results. The company is expected to report earnings of -$0.7 per share from revenues of $5.73B in the three-month period.
Analysts expect RedHill Biopharma Ltd. (NASDAQ:RDHL) to report a net income (adjusted) of -$0.23 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2022 is predicted to come in at $24.3M.
Accenture plc (ACN), due to announce earnings before the market opens today, is expected to report earnings of $2.72 per share from revenues of $15.23B 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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