23 mar - morning newsletter

Trade These 4 Stocks Today!

March 23, 2021

Good Morning

US stock indices closed with growth on Monday. The Nasdaq Composite gained 162.31 points, or 1.2%, climbing to 13377.54 and regaining some of the positions it lost last week. The S&P 500 rose 27.49 points, or 0.7%, to 3940.59, and the Dow Jones Industrial Average rose 103.23, or 0.3%, to 32731.20.

Investors continue to closely monitor the bond market, where last week saw a drop-in price for US securities. On Monday, 10-year Treasury bonds partially recovered, their yield slipping from 1.729% to 1.682%.

Government bond yields have been rising for seven straight weeks, putting pressure on those segments of the stock market that have benefited from low interest rates that have persisted for several years. In particular, technology stocks suffered from the increase in long-term borrowing costs.

Many investors expect a further rise in government bond yields amid accelerating economic growth, which will challenge the tech sector, which was one of the engines of the stock market in 2020.

That doesn’t mean investors need to divest from technology stocks, Smith says. According to him, the securities of Apple, Microsoft and Facebook on some days of growth in government bond yields have proven their stability. That said, fund managers should be wary of overvalued market segments, particularly electric vehicle stocks, Smith said.

Investors are also watching the Fed closely to see if it will react to rising government bond yields. The Fed has so far said it is not worried about this.

According to data released on Monday by the National Association of Realtors (NAR), sales in the US secondary home market in February fell 6.6% from the previous month, amid supply shortages and severe frosts that swept through several regions of the country. Economists had expected sales to fall 2.8%.

Compared to February of the previous year, sales increased by 9.1%. The housing market boomed in 2020, driven by historically low interest rates, as well as the desire of Americans to acquire more spacious housing to work remotely amid the coronavirus pandemic.

Undiscovered Cannabis Company Meeting Soaring Demand for EdiblesAlthough cannabis is legal for recreational use in 14 states and for medical use in 33, there are few retail outlets where cannabis products can be easily and legally purchased. Yet one cannabis company plans to put its branded, high-quality products in stores across America - cashing in on demand expected to reach $45 billion by 2024!

Today Top Movers

Oramed Pharmaceuticals Inc. (ORMP) stock soared 72.45% to $17.9 in the pre-market trading.

PEDEVCO Corp. (AMEX: PED) shares are trading up 10.39% at $1.7 at the time of writing following the announcement of successful new wells and adds $1.9 million cash through sale of Non-Core Assets.

BioLife Solutions Inc. (BLFS) grew over 19.26% at $46.0 in pre-market trading today.

Liquid Media Group Ltd. (YVR), a Electronic Gaming & Multimedia company, rose about 21.53% at $5.25 in pre-market trading Tuesday after announcing the closing of USD$6.0 million registered direct offering of common shares.

Free Report: The Top 5 SPAC Stocks to Watch in 2021SPACs, or special purpose acquisition companies have been some of the hottest opportunities. While many have been around for a while, they've been doing extraordinarily well because of the sectors they've been targeting, including electric vehicles, online gambling, and autonomous vehicles.Here are the top 5 SPACs to keep an eye on in 2021

Top Upgrades & Downgrades

Longbow turned bullish on Texas Instruments Incorporated (TXN), upgrading the stock to "Buy"from Neutral.

CytomX Therapeutics Inc. (CTMX) has won the favor of Jefferies's equity research team. The firm upgraded the shares from Hold to Buy.

Evoqua Water Technologies Corp. (AQUA) received an upgrade from analysts at Berenberg, who also set their one-year price target on the stock to $34. They changed their rating on AQUA to Buy from Hold in a recently issued research note.

Earlier Tuesday Citi reduced its rating on Mission Produce Inc. (AVO) stock to Neutral from Buy and assigned the price target to $22.

JPMorgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Amalgamated Financial Corp. (AMAL) has been changed to Neutral from Overweight and the new price target is set at $17.50.

Analysts at Morgan Stanley downgraded Gol Linhas Aereas Inteligentes S.A. (GOL)'s stock to Underweight from Equal Weight Tuesday.

3 Cryptos Better than Bitcoin The cryptocurrency market just flew past $1 trillion in value - and it's kickstarted a massive investing opportunity. If you haven't started investing in crypto year - now is the time. Cryptocurrency legend Matt McCall just named 3 cryptocurrencies that he believes could beat Bitcoin...

Latest Insider Activity

Visa Inc. (V) Director MATSCHULLAT ROBERT W announced the sale of shares taking place on Mar 18 at $223.02 for some 29,956 shares. The total came to more than $6.68 million.

APA Corporation (APA) Executive Vice Pres & CFO Riney Stephen J sold on Mar 18 a total 106,268 shares at $19.38 on average. The insider’s sale generated proceeds of almost $0.68 million.

Apartment Investment and Management Company (AIV) Director CONSIDINE TERRY declared the purchase of shares taking place on Mar 19 at $5.64 for some 100,000 shares. The transaction amount was around $0.56 million.

LiveXLive Media Inc. (LIVX) CEO & Chairman ELLIN ROBERT S bought on Mar 17 a total 1,576,566 shares at $4.60 on average. The purchase cost the insider an estimated $13,800.

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Important Earnings

Top US earnings releases scheduled for today include Adobe Inc. (ADBE). It will announce its Feb 2021 financial results. The company is expected to report earnings of $2.78 per share from revenues of $3.76B in the three-month period.

Analysts expect Bionano Genomics Inc. (NASDAQ:BNGO) to report a net income (adjusted) of -$0.05 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $3.5M.

GameStop Corp. (GME), due to announce earnings after the market closes today, is expected to report earnings of $1.35 per share from revenues of $2.21B 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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