24 Aug - Morning Newsletter

Good Morning!

Stock markets in New York closed sharply higher on Monday. The Nasdaq rose 1.55% to new all-time highs, ending the day at 14,942 points. The S&P 500 was up 0.85% to 4,479 points and also hit a record high earlier in the day. The situation on the financial markets seems to have completely turned to risk-on again. It seems that the full approval of the Pfizer vaccines has caused a real rally in the stock markets. The vaccines had of course been used since December, but that was done with an emergency permit. It is possible that even more doubters will now take the vaccine, making investors optimistic about the recovery of the economy.For example, Boeing rose 3.2% and the rise in oil prices also led to oil companies like Chevron rising 2.6%. Ride sharing companies Uber (+2.6%) and Lyft (+2.9%) were in the spotlight after a California judge overturned a previously passed law. The high level of investor optimism is also reflected in the rise in meme stocks. Cinema chain AMC was up almost 7% and GameStop gained 3.5%. Investors are also looking forward to the Jackson Hole symposium later this week, which is expected to be an important event where central bankers may discuss their plans to taper monetary stimulus.

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Today Top Movers

Cara Therapeutics Inc. (CARA) stock soared 21.15% to $17.3 in the pre-market trading following FDA approval of KORSUVA™ injection for the treatment of moderate-to-severe pruritus in hemodialysis patients.

JD.com Inc. (NASDAQ: JD) shares are trading up 8.7% at $71.45 at the time of writing after announcing 2021 second quarter and Interim results.

Pinduoduo Inc. (PDD) grew over 11.7% at $90.57 in pre-market trading today.

Heritage Global Inc. (HGBL), a Capital Markets company, rose about 11.49% at $1.94 in pre-market trading Tuesday following the acquisition of American Laboratory Trading.

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on AGCO Corporation (AGCO), upgrading the stock to "Buy" and assigning a $161.00 price target, representing potential upside of 22.01% from Monday's close.

Ovintiv Inc. (OVV) has won the favor of Cowen & Co.'s equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $39.00, suggesting 59.28% additional upside for the stock.

Sunstone Hotel Investors Inc. (SHO) received an upgrade from analysts at Wells Fargo, who also set their one-year price target on the stock to $11.50. They changed their rating on SHO to Equal Weight from Underweight in a recently issued research note.

Earlier Tuesday Goldman Sachs reduced its rating on Cummins Inc. (CMI) stock to Neutral from Buy and assigned the price target to $230.00.

JMP Securities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Trillium Therapeutics Inc. (TRIL) has been changed to Market Perform from Market Outperform.

Analysts at Raymond James downgraded Landmark Infrastructure Partners LP (LMRK)'s stock to Market Perform from Outperform Tuesday.

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Latest Insider Activity

Roblox Corporation (RBLX) Principal Accounting Officer Tolley Brett announced the sale of shares taking place on Aug 20 at $83.00 for some 1,047 shares. The total came to more than $86901.0.

salesforce.com inc. (CRM) Chair of the Board & CEO Benioff Marc sold on Aug 20 a total 28,986,249 shares at $256.02 on average. The insider’s sale generated proceeds of almost $5.12 million.

Energy Transfer LP (ET) Director Washburne Ray W declared the purchase of shares taking place on Aug 19 at $8.90 for some 100,000 shares. The transaction amount was around $0.89 million.

BIOLASE Inc. (BIOL) President & CEO BEAVER JOHN R bought on Aug 20 a total 551,530 shares at $0.61 on average. The purchase cost the insider an estimated $21,350.

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Important Earnings

Top US earnings releases scheduled for today include Nordstrom Inc. (NYSE:JWN). It will announce its Jul 2021 financial results. The company is expected to report earnings of $0.28 per share from revenues of $3.31B in the three-month period.

Analysts expect Prospect Capital Corporation (NASDAQ:PSEC) to report a net income (adjusted) of $0.17 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $165.03M.

Urban Outfitters Inc. (URBN), due to announce earnings after the market closes today, is expected to report earnings of $0.78 per share from revenues of $1.08B 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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