24 June - NH - Morning Newsletter

Good Morning!

US exchanges closed in different directions without serious hesitation, according to trading data.At the close of the New York Stock Exchange, the Dow Jones Industrial Average (DJIA) fell 0.21% to 33873.19 points, the NASDAQ high-tech index fell 0.11% to 14271.73 points, the S&P 500 broad market index rose by 0.13%, to 4241.87 points.After the US Federal Reserve meeting last Wednesday, traders were worried about the regulator's forecasts and the possibility of rate hikes. However, on the eve of the head of the Federal Reserve Jerome Powell said that the regulator still considers the surge in inflation as a temporary phenomenon.

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Today Top Movers

Marin Software Incorporated (MRIN) stock soared 42.11% to $2.43 in the pre-market trading. The company has added the ability to manage Instacart Ads to its flagship MarinOne platform.

India Globalization Capital Inc. (AMEX: IGC) shares are trading up 25.68% at $1.86 at the time of writing after completing the final cohort of its phase 1 clinical trial on Alzheimer’s patients.

Arcus Biosciences Inc. (RCUS) grew over 14.15% at $26.71 in pre-market trading today after the company reported taht Anti-TIGIT Domvanalimab-Based combinations showed encouraging clinical activity in people with Metastatic, PDL1-High non-small cell lung cancer at first interim analysis of Arcus Biosciences’ randomized phase 2 ARC-7 study.

Tower Semiconductor Ltd. (TSEM), a Semiconductors company, rose about 7.75% at $29.47 in pre-market trading Thursday. The company announced an agreement with STMicroelectronics by which ST will welcome Tower to its Agrate R3 300mm fab under construction on its Agrate Brianza site in Italy.

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Top Upgrades & Downgrades

B of A Securities turned bullish on Bed Bath & Beyond Inc. (BBBY), upgrading the stock to "Buy" and assigning a $38.00 price target, representing potential upside of 29.65% from Wednesday's close.

MGM Resorts International (MGM) has won the favor of Deutsche Bank's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $54.00, suggesting 25.09% additional upside for the stock.

Magna International Inc. (MGA) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $120.00. They changed their rating on MGA to Buy from Neutral in a recently issued research note.

Earlier Thursday HSBC reduced its rating on BP p.l.c. (BP) stock to Hold from Buy.

Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Dollar Tree Inc. (DLTR) has been changed to Neutral from Overweight and the new price target is set at $102.00.

Analysts at H.C. Wainwright downgraded Liminal BioSciences Inc. (LMNL)'s stock to Neutral from Buy Thursday.

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Latest Insider Activity

Flex Ltd. (FLEX) EVP, General Counsel OFFER DAVID SCOTT announced the sale of shares taking place on Jun 22 at $16.96 for some 6,578 shares. The total came to more than $0.11 million.

Carvana Co. (CVNA) See Remarks BREAUX PAUL W. sold on Jun 21 a total 29,864 shares at $299.00 on average. The insider’s sale generated proceeds of almost $0.15 million.

Galecto Inc. (GLTO) General Counsel Winslow Garrett declared the purchase of shares taking place on Jun 23 at $4.80 for some 2,000 shares. The transaction amount was around $9600.0.

MacroGenics Inc. (MGNX) 10% Owner BIOTECH TARGET N V bought on Jun 21 a total 6,275,564 shares at $21.74 on average. The purchase cost the insider an estimated $1.63 million.

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Important Earnings

Top US earnings releases scheduled for today include NIKE Inc. (NYSE:NKE). It will announce its May 2021 financial results. The company is expected to report earnings of $0.51 per share from revenues of $11.01B in the three-month period.

Analysts expect Carnival Corporation & plc (NYSE:CCL) to report a net income (adjusted) of -$1.6 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2021 is predicted to come in at $193.37M.

BlackBerry Limited (BB), due to announce earnings after the market closes today, is expected to report earnings of -$0.05 per share from revenues of $171.25M recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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