25 Aug - Morning Newsletter

Good Morning!

Stocks on Wall Street closed higher on Tuesday. Both the S&P 500 and the Nasdaq managed to set new records. The S&P 500 was up 0.15% to 4,486 points, but technology stocks outperformed many times over. The Nasdaq composite index rose 0.52% to 15,019 points . Chinese tech stocks were in the spotlight. After being punished for weeks, many stocks had their best day in history yesterday. Tencent rose 9.49% and Alibaba ended the day with a profit of 6.61% . Also Baidu (+8.63%) and Tencent Music (+12.75%) did good business. Where the sudden buying frenzy came today is still unknown. But investors are becoming increasingly clear about the situation and apparently they estimate the risks lower than first feared.While the market was generally quite calm yesterday, some exciting things happened. In addition to the Chinese tech stocks, the meme stocks also grabbed attention again. Both GameStop and AMC shot up as much as 30% yesterday and it looked as if the stocks were again short squeezed . These stocks, which caught the attention of the investor forum Reddit earlier this year, remain a plaything for speculators. It's hard to say where the squeeze will end this time. But they remain fun stocks to trade via technical analysis. Fundamentally, of course, they are overvalued.

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Today Top Movers

CTI BioPharma Corp. (CTIC) stock soared 8.39% to $2.97 in the pre-market trading. The company and DRI Healthcare Trust announced up to $135 million in debt and royalty transaction.

ClearOne Inc. (NASDAQ: CLRO) shares are trading up 11.54% at $3.48 at the time of writing. The firm is a global market leader enabling conferencing, collaboration, and network streaming solutions.

Naked Brand Group Limited (NAKD) grew over 7.04% at $0.669 in pre-market trading today. The company is a leading e-commerce business in intimate apparel.

Regencell Bioscience Holdings Limited (RGC) gained 33.17% to $20.37 in pre-market trading today. RGC focuses on research, development, and commercialization of Traditional Chinese Medicine (TCM) for the treatment of several neurocognitive disorders and degenerations.

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Top Upgrades & Downgrades

HC Wainwright & Co.turned bullish on Catabasis Pharmaceuticals Inc (CATB), upgrading the stock to "Buy" and assigning a $13.00 price target, representing potential upside of 49.08% from Tuesday's close.

Okta Inc. (OKTA) has won the favor of Raymond James's equity research team. The firm upgraded the shares from Outperform to Strong Buy and moved their price target to $310.00, suggesting 25.23% additional upside for the stock.

Univar Solutions Inc. (UNVR) received an upgrade from analysts at Berenberg, who also set their one-year price target on the stock to $28.00. They changed their rating on UNVR to Buy from Hold in a recently issued research note.

Earlier Wednesday Piper Sandler reduced its rating on Campbell Soup Company (CPB) stock to Neutral from Overweight and assigned the price target to $43.00.

Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Theravance Biopharma Inc. (TBPH) has been changed to Underweight from Overweight and the new price target is set at $14.00.

Analysts at Keybanc downgraded Inovalon Holdings Inc. (INOV)'s stock to Sector Weight from Overweight Wednesday.

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Latest Insider Activity

Caesars Entertainment Inc. (CZR) Chief Legal Officer Quatmann Edmund L Jr announced the sale of shares taking place on Aug 24 at $90.83 for some 842 shares. The total came to more than $76479.0.

Coinbase Global Inc. (COIN) Director Haun Kathryn sold on Aug 23 a total 0 shares at $263.00 on average. The insider’s sale generated proceeds of almost $0.64 million.

Oscar Health Inc. (OSCR) Co-Founder and Vice Chairman Kushner Joshua declared the purchase of shares taking place on Aug 24 at $12.69 for some 1,074,342 shares. The transaction amount was around $13.63 million.

Boxlight Corporation (BOXL) PRESIDENT Starkey Mark bought on Aug 24 a total 157,500 shares at $2.31 on average. The purchase cost the insider an estimated $46,200.

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Important Earnings

Top US earnings releases scheduled for today include salesforce.com inc. (NYSE:CRM). It will announce its Jul 2021 financial results. The company is expected to report earnings of $0.92 per share from revenues of $6.24B in the three-month period.

Analysts expect Snowflake Inc. (NYSE: SNOW) to report a net income (adjusted) of -$0.15 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $256.54M.

Splunk Inc. (SPLK), due to announce earnings after the market closes today, is expected to report earnings of -$0.69 per share from revenues of $562.82M 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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Disclaimer: Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. Stocks featured in this newsletter may be owned by owners/operators of this website which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside of these emails.