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- 25 Jan - NH - Morning Newsletter (with survey at top and bottom)
25 Jan - NH - Morning Newsletter (with survey at top and bottom)
Morning Stock Market News: 4 Hot Stocks to Keep an Eye On
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Good Morning!Stock markets are expected to open lower on Wednesday as technology stocks decline following Microsoft's disappointing outlook. Futures on the Dow Jones Industrial Average experienced a fall of 0.7%, with Nasdaq-100 futures moving down 1.2% and S&P 500 futures losing 0.8%. Shares of Microsoft dropped 2% after initially rising due to better-than-expected earnings, but their guidance caused the decline. Investors are cautious ahead of more major corporate earnings reports, as concerns of a recession linger. The fourth-quarter earnings of more than 70 S&P 500 companies have been reported, and 65% of them posted results that outpaced expectations.The economic calendar for the day is relatively light, with traders focusing on GDP data to be released on Thursday.Wall Street ended Tuesday on mixed note after companies reported higher than expected earnings, while warning of a difficult year ahead. Additionally, data showed that American business activity shrunk for the seventh consecutive month in January, signalling a potential concern.
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Today Top Movers
Canoo Inc. (GOEV) stock soared 20.47% to $1.53 in the pre-market trading after signing an exclusive agreement with GCC Olayan for sale, service, and distribution of Canoo fleet solutions in Saudi Arabia.
22nd Century Group Inc. (NASDAQ: XXII) shares are trading up 2.7% at $1.14 at the time of writing following the acquisition of privately held RX Pharmatech Ltd (RXP), a leading United Kingdom distributor of cannabinoids with 1,276 novel food applications with the U.K. Food Standards Agency (FSA).
Stride Inc. (LRN) grew over 15.0% at $36.8 in pre-market trading today. The company achieved record enrollment growth over the first quarter.
eHealth Inc. (EHTH), a Insurance Brokers company, rose about 16.42% at $6.31 in pre-market trading Wednesday after releasing preliminary results for the fourth quarter and fiscal year 2022.
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Top Upgrades & Downgrades
Goldman Sachs turned bullish on Philip Morris International Inc. (PM), upgrading the stock to Buy and assigning a $120 price target, representing potential upside of 18.46% from Tuesday's close.
SBA Communications Corporation (SBAC) has won the favor of Wolfe Research's equity research team. The firm upgraded the shares from Underperform to Peer Perform.
Earlier Wednesday Barclays reduced its rating on SunPower Corporation (SPWR) stock to Underweight from Equal-Weight and assigned the price target to $18.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Sunrun Inc. (RUN) has been changed to Equal-Weight from Overweight and the new price target is set at $35.
Analysts at JP Morgan downgraded Zions Bancorporation National Association (ZION)'s stock to Underweight from Neutral Wednesday.
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Latest Insider Activity
Ginkgo Bioworks Holdings Inc. (DNA) See remarks Shetty Reshma P. announced the sale of shares taking place on Jan 23 at $1.75 for some 143,807 shares. The total came to more than $0.25 million.
Schlumberger Limited (SLB) VP & Treasurer Fyfe Kevin sold on Jan 23 a total 36,850 shares at $57.50 on average. The insider’s sale generated proceeds of almost $2.12 million.
Appian Corporation (APPN) 10% Owner Abdiel Capital Advisors, LP declared the purchase of shares taking place on Jan 24 at $40.73 for some 87,500 shares. The transaction amount was around $3.56 million.
Ares Management Corporation (ARES) 10% Owner ARES MANAGEMENT LLC bought on Jan 23 a total 730,000 shares at $1.65 on average. The purchase cost the insider an estimated $1.21 million.
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Important Earnings
Top US earnings releases scheduled for today include AT&T Inc. (NYSE: T). It will announce its Dec 2022 financial results. The company is expected to report earnings of $0.57 per share from revenues of $31.39B in the three-month period.
Analysts expect U.S. Bancorp (NYSE: USB) to report a net income (adjusted) of $1.17 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $6.64B.
Tesla Inc. (TSLA), due to announce earnings after the market closes today, is expected to report earnings of $1.13 per share from revenues of $24.03B 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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