26 Aug - Morning Newsletter

Good Morning!

Shares in the US had a quiet Wednesday. The S&P 500 climbed 0.22% to a closing price of 4,496 points. The strongest stock in the S&P 500 was Penn National Gaming. This company operates casinos and racetracks in North America. The Penn National Gaming stock is extremely volatile. It climbed from $3.75 to $142 in one year, so not for the faint hearted people. The technology exchange Nasdaq Composite was stuck at plus 0.15% with a price of 15,041 points. In the commodities market, we saw a significant increase in the oil price in recent days. Since the beginning of this week, Light Sweet Crude Oil is up more than 9%. The same trend in the other oil benchmark Brent was noticed. That could be a possible reason for the increase in the US Food and Drug Administration. The latter has given full approval for the Pfizer/BioNTech vaccine. Previously it was only about an emergency approval. This could convince several Americans to get vaccinated after all. Investors are receiving the news well as they expect it to smell a full recovery of the economy.

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Today Top Movers

Advaxis Inc. (ADXS) stock soared 18.83% to $0.52 in the pre-market trading. Advaxis, Inc. is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen delivery products.

Williams-Sonoma Inc. (NYSE: WSM) shares are trading up 13.04% at $193.0 at the time of writing after announcing that its Board of Directors has authorized a 20.3% increase in the company’s quarterly cash dividend to $0.71 per share.

Amneal Pharmaceuticals Inc. (AMRX) grew over 8.47% at $6.02 in pre-market trading today. The company announced positive topline results from the pivotal Phase 3 RISE-PD clinical trial that evaluated the novel formulation, IPX-203, in patients with Parkinson’s disease (PD) who have motor fluctuations.

RedHill Biopharma Ltd. (RDHL), a Drug Manufacturers - Specialty & Generic company, rose about 16.43% at $8.36 in pre-market trading Thursday after announcing preliminary results of a new preclinical study showing strong inhibition by opaganib of Delta variant replication while maintaining cell viability at relevant concentrations.

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Top Upgrades & Downgrades

Keybanc turned bullish on Talos Energy Inc. (TALO), upgrading the stock to Overweight and assigning a $15.00 price target, representing potential upside of 35.99% from Wednesday's close.

DICK'S Sporting Goods Inc. (DKS) has won the favor of Raymond James's equity research team. The firm upgraded the shares from Underperform to Market Perform.

CarGurus Inc. (CARG) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $40.00. They changed their rating on CARG to Outperform from Sector Perform in a recently issued research note.

Earlier Thursday RBC Capital reduced its rating on SelectQuote Inc. (SLQT) stock to Sector Perform from Outperform and assigned the price target to $13.00.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Doximity Inc. (DOCS) has been changed to Neutral from Overweight and the new price target is set at $70.00.

Analysts at JPMorgan downgraded Pentair plc (PNR)'s stock to Underweight from Overweight Thursday.

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Latest Insider Activity

Roblox Corporation (RBLX) Chief Technology Officer Sturman Daniel announced the sale of shares taking place on Aug 25 at $90.00 for some 16,668 shares. The total came to more than $1.5 million.

Kratos Defense & Security Solutions Inc. (KTOS) SVP & General Counsel Mendoza Marie sold on Aug 23 a total 28,070 shares at $22.34 on average. The insider’s sale generated proceeds of almost $23457.0.

FireEye Inc. (FEYE) Director COVIELLO ARTHUR W JR declared the purchase of shares taking place on Aug 23 at $17.38 for some 2,878 shares. The transaction amount was around $50016.0.

Lumen Technologies Inc. (LUMN) Director CLONTZ STEVEN T bought on Aug 23 a total 300,015 shares at $11.98 on average. The purchase cost the insider an estimated $59,880.

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Important Earnings

Top US earnings releases scheduled for today include Dell Technologies Inc. (NYSE:DELL). It will announce its Jul 2021 financial results. The company is expected to report earnings of $2.03 per share from revenues of $25.5B in the three-month period.

Analysts expect The Gap Inc. (NYSE: GPS) to report a net income (adjusted) of $0.43 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $4.12B.

HP Inc. (HPQ), due to announce earnings after the market closes today, is expected to report earnings of $0.84 per share from revenues of $15.91B 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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