26 mar - morning newsletter

Good Morning

Major US stock indexes closed higher on Thursday, interrupting a three-day decline cycle amid improving economic outlook. 

• The S&P 500 dropped nearly 1% early in the session, but then regained losses and gained new positions, closing with a rise of 20.38 points, or 0.5% at 3909.52.

• The growth drivers were shares, closely associated with the economic recovery, while the shares of companies in the technology sector and other fast-growing companies offset some of the previous losses.This helped the S&P 500, Dow Jones Industrial Average and Nasdaq Composite avoid another decline.

• Like the S&P 500, the Dow Jones Industrial Average reversed Thursday, gaining 199.42 points, or 0.6%, to 32,619.48.

• The Nasdaq Composite rose 15.79 points, or 0.1%, to 12,977.68, lagging behind other indices due to weakness in some tech companies.

• Optimism about the outlook for the economy strengthened on Thursday after the release of data that indicated a continued recovery in the labor market.

• The number of initial applications for unemployment benefits in the United States for the week of March 13-20 fell to its lowest since the beginning of the pandemic, amounting to 684,000 against 781,000 a week earlier.

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Today Top Movers

UP Fintech Holding Limited (TIGR) stock soared 14.55% to $18.82 in the pre-market trading. The company today declared its unaudited financial results for the fourth quarter and the year ended December 31, 2020.NextDecade Corporation (NASDAQ: NEXT) shares are trading up 41.54% at $2.76 at the time of writing. NextDecade and Oxy Low Carbon signed term sheet for CO2 Transportation and Storage in South Texas.United Airlines Holdings Inc (UAL) grew over 2.73% at $57.56 in pre-market trading today.9 Meters Biopharma Inc. (NMTR), a Biotechnology company, rose about 1.39% at $1.46 in pre-market trading Friday.

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Top Upgrades & Downgrades

KeyBanc turned bullish on SBA Communications Corporation (SBAC), upgrading the stock to "Overweight" and assigning a $313.0 price target, representing potential upside of 14.92% from Thursday's close.

Crown Castle International Corp. (REIT) (CCI) has won the favor of KeyBanc's equity research team. The firm upgraded the shares from Sector Weight to Overweight and moved their price target to $193.0, suggesting 15.15% additional upside for the stock.

American Tower Corporation (REIT) (AMT) received an upgrade from analysts at KeyBanc, who also set their one-year price target on the stock to $275.0. They changed their rating on AMT to Overweight from Sector Weight in a recently issued research note.

Earlier Friday BofA reduced its rating on DaVita Inc. (DVA) stock to Underperform from Neutral.

Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Empire State Realty Trust Inc. (ESRT) has been changed to Underweight from Equal Weight and the new price target is set at $10.

Analysts at Wells Fargo downgraded AMC Networks Inc. (AMCX)'s stock to Underweight from Equal Weight Friday.

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Latest Insider Activity

T2 Biosystems Inc. (TTOO) General Counsel Gibbs Michael Terrence announced the sale of shares taking place on Mar 25 at $1.56 for some 8,758 shares. The total came to more than $13662.0.

Sumo Logic Inc. (SUMO) Director Beedgen Christian sold on Mar 25 a total 1,938,094 shares at $18.64 on average. The insider’s sale generated proceeds of almost $0.75 million.

Tonix Pharmaceuticals Holding Corp. (TNXP) Chief Executive Officer LEDERMAN SETH declared the purchase of shares taking place on Mar 24 at $1.32 for some 16,733 shares. The transaction amount was around $22088.0.

Simon Property Group Inc. (SPG) Director Smith Daniel C. bought on Jan 22 a total 19,285 shares at $92.44 on average. The purchase cost the insider an estimated $20,891.

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Important Earnings

Top US earnings releases scheduled for today include ReneSola Ltd (NYSE:SOL). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.01 per share from revenues of $24.64M in the three-month period.

Analysts expect Cloopen Group Holding Limited (NYSE:RAAS) to report a net income (adjusted) of -$0.03 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $41.37M.

Fangdd Network Group Ltd. (DUO), due to announce earnings before the market opens today, is expected to report earnings of $0.68 per share from revenues of $249.05M 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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