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26 Sep - ST - Morning Newsletter (with survey at top and bottom)
4 Active Premarket Stocks To Trade Today
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Good Morning!As a result of surging interest rates and foreign currency volatility, U.S. equity futures fell on Monday.There was a loss of 241 points, or 0.8%, in Dow Jones Industrial Average futures. A 0.8% decline was noted in S&P 500 futures and Futures for Nasdaq 100 fell 0.6%.Monday was a record low day for the pound against the dollar. During one point, sterling fell 4% to $1.0382, an all-time low. Combined with last week's U.K. tax cuts, the Fed's aggressive hike campaign has caused the U.S. dollar to rise. Due to the fact that so much global trade is conducted in dollars, a surging greenback can hurt U.S. multinationals' bottom lines.Friday marked the end of a brutal week for stocks, as the Dow found its lowest level of the year and closed 486 points lower. After temporarily breaking below its June closing low, the S&P 500 fell 1.7%. On the other hand, the Nasdaq Composite fell 1.8%.Today, traders will be closely watching the S&P 500 for any breaks below its bear market low. In June, the S&P 500 closed at 3,666.77. On Friday, it closed at 3,693.23, after briefly slipping below that level. As of now, the benchmark's intraday low for the year is 3,636.87. Trades below those levels might further push the market down.
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Today Top Movers
Ideanomics Inc. (IDEX) stock soared 5.53% to $0.3699 in the pre-market trading after the firm announced that it strengthening its position as a leading commercial electric vehicle and charging OEM by establishing in-house design capabilities. The most recent rating by ROTH Capital, on April 07, 2022, is a Neutral.
Corbus Pharmaceuticals Holdings Inc. (NASDAQ: CRBP) shares are trading up 30.43% at $0.2229 at the time of writing. The company recently presented an oral presentation of preclinical data for CRB-913 at the European Association for the Study of Diabetes 2022 Annual Conference held in Stockholm, Sweden. Company’s 52-week ranged between $0.18 to $1.13. Analysts have a consensus price target of $3.
Spire Global Inc. (SPIR) grew over 11.21% at $1.19 in pre-market trading today after reporting that it has been awarded a Broad Agency Announcement (BAA) issued by the National Environmental Satellite, Data, and Information Service (NESDIS) of the National Oceanographic and Oceanic Administration (NOAA) to leverage the technology of hyperspectral microwave sensing (HyMS).
Kiora Pharmaceuticals Inc. (KPRX), a Biotechnology company, rose about 15.53% at $0.2299 in pre-market trading Monday following the annual stockholder meeting, the board of directors approved a reverse stock split of one share of common stock for every 40 shares of common stock.
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Top Upgrades & Downgrades
Morgan Stanley turned bullish on Helmerich & Payne Inc. (HP), upgrading the stock to Equal-Weight and assigning a $55.00 price target, representing potential upside of 55.08% from Friday's close.
Planet Fitness Inc. (PLNT) has won the favor of Raymond James's equity research team. The firm upgraded the shares from Market Perform to Strong Buy and moved their price target to $70.00, suggesting 25.17% additional upside for the stock.
TotalEnergies SE (TTE) received an upgrade from analysts at JPMorgan, who also set their one-year price target on the stock to $59.83. They changed their rating on TTE to Overweight from Neutral in a recently issued research note.
Earlier Monday Morgan Stanley reduced its rating on NexTier Oilfield Solutions Inc. (NEX) stock to Equal-Weight from Overweight and assigned the price target to $13.00.
Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Core Laboratories N.V. (CLB) has been changed to Underweight from Equal-Weight and the new price target is set at $20.00.
Analysts at UBS downgraded Immunovant Inc (IMVT)'s stock to Neutral from Buy Monday.
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Latest Insider Activity
Cadence Design Systems Inc. (CDNS) Executive Chair TAN LIP BU announced the sale of shares taking place on Sep 21 at $168.76 for some 40,000 shares. The total came to more than $6.75 million.
C3.ai Inc. (AI) SVP & Chief Financial Officer Parkkinen Juho sold on Sep 23 a total 485 shares at $13.00 on average. The insider’s sale generated proceeds of almost $6305.0.
Rocket Companies Inc. (RKT) Chief Executive Officer Farner Jay declared the purchase of shares taking place on Sep 23 at $6.91 for some 28,800 shares. The transaction amount was around $0.2 million.
Allakos Inc. (ALLK) Director Walker Paul Edward bought on Sep 21 a total 3,984,000 shares at $5.02 on average. The purchase cost the insider an estimated $20.0 million.
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Important Earnings
Top US earnings releases scheduled for tomorrow include TD SYNNEX Corporation (NYSE: SNX). It will announce its Aug 2022 financial results. The company is expected to report earnings of $2.74 per share from revenues of $15.06B in the three-month period.
Analysts expect Cal-Maine Foods Inc. (NASDAQ:CALM) to report a net income (adjusted) of $2.33 per share, when the company releases its quarterly results tomorrow. Revenue for the fiscal quarter ended Aug 2022 is predicted to come in at $617.4M.
Aytu BioPharma Inc. (AYTU), due to announce earnings after the market closes tomorrow, is expected to report earnings of -$0.37 per share from revenues of $25.5M 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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