27 apr - morning newsletter

Good Morning!The American stock index Nasdaq Composite on Monday reached a record closing level for the first time since February. Investors this week will focus on corporate financial reports, including from the largest technology companies.

• The index added 121.97 points, or 0.9%, to 14138.78 points, the 13th record closing level in 2021.

• The S&P 500 rose 7.45 points, or 0.2%, to 4187.62 points, also hitting a new record, already on the 24th since the beginning of the year.

• Meanwhile, the Dow Jones Industrial Average shed 61.92 points, or 0.2%, to 33981.57 points, 0.6% below its high earlier this month.

All three indices closed slightly lower last week.Tech stocks were the top gainers last year in the recovery in the U.S. stock market following the coronavirus-driven crash, but has lagged behind other sectors this year, including finance, manufacturing and oil and gas.Investors are now giving more preference to stocks with lower valuations, as well as stocks of companies sensitive to the economic situation, which may benefit from the economic recovery after the pandemic.This week, almost a third of the S&P 500 companies will publish their financials. Investors want to know if the financial results and forecasts of the companies will justify the high valuation of their shares.After the end of the regular session in the United States, Tesla published its reports, whose shares became one of the favorites in investment circles. The company posted a record quarterly profit.The results of Apple and Facebook will be announced on Wednesday, and Amazon on Thursday. 

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Today Top Movers

Tian Ruixiang Holdings Ltd (TIRX) stock soared 17.55% to $14.13 in the pre-market trading. The company recently revealed its financial results for the fiscal year ended October 31, 2020.

RiceBran Technologies (NASDAQ: RIBT) shares are trading up 30.11% at $1.21 at the time of writing. Company’s 52-week ranged between $0.37 to $1.49.

United Parcel Service Inc. (UPS) grew over 8.07% at $190.0 in pre-market trading today after the company declared its first quarter earnings beating the revenue and profit estimates.

Aurora Mobile Limited (JG), a Software - Application company, rose about 0.81% at $3.72 in pre-market trading Tuesday following the announcement of a partnership agreement with Zhengzhou Space-time Tunnel Information Technology Co., Ltd.

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Top Upgrades & Downgrades

Cowen turned bullish on Synaptics Incorporated (SYNA), upgrading the stock to "Outperform" and assigning a $176 price target.

The Charles Schwab Corporation (SCHW) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $86.0.

GasLog Partners LP (GLOP) received an upgrade from analysts at Jefferies, who also set their one-year price target on the stock to $4.0. They changed their rating on GLOP to Buy from Hold in a recently issued research note.

Earlier Tuesday RBC Capital reduced its rating on Proofpoint Inc. (PFPT) stock to Sector Perform from Outperform and assigned the price target to $176.

Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Splunk Inc. (SPLK) has been changed to Equal Weight from Overweight and the new price target is set at $160.

Analysts at Atlantic Equities downgraded JPMorgan Chase & Co. (JPM)'s stock to Neutral from Overweight Tuesday.

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Latest Insider Activity

Owl Rock Capital Corporation (ORCC) 10% Owner REGENTS OF THE UNIVERSITY OF C announced the sale of shares taking place on Apr 23 at $14.33 for some 230,000 shares. The total came to more than $3.3 million.

Vroom Inc. (VRM) Chief Executive Officer Hennessy Paul J. sold on Apr 23 a total 346,378 shares at $44.14 on average. The insider’s sale generated proceeds of almost $0.63 million.

PHX Minerals Inc. (PHX) 10% Owner Edenbrook Capital, LLC declared the purchase of shares taking place on Apr 23 at $2.22 for some 54,629 shares. The transaction amount was around $0.12 million.

KKR & Co. Inc. (KKR) 10% Owner KKR Group Partnership L.P. bought on Apr 22 a total 413,949 shares at $26.24 on average. The purchase cost the insider an estimated $300,000.

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Important Earnings

Top US earnings releases scheduled for today include General Electric Company (NYSE:GE). It will announce its Mar 2021 financial results. The company is expected to report earnings of $0.01 per share from revenues of $17.52B in the three-month period.

Analysts expect Advanced Micro Devices Inc. (NASDAQ:AMD) to report a net income (adjusted) of $0.44 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2021 is predicted to come in at $3.21B.

Microsoft Corporation (MSFT), due to announce earnings after the market closes today, is expected to report earnings of $1.78 per share from revenues of $41.03B 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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