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- 27 June - ST - Morning Newsletter (with survey at top and bottom)
27 June - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Making Big Moves to Start the Week
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Good Morning!
US stock markets closed in green territory on June 24. The S&P 500 gained 3.06% to 3,912 points. During the day, Nasdaq and Dow Jones gained 3.34% and 2.68%, respectively. Eleven of the 11 sectors of the S&P 500 closed in the green. The leaders of the increase were the issuers of the industries of raw materials and materials (+3.98%) and communications (+3.93%). Companies in the energy sector grew the slowest (+1.53%).Company news
The private equity firms Permira and Hellman & Friedman will acquire Zenesk (ZEN: +28%) in the fourth quarter of 2022 for $10 billion in cash ($77.5 per share).
In Q2, Carnival (CCL: +12.4%) reported worse than expected revenue, earnings and EBITDA, but managed to reach 91% occupancy and secure strong bookings for 2023.
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Today Top Movers
Epizyme Inc. (EPZM) stock soared 59.33% to $1.52 in the pre-market trading after announcing a definitive merger agreement with Ipsen under which Ipsen will acquire Epizyme.
Evofem Biosciences Inc. (NASDAQ: EVFM) shares are trading up 78.81% at $0.665 at the time of writing after Supreme Court decision on Roe v. Wade.
Acutus Medical Inc. (AFIB) grew over 24.42% at $0.6699 in pre-market trading today. The company announced the commercial launch of an expanded suite of left-heart access products to now include the AcQCross™ Qx system for use with the TruSeal (TM) and FXD(TM) delivery system for the Watchman™ LAAC Device.
Ebang International Holdings Inc. (EBON) rose about 21.01% at $0.4486 in pre-market trading Monday following the receipt of Nasdaq notification regarding minimum bid price deficiency.
Top 5 Stocks with Strong Insider Buying
One of the best ways to spot potential opportunity is by tracking insiders.
After all, who knows the company better than an insider - the CEO, CFO, COO, officers, employees, and directors? If they're buying a sizable number of shares, it's often a good idea to start looking into why and perhaps follow them into the stock. Here are five stocks seeing a good share of insider buying in recent weeks.
Top Upgrades & Downgrades
Keybanc turned bullish on WEC Energy Group Inc. (WEC), upgrading the stock to Overweight and assigning a $104 price target, representing potential upside of 7.04% from Friday's close.
National Vision Holdings Inc. (EYE) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $32, suggesting 7.35% additional upside for the stock.
Ollie's Bargain Outlet Holdings Inc. (OLLI) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $57. They changed their rating on OLLI to Neutral from Sell in a recently issued research note.
Earlier Monday Goldman Sachs reduced its rating on Coinbase Global Inc. (COIN) stock to Sell from Neutral and assigned the price target to $45.
Keybanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Avangrid Inc. (AGR) has been changed to Underweight from Sector Weight and the new price target is set at $40.
Analysts at Needham downgraded Etsy Inc. (ETSY)'s stock to Hold from Buy Monday.
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Latest Insider Activity
Salesforce Inc. (CRM) Chairman and Co-CEO Benioff Marc announced the sale of shares taking place on Jun 24 at $183.56 for some 2,300 shares. The total came to more than $0.42 million.
Velodyne Lidar Inc. (VLDR) Affiliate Hall David S. sold on Jun 24 a total 750,000 shares at $1.25 on average. The insider’s sale generated proceeds of almost $0.94 million.
OPKO Health Inc. (OPK) Chief Innovation Officer Nabel Gary J. declared the purchase of shares taking place on Jun 22 at $2.49 for some 240,000 shares. The transaction amount was around $941,175.
Enviva Inc. (EVA) Chairman and CEO Keppler John K. bought on Jun 23 a total 16,422 shares at $60.57 on average. The purchase cost the insider an estimated $994,650.
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Important Earnings
Top US earnings releases scheduled for today include NIKE Inc. (NYSE: NKE). It will announce its May 2022 financial results. The company is expected to report earnings of $0.81 per share from revenues of $12.07B in the three-month period.
Analysts expect Jefferies Financial Group Inc. (NYSE: JEF) to report a net income (adjusted) of $0.51 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2022 is predicted to come in at $1.26B.
Concentrix Corporation (CNXC), due to announce earnings after the market closes today, is expected to report earnings of $2.84 per share from revenues of $1.58B 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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