28 Jul - Morning Newsletter

Good Morning!

At the auction on July 27, American stock exchanges showed negative dynamics. The S&P 500 fell 0.47% to 4401 points, the Nasdaq fell 1.21%, and the Dow Jones lost 0.24%. The growth leaders were the protective sectors of utilities (+ 1.72%) and real estate (+ 0.81%). Telecoms (-1.06%) and IT companies (-1.1%) were among the outsiders amid correction of securities of the largest issuers.Today, global stock markets are showing mixed dynamics. Due to the spread of the delta strain in the United States, the CDC recommended wearing masks in public even for vaccinated citizens. The move aims to slow the spread of the Indian strain, which accounts for about 83% of new infections in the United States. In early July, this figure was 50%. President Biden is also expected to introduce mandatory vaccinations for government employees to spur progress in the ongoing vaccination campaign. However, there are no plans to introduce stricter quarantine restrictions so far, so these decisions should not put pressure on business.Negotiations on an infrastructure package in US Congress are ongoing, but significant progress has yet to be made. Senators hope to reach a compromise on controversial funding of elements of the bill by the end of this week.

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Today Top Movers

China Natural Resources Inc. (CHNR) stock soared 18.38% to $1.61 in the pre-market trading following an announcement from the company that it has agreed to acquire Precise Space-Time Technology Limited for consideration of approximately 104.1 million Chinese Yuan (US$16.1 million).

U.S. Well Services Inc. (NASDAQ: USWS) shares are trading up 13.66% at $1.04 at the time of writing. The company will be deploying an all-electric Clean Fleet to work for Pioneer Natural Resources Company (PXD).

electroCore Inc. (ECOR) grew over 9.67% at $1.06 in pre-market trading today after declaring that the United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 11,065,444, relating to the use of a mobile phone for stimulating the trigeminal nerve to treat disorders.

NIO Inc. (NIO), a Auto Manufacturers company, rose about 4.52% at $41.14 in pre-market trading Wednesday. Suzhou, a city located west of Shanghai, China’s business capital, has been finalized to hold the fifth annual Nio Day, the CnEVPost reported.

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on MGM Resorts International (MGM), upgrading the stock to "Neutral" and assigning a $43.00 price target, representing potential upside of 13.22% from Wednesday's close.

Infinity Pharmaceuticals Inc. (INFI) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $14.00, suggesting 821.05% additional upside for the stock.

Globant S.A. (GLOB) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $280.00. They changed their rating on GLOB to Overweight from Neutral in a recently issued research note.

Earlier Wednesday RBC Capital reduced its rating on Atotech Limited (ATC) stock to Sector Perform from Outperform and assigned the price target to $26.00.

Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Helix Energy Solutions Group Inc. (HLX) has been changed to Neutral from Overweight and the new price target is set at $4.50.

Analysts at Jefferies downgraded Five9 Inc. (FIVN)'s stock to Hold from Buy Wednesday.

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Latest Insider Activity

D.R. Horton Inc. (DHI) Director Hewatt Michael W announced the sale of shares taking place on Jul 27 at $92.66 for some 2,342 shares. The total came to more than $0.22 million.

Boston Scientific Corporation (BSX) EVP&Pres, Periph Intervent Mirviss Jeffrey B. sold on Jul 27 a total 133,118 shares at $45.22 on average. The insider’s sale generated proceeds of almost $0.31 million.

Aridis Pharmaceuticals Inc. (ARDS) Director HAMILTON JOHN F declared the purchase of shares taking place on Jul 27 at $4.87 for some 2,000 shares. The transaction amount was around $9740.0.

Brickell Biotech Inc. (BBI) CHAIRMAN OF THE BOARD HARDY REGINALD L bought on Jul 26 a total 448,411 shares at $0.67 on average. The purchase cost the insider an estimated $67,420.

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Important Earnings

Top US earnings releases scheduled for today include Ashford Hospitality Trust Inc. (NYSE:AHT). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$0.3 per share from revenues of $175.81M in the three-month period.

Analysts expect JAKKS Pacific Inc. (NASDAQ:JAKK) to report a net income (adjusted) of -$1.49 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $86.4M.

Impinj Inc. (PI), due to announce earnings after the market closes today, is expected to report earnings of -$0.04 per share from revenues of $42.69M 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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