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- 28 Mar - NH - Morning Newsletter (with survey at top and bottom)
28 Mar - NH - Morning Newsletter (with survey at top and bottom)
Early Movers and Shakers: Today's Top Stock Picks
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Good Morning!Early Tuesday, stock futures edged higher, following the S&P 500's three consecutive positive sessions and an easing of concerns in the banking sector. Lyft's after-hours trading saw a surge in shares, as the ride-sharing giant announced a new CEO and a transition for its co-founders to step away from their daily roles. Additionally, PVH Corp.'s impressive quarterly results led to a spike in their shares. The Dow Jones Industrial Average futures gained 114 points, equivalent to 0.35%, while the S&P 500 and Nasdaq 100 futures added 0.25% and 0.14%, respectively. These overnight movements occurred after a mixed session on Monday, as investors sought to build on the previous week's gains, despite pressure on tech shares.The Dow Jones Industrial Average rose by 0.6%, adding 194.55 points, while the S&P 500 gained 0.16%. However, the Nasdaq Composite slipped by 0.47%, with tech stocks leading the losses.On a positive note, a string of news reports buoyed investor sentiment, including First Citizens BancShares' announcement of the acquisition of significant portions of Silicon Valley Bank.
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Today Top Movers
Bird Global Inc. (BRDS) stock soared 17.31% to $0.1599 in the pre-market trading after announcing purchases of shares by management and directors.
PVH Corp. (NYSE: PVH) shares are trading up 11.6% at $82.16 at the time of writing following the release of strong 2022 fourth quarter results above guidance.
Siyata Mobile Inc. (SYTA) grew over 10.99% at $0.2 in pre-market trading today. The company recently announced a collaboration with CrisisGo to introduce cellular-based paging services.
Alibaba Group Holding Limited (BABA), a Internet Retail company, rose about 6.83% at $92.0 in pre-market trading Tuesday. The company announced that it plans to split its business into six main units covering e-commerce to cloud in the biggest restructuring of its 24 year history, five of which it said will explore fundraising or initial public offerings.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on Carnival Corporation & plc (CCL), upgrading the stock to Equal-Weight and assigning a $9 price target, representing potential upside of 2.33% from Monday's close.
PagSeguro Digital Ltd. (PAGS) has won the favor of Citigroup's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $12, suggesting 49.81% additional upside for the stock.
Parsons Corporation (PSN) received an upgrade from analysts at William Blair . They changed their rating on PSN to Outperform from Market Perform in a recently issued research note.
Earlier Tuesday JP Morgan reduced its rating on Marathon Petroleum Corporation (MPC) stock to Neutral from Overweight and assigned the price target to $149.
BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Fox Corporation (FOXA) has been changed to Neutral from Buy.
Analysts at BofA downgraded iHeartMedia Inc. (IHRT)'s stock to Underperform from Neutral Tuesday.
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Latest Insider Activity
89bio Inc. (ETNB) Chief Executive Officer PALEKAR ROHAN announced the sale of shares taking place on Mar 23 at $16.00 for some 15,000 shares. The total came to more than $0.24 million.
Asana Inc. (ASAN) Chief Financial Officer Wan Tim M sold on Mar 23 a total 3,336 shares at $20.86 on average. The insider’s sale generated proceeds of almost $69583.0.
LivePerson Inc. (LPSN) Director Wesemann William declared the purchase of shares taking place on Mar 23 at $3.91 for some 20,000 shares. The transaction amount was around $78200.0.
Vistra Corp. (VST) President and CEO BURKE JAMES A bought on Mar 23 a total 5,000 shares at $24.05 on average. The purchase cost the insider an estimated $120,250.
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Important Earnings
Top US earnings releases scheduled for today include FiscalNote Holdings Inc. (NYSE: NOTE). It will announce its Dec 2022 financial results. The company is expected to report earnings of -$0.12 per share from revenues of $31.53M in the three-month period.
Analysts expect Walgreens Boots Alliance Inc. (NASDAQ: WBA) to report a net income (adjusted) of $1.1 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Feb 2023 is predicted to come in at $33.53B.
Micron Technology Inc. (MU), due to announce earnings after the market closes today, is expected to report earnings of -$0.81 per share from revenues of $3.72B 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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