28 Oct - Morning Newsletter (with changes)

Good Morning!

The US stock market as a whole fell on Wednesday, and the major indices retreated from the record highs reached the day before.Having started trading with an increase after a series of positive corporate reports, the indices came under pressure in the afternoon, with the shares of the energy and financial sectors among the leaders in the fall.Positive quarterly reporting by US corporations eased investor fears about supply chain problems, inflation and the growth of the Chinese economy, which hit the markets in early fall.The S&P 500 was down 23.11 points, or 0.5%, to 4,551.68 points. The day before, the index closed at the 57th record high this year. The Dow Jones Industrial Average, which also hit a record high on Tuesday, fell 266.19 points, or 0.7%, to 35,490.69. The predominantly technological Nasdaq Composite index lost its earlier gains, closing with a rise of 0.12 points, at 15235.84 points.Shares of oil and gas companies fell in price against the background of declining oil prices. The energy sector S&P 500 ended the day with a 2.9% decline, marking the largest fall of all 11 sectors of the index. December WTI crude oil futures on the NYMEX closed 2.4% lower at $ 82.66 a barrel, the sharpest one-day drop since mid-August.

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Today Top Movers

InflaRx N.V. (IFRX) stock soared 52.45% to $4.36 in the pre-market trading after announcing positive data from Third Cohort of Phase IIa Open-Label Study with Vilobelimab in Pyoderma Gangraenosum.

LendingClub Corporation (NYSE: LC) shares are trading up 30.33% at $41.21 at the time of writing. The company reported record revenue of $246.2 million in Q3 2021 with total sequential revenue growth of 20% outpacing origination growth of 14%.

Ford Motor Company (F) grew over 10.57% at $17.15 in pre-market trading today. Ford achieved strong Q3 results and raised full-year 2021 guidance.

Marpai, Inc. Class A Common Stock (MRAI) rose about 12% at $5.32 in pre-market trading Thursday after announcing pricing of initial public offering.

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Top Upgrades & Downgrades

Cowen & Co. turned bullish on Teradyne Inc. (TER), upgrading the stock to Outperform and assigning a $150.00 price target, representing potential upside of 21.88% from Wednesday's close.

Eversource Energy (ES) has won the favor of Mizuho's equity research team. The firm upgraded the shares from Underperform to Neutral and moved their price target to $87.00, suggesting 1.78% additional upside for the stock.

First Commonwealth Financial Corporation (FCF) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $19.00. They changed their rating on FCF to Outperform from Sector Perform in a recently issued research note.

Earlier Thursday Stifel reduced its rating on Elanco Animal Health Incorporated (ELAN) stock to Hold from Buy and assigned the price target to $34.00.

Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Phillips 66 Partners LP (PSXP) has been changed to Neutral from Outperform and the new price target is set at $41.00.

Analysts at B of A Securities downgraded The Sherwin-Williams Company (SHW)'s stock to Neutral from Buy Thursday.

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Latest Insider Activity

Facebook Inc. (FB) COB and CEO Zuckerberg Mark announced the sale of shares taking place on Oct 27 at $314.91 for some 52,700 shares. The total came to more than $16.6 million.

Coursera Inc. (COUR) SVP, Services wang Xueyan sold on Oct 26 a total 84,892 shares at $34.22 on average. The insider’s sale generated proceeds of almost $0.27 million.

Plus Therapeutics Inc. (PSTV) Director Petersen Greg declared the purchase of shares taking place on Oct 27 at $1.72 for some 12,500 shares. The transaction amount was around $21500.0.

Enfusion Inc. (ENFN) Director Luo Roy bought on Oct 25 a total 722,707 shares at $17.00 on average. The purchase cost the insider an estimated $21.45 million.

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Important Earnings

Top US earnings releases scheduled for today include Apple Inc. (NASDAQ:AAPL). It will announce its Sep 2021 financial results. The company is expected to report earnings of $1.24 per share from revenues of $84.85B in the three-month period.

Analysts expect Vale S.A. (NYSE:VALE) to report a net income (adjusted) of $1.12 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $14.59B.

United States Steel Corporation (X), due to announce earnings after the market closes today, is expected to report earnings of $4.85 per share from revenues of $5.79B 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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