29 Jul - Morning Newsletter

Good Morning!

American stock markets remained relatively stable on Wednesday after a hint from the Federal Reserve that the moment was approaching when it would be possible to move on to curtailing the asset purchase program that supported the US economic recovery.The S&P 500 was down 0.82 points, or less than 0.1%, to 4400.64. The Dow Jones Industrial Average fell 127.59 points, or 0.4%, to 34930.93. The Nasdaq Composite rose 102.01 points, or 0.7%, to 14762.58.

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Today Top Movers

LendingClub Corporation (LC) stock soared 47.2% to $23.92 in the pre-market trading after delivering record net income on 93% growth in revenue.

Ford Motor Company (NYSE: F) shares are trading up 4.91% at $14.54 at the time of writing after reporting 13 cents in per-share earnings from $26.8 billion in sales for the quarter, higher than analyst’s expectations.

Huttig Building Products Inc. (HBP) grew over 18.35% at $6.9 in pre-market trading today after releasing record second-quarter net earnings.

Viatris Inc. (VTRS), a Drug Manufacturers - Specialty & Generic company, rose about 4.64% at $14.89 in pre-market trading Thursday following the receipt of historic approval for the first interchangeable Biosimilar Semglee for the treatment of diabetes.

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Top Upgrades & Downgrades

DZ Bank turned bullish on Tesla Inc. (TSLA), upgrading the stock to "Buy" and assigning a $750.00 price target, representing potential upside of 15.92% from Wednesday's close.

Extreme Networks Inc. (EXTR) has won the favor of Needham's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $13.00, suggesting 24.64% additional upside for the stock.

CyrusOne Inc. (CONE) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $82.00. They changed their rating on CONE to Outperform from Underperform in a recently issued research note.

Earlier Thursday UBS reduced its rating on Moody's Corporation (MCO) stock to Neutral from Buy and assigned the price target to $392.00.

Janney Montgomery Scott analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Investors Bancorp Inc. (ISBC) has been changed to Neutral from Buy and the new price target is set at $14.50.

Analysts at Citigroup downgraded Navient Corporation (NAVI)'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 Jul 28 at $372.66 for some 77,300 shares. The total came to more than $28.81 million.

The Interpublic Group of Companies Inc. (IPG) Executive Chairman ROTH MICHAEL ISOR sold on Jul 28 a total 769,215 shares at $35.27 on average. The insider’s sale generated proceeds of almost $7.05 million.

Absci CORP (ABSI) Director Redmile Group, LLC declared the purchase of shares taking place on Jul 26 at $16.00 for some 1,875,000 shares. The transaction amount was around $30.0 million.

Crown Castle International Corp. (REIT) (CCI) Director MARTIN J LANDIS bought on Jul 26 a total 14,700 shares at $191.50 on average. The purchase cost the insider an estimated $1.34 million.

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Important Earnings

Top US earnings releases scheduled for today include United States Steel Corporation (NYSE:X). It will announce its Jun 2021 financial results. The company is expected to report earnings of $3.05 per share from revenues of $4.64B in the three-month period.

Analysts expect Southwestern Energy Company (NYSE:SWN) to report a net income (adjusted) of $0.21 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $843.43M.

Pinterest Inc. (PINS), due to announce earnings after the market closes today, is expected to report earnings of $0.13 per share from revenues of $561.88M 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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