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- 29 June - NH - Morning Newsletter (with survey at top and bottom)
29 June - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!
Stock markets in the US ended the session on June 28 in negative territory. The S&P 500 fell 2.01% to 3821, the Dow Jones shed 1.56%, the Nasdaq corrected 2.98%. Among the 11 sectors represented in the broad market index, ten showed a decrease. The exception was the energy sector, which added 2.70%. Among the drop leaders were manufacturers of durable goods (-4.03%) and technology companies (-3.01%). Company news
QUALCOMM Incorporated (QCOM: +3.48%) may remain Apple Inc (AAPL: -2.98%) as the top modem chip supplier in 2023, analysts say.
Berkshire Hathaway Inc (BRK-A: -1.32%) announced the purchase of another 794.4 thousand common shares of Occidental Petroleum Corporation (OXY: +4.77%).
In the first quarter, hotel bookings on Trip.com Group Limited (TCOM: +10.79%) platforms outside of China exceeded pre-pandemic levels.
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.
Today Top Movers
LiveOne Inc. (LVO) stock soared 15.66% to $0.879 in the pre-market trading after releasing operating results for its year end and fourth fiscal quarter ended March 31, 2022.
Beyond Air Inc. (NASDAQ: XAIR) shares are trading up 14.01% at $6.59 at the time of writing after announcing financial results for its fiscal fourth quarter and year ended March 31, 2022.
2U Inc. (TWOU) grew over 13.98% at $10.6 in pre-market trading today after Byju’s offered to buy 2U Inc. in a cash deal that values the US-listed edtech company at more than $1 billion.
Endo International plc (ENDP), a Drug Manufacturers - Specialty & Generic company, rose about 8.86% at $0.7729 in pre-market trading Wednesday. ENDP may be benefitting from the U.S. Supreme Court's recent abortion decision. The company's Par Pharmaceutical division markets birth control pills.
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Top Upgrades & Downgrades
JMP Securities turned bullish on Seven Hills Realty Trust (SEVN), upgrading the stock to Market Perform and assigning a $13.5 price target, representing potential upside of 27.36% from Tuesday's close.
McDonald's Corporation (MCD) has won the favor of Atlantic Equities' equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $278.00, suggesting 14.48% additional upside for the stock.
TotalEnergies SE (TTE) received an upgrade from analysts at Bernstein. They changed their rating on TTE to Outperform from Market Perform in a recently issued research note.
Earlier Wednesday Barclays reduced its rating on Altria Group Inc. (MO) stock to Underweight from Equal-Weight and assigned the price target to $36.00.
Deutsche Bank analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Crown Castle International Corp. (CCI) has been changed to Hold from Buy and the new price target is set at $183.
Analysts at Deutsche Bank downgraded Diageo plc (DEO)'s stock to Sell from Hold Wednesday.
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Latest Insider Activity
Boston Scientific Corporation (BSX) EVP, Human Resources Carruthers Wendy announced the sale of shares taking place on Jun 24 at $38.00 for some 7,500 shares. The total came to more than $0.28 million.
Zendesk Inc. (ZEN) President of Sales Gennaro Norman sold on Jun 24 a total 7,000 shares at $75.50 on average. The insider’s sale generated proceeds of almost $0.53 million.
Meta Materials Inc. (MMAT) 10% Owner Welch Thomas Gordon declared the purchase of shares taking place on Jun 24 at $1.28 for some 35,000 shares. The transaction amount was around $44800.0.
Enterprise Products Partners L.P. (EPD) Director BARTH CARIN MARCY bought on Jun 24 a total 19,050 shares at $23.64 on average. The purchase cost the insider an estimated $450,304.
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Important Earnings
Top US earnings releases scheduled for today include Bed Bath & Beyond Inc. (NASDAQ: BBBY). It will announce its May 2022 financial results. The company is expected to report earnings of -$1.39 per share from revenues of $1.51B in the three-month period.
Analysts expect General Mills Inc. (NYSE: GIS) to report a net income (adjusted) of $1.01 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2022 is predicted to come in at $4.8B.
Paychex Inc. (PAYX), due to announce earnings before the market opens today, is expected to report earnings of $0.79 per share from revenues of $1.11B 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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