29 mar- NH - Morning Newsletter

Good Morning

During the previous trading session, the American stock markets took a big final sprint. In the last hour of trading, the indices skyrocketed and the S&P 500 finished with a gain of 1.66% at 3,974 points. The Nasdaq was able to close 1.24% higher at 13,138 points and the Dow Jones closed 1.39% higher.

• Earlier in the day, the Nasdaq was still 0.8% lower, but the promises Joe Biden made a day earlier seized investors to buy shares. 

• Investors look forward to better times as the US vaccination program moves quickly and Biden will also soon be announcing its $ 3 trillion infrastructure plan.

• The increase at Bank of America (+ 2.71%) and JP Morgan Chase (+ 1.67%) was due to the fact that the Federal Reserve announced that US banks will be allowed to pay dividends again. 

• Volatility may remain high this week as portfolio managers may want to rebalance their portfolios at the end of the month. 

• The US government will publish the jobs report on Friday.

• Economists expect 630,000 jobs to be added in March, which will bring the unemployment rate down from 6.2% to 6.0%.

• Investors may attach more value this week to the job report from paycheck processor ADP, which will be released on Wednesday.

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Today Top Movers

China Pharma Holdings Inc. (CPHI) stock soared 112.77% to $1.77 in the pre-market trading. The company recently released financial results for the fiscal year ended December 31, 2020.

Big Rock Partners Acquisition Corp. (NASDAQ: BRPA) shares are trading up 64.14% at $59.99 at the time of writing. Company’s 52-week ranged between $10.50 to $76.99.

Universe Pharmaceuticals INC (UPC) grew over 151.23% at $10.2 in pre-market trading today.

China SXT Pharmaceuticals Inc. (SXTC), a Drug Manufacturers - Specialty & Generic company, rose about 34.43% at $2.46 in pre-market trading Monday.

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Top Upgrades & Downgrades

RBC Capital turned bullish on PTC Therapeutics Inc. (PTCT), upgrading the stock to "Sector Perform" and assigning a $47 price target.

Array Technologies Inc. (ARRY) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Underweight to Equal Weight and moved their price target to $30.

Johnson Controls International plc (JCI) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $56.0. They changed their rating on JCI to Overweight from Equal Weight in a recently issued research note.

Earlier Monday BMO Capital reduced its rating on Ares Management Corporation (ARES) stock to Market Perform from Outperform and assigned the price target to $59.

BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Credit Suisse Group AG (CS) has been changed to Neutral from Buy.

Analysts at AlphaValue downgraded TechnipFMC plc (FTI)'s stock to Reduce from Buy Monday.

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Latest Insider Activity

Inovio Pharmaceuticals Inc. (INO) Chief Operating Officer Shea Jacqueline Elizabeth announced the sale of shares taking place on Mar 26 at $8.97 for some 4,710 shares. The total came to more than $42249.0.

Target Corporation (TGT) Chief Accounting Officer HARRISON ROBERT M sold on Mar 25 a total 6,265 shares at $192.45 on average. The insider’s sale generated proceeds of almost $0.44 million.

Savara Inc. (SVRA) CHIEF EXECUTIVE OFFICER Pauls Matthew declared the purchase of shares taking place on Mar 22 at $2.07 for some 24,100 shares. The transaction amount was around $49938.0.

Rubius Therapeutics Inc. (RUBY) 10% Owner Flagship Ventures Fund IV Gene bought on Mar 19 a total 15,393,593 shares at $29.00 on average. The purchase cost the insider an estimated $6.09 million.

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Important Earnings

Top US earnings releases scheduled for today include Canoo Inc. (NASDAQ:GOEV). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.14 per share from revenues of $3M in the three-month period.

Analysts expect Matinas BioPharma Holdings Inc. (AMEX:MTNB) to report a net income (adjusted) of -$0.03 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $1.02M.

AbCellera Biologics Inc. (ABCL), due to announce earnings after the market closes today, is expected to report earnings of $0.61 per share from revenues of $197.06M recently concluded three-month period.

That's it for today. Thanks for reading. Good luck out there!Best Regards,News Heater Team

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