29 Oct - Morning Newsletter (with changes)

Good Morning!

US stock futures fell as investors became concerned about supply chain headwinds amid disappointing quarterly updates from Apple and Amazon. Dow Jones futures fell 0.1%, S&P 500 futures fell 0.5%, and the Nasdaq fell 0.8%, pointing to a lower start to the day.Stock markets in New York closed at record highs yesterday. The S&P 500 was up 0.98% to 4,596 points. The Nasdaq closed 1.39% higher at 15,448 points. All sectors closed in positive territory. The top gaining sectors included real estate, cyclical consumer goods and industrial production. The weakest performances were shown by manufacturers of non-cyclical consumer goods and telecoms.Stocks moved up across a broad front and the market is clearly in a risk-on situation. Interest rates are lingering and the quarterly figures are generally well received. Investors were told that US gross domestic product rose only 2.0% year-on-year in the third quarter, while the market was expecting growth of 2.8 percent. Today, data on personal income, consumption expenditures and employment cost index is scheduled to be released at 8:30 a.m. ET. The Chicago PMI for October will be announced at 9:45 a.m. ET, while the University of Michigan's consumer sentiment index for October is expected to be released at 10:00 a.m. ET. 

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Today Top Movers

ARCA biopharma Inc. (ABIO) stock soared 18.7% to $3.11 in the pre-market trading. The company recently provided an update on the ASPEN-COVID-19 Phase 2b clinical trial evaluating rNAPc2 as a potential treatment for patients hospitalized with severe COVID-19.

Exela Technologies Inc. (NASDAQ: XELA) shares are trading up 7.73% at $1.95 at the time of writing following the announcement from the company that it has partnered with CareSource, a nationally recognized nonprofit managed care organization.

Lucid Group Inc. (LCID) grew over 7.81% at $38.25 in pre-market trading today. The company will host a conference call to discuss its third quarter 2021 results on Monday, November 15, 2021 at 2:00 pm PT / 5:00 pm ET.

BEST Inc. (BEST), a Trucking company, rose about 12.32% at $2.37 in pre-market trading Frida after declaring that it has agreed to sell its express delivery business in China to J&T Express Co., Ltd., at approximately US$1.1 billion enterprise value.

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Top Upgrades & Downgrades

Barclays turned bullish on Visteon Corporation (VC), upgrading the stock to Overweight and assigning a $140.00 price target, representing potential upside of 25.96% from Thursday's close.

Brunswick Corporation (BC) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $115.00, suggesting 22.61% additional upside for the stock.

Caterpillar Inc. (CAT) received an upgrade from analysts at UBS, who also set their one-year price target on the stock to $235.00. They changed their rating on CAT to Buy from Neutral in a recently issued research note.

Earlier Friday Morgan Stanley reduced its rating on Altria Group Inc. (MO) stock to Equal-Weight from Overweight and assigned the price target to $47.00.

Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Zendesk Inc. (ZEN) has been changed to Neutral from Overweight and the new price target is set at $122.00.

Analysts at RBC Capital downgraded SolarWinds Corporation (SWI)'s stock to Sector Perform from Outperform Friday.

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Latest Insider Activity

CME Group Inc. (CME) Director GEPSMAN MARTIN J announced the sale of shares taking place on Oct 28 at $218.26 for some 500 shares. The total came to more than $0.11 million.

Kala Pharmaceuticals Inc. (KALA) CHIEF SCIENTIFIC OFFICER Chen Hongming sold on Oct 27 a total 204,515 shares at $1.82 on average. The insider’s sale generated proceeds of almost $38313.0.

Associated Banc-Corp (ASB) Director BERGSTROM JOHN F declared the purchase of shares taking place on Oct 26 at $23.00 for some 50,000 shares. The transaction amount was around $1.15 million.

OneMain Holdings Inc. (OMF) President and CEO Shulman Douglas H. bought on Oct 26 a total 247,563 shares at $56.12 on average. The purchase cost the insider an estimated $126,274.

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Important Earnings

Top US earnings releases scheduled for today include Cameco Corporation (NYSE:CCJ). It will announce its Sep 2021 financial results. The company is expected to report earnings of -$0.03 per share from revenues of $314.88M in the three-month period.

Analysts expect AbbVie Inc. (NYSE:ABBV) to report a net income (adjusted) of $3.22 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2021 is predicted to come in at $14.31B.

Colgate-Palmolive Company (CL), due to announce earnings before the market opens today, is expected to report earnings of $0.79 per share from revenues of $4.4B 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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