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- 29 Sep - NH - Morning Newsletter (with changes)
29 Sep - NH - Morning Newsletter (with changes)
4 Hot Stocks to Trade Today
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Good Morning!
The yield on the US 10-year T-bill rose to 1.54%, the highest level since June. This makes many investors nervous. As a result, stock indices exploded. The S&P 500 ended at minus 2.04%. The Nasdaq 100 took an even bigger plunge downward, standing minus 2.86% during the closing bell. Technology stocks are more likely to experience selling pressure when the yield on the T-bills rises.When yields are low, investors don't really care that they have to pay more for technology stocks. With the assumption in mind that stocks are rising over the long term and technology stocks are rising just a little faster than average stocks. But when interest rates rise again on the T-bills, large institutional investors sometimes shift to US government bonds. For the time being, these are often regarded as risk-free. The Dow Jones Industrial Average was down 1.63%. The futures of the major US indices have recovered somewhat this night. The Dow Jones future (YM), S&P 500 future (ES) and Nasdaq 100 future (NQ) rose 0.46%, 0.62% and 0.61%, respectively.
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Today Top Movers
GeoVax Labs Inc. (GOVX) stock soared 27.75% to $5.34 in the pre-market trading following the announcement of an assignment and license Agreement with PNP Therapeutics, Inc. to develop and commercialize Gedeptin, a novel patented product for the treatment of solid tumors.
Lucid Group Inc. (NASDAQ: LCID) shares are trading up 7.99% at $26.5 at the time of writing after commencing production of its long-delayed Lucid Air cars at its Arizona factory. The company will start delivering luxury electric sedans with a Tesla-beating driving range in late October.
Iterum Therapeutics plc (ITRM) grew over 24.12% at $0.6886 in pre-market trading today after providing an update from FDA Type A meeting regarding Oral Sulopenem.
Greenidge Generation Holdings Inc. (GREE) rose about 18.00% at $28.06 in pre-market trading Wednesday. The company owns and operates bitcoin mining and power generation facilities in New York.
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Top Upgrades & Downgrades
Bernstein turned bullish on The Boeing Company (BA), upgrading the stock to Outperform and assigning a $279.00 price target, representing potential upside of 27.76% from Tuesday's close.
CDW Corporation (CDW) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Underweight to Neutral and moved their price target to $200.00, suggesting 7.45% additional upside for the stock.
AutoNation Inc. (AN) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $116.00. They changed their rating on AN to Equal-Weight from Underweight in a recently issued research note.
Earlier Wednesday JP Morgan reduced its rating on HP Inc. (HPQ) stock to Neutral from Overweight and assigned the price target to $30.00.
Bernstein analysts reduced their investment ratings, saying in research reports covered by the media that its rating for NXP Semiconductors N.V. (NXPI) has been changed to Market Perform from Outperform and the new price target is set at $230.00.
Analysts at Morgan Stanley downgraded Vale S.A. (VALE)'s stock to Equal-Weight from Overweight Wednesday.
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Latest Insider Activity
Frontier Communications Parent Inc. (FYBR) 10% Owner ARES MANAGEMENT LLC announced the sale of shares taking place on Sep 24 at $26.95 for some 424,119 shares. The total came to more than $11.43 million.
The Macerich Company (MAC) Chief Accounting Officer Zecchini Christopher J sold on Sep 27 a total 8,460 shares at $18.15 on average. The insider’s sale generated proceeds of almost $54459.0.
Blackstone Inc. (BX) 10% Owner Blackstone Holdings III L.P. declared the purchase of shares taking place on Sep 27 at $40.90 for some 100 shares. The transaction amount was around $4090.0.
Tonix Pharmaceuticals Holding Corp. (TNXP) Chief Executive Officer LEDERMAN SETH bought on Sep 28 a total 12,177 shares at $0.61 on average. The purchase cost the insider an estimated $7,320.
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Important Earnings
Top US earnings releases scheduled for today include Jabil Inc. (NYSE:JBL). It will announce its Aug 2021 financial results. The company is expected to report earnings of $1.38 per share from revenues of $7.67B in the three-month period.
Analysts expect Herman Miller Inc. (NASDAQ:MLHR) to report a net income (adjusted) of $0.49 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2021 is predicted to come in at $648.2M.
Landec Corporation (LNDC), due to announce earnings after the market closes today, is expected to report earnings of -$0.12 per share from revenues of $129.12M 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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