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- 29 Sep - ST - Morning Newsletter (with survey at top and bottom)
29 Sep - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!A comeback by the Dow Jones Industrial Average off its lowest level for the year hurt stock futures Thursday.There was a drop of 181 points, or 0.7%, in Dow Jones futures, while a drop of 0.7% in S&P 500 futures and a decline of 0.9%in Nasdaq 100 futures was reported.Stocks rallied a day earlier after the Bank of England announced it was buying bonds to feed its financial markets and stabilize the slumping British pound. During the past few days, sterling has fallen to record lows against the U.S. dollar.A striking departure from the aggressive tightening campaign many global central banks have pursued in response to surging inflation.Following Tuesday's bear market lows, the Dow gained 1.9% on Wednesday, while the S&P 500 gained nearly 2%. It was the first time in six days that both indexes broke their losing streaks.In the wake of the stock market rally and the announcement of the BOE's bond-buying plan, the yield on the benchmark 10-year Treasury note dropped to its lowest level since 2020 after a slight surge in the morning.In spite of Wednesday's rally, the major averages are expected to end the week with small gains, but they have already had their worst month since June. Currently, the Nasdaq Composite is down about 6.5% for the month, while Dow and S&P are expected to close 5.8% and 5.9% lower, respectively.
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Today Top Movers
Windtree Therapeutics Inc. (WINT) stock soared 48.64% to $0.4761 in the pre-market trading after announcing positive Istaroxime phase 2 study in early Cardiogenic Shock (SEISMiC) published in the European Journal of Heart Failure.
Westport Fuel Systems Inc. (NASDAQ: WPRT) shares are trading up 4.95% at $0.98 at the time of writing. The company recently unveiled its new H2 HPDI™ fuel system for heavy-duty vehicles that is expected to substantially reduce CO2 emissions in alignment with EU decarbonisation goals.
Axcella Health Inc. (AXLA) grew over 23.7% at $2.14 in pre-market trading today after releasing positive interim data from phase 2b EMMPACT study of AXA1125 in Nonalcoholic Steatohepatitis (NASH).
Datasea Inc. (DTSS) soared about 7.65% at $1.83 in pre-market trading Thursday after announcing financial results for its full fiscal year ended June 30, 2022.
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.
Top Upgrades & Downgrades
Evercore ISI Group turned bullish on First Solar Inc. (FSLR), upgrading the stock to Outperform and assigning a $150 price target, representing potential upside of 10.14% from Wednesday's close.
Itau Unibanco Holding S.A. (ITUB) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $7.00, suggesting 36.72% additional upside for the stock.
Wix.com Ltd. (WIX) received an upgrade from analysts at Oppenheimer, who also set their one-year price target on the stock to $110.00. They changed their rating on WIX to Outperform from Perform in a recently issued research note.
Earlier Thursday Stifel reduced its rating on Cognyte Software Ltd. (CGNT) stock to Hold from Buy and assigned the price target to $6.00.
BTIG analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Applied Genetic Technologies Corporation (AGTC) has been changed to Neutral from Buy.
Analysts at BofA downgraded Apple Inc. (AAPL)'s stock to Neutral from Buy Thursday.
While finding excellent stocks with the potential for gains isn't always easy, we've found a few that could pay out well. In fact, within our report, "Top 5 Tech Stocks Every Investor Should Buy Right Now", we have identified five tech stocks we believe could appreciate.
Latest Insider Activity
AutoNation Inc. (AN) 10% Owner LAMPERT EDWARD S announced the sale of shares taking place on Sep 28 at $111.00 for some 109,630 shares. The total came to more than $12.17 million.
Energy Vault Holdings Inc. (NRGV) Director GROSS WILLIAM sold on Sep 27 a total 16,250 shares at $5.36 on average. The insider’s sale generated proceeds of almost $87082.0.
Occidental Petroleum Corporation (OXY) 10% Owner BERKSHIRE HATHAWAY INC declared the purchase of shares taking place on Sep 28 at $60.71 for some 1,737,316 shares. The transaction amount was around $105.48 million.
Clear Channel Outdoor Holdings Inc. (CCO) 10% Owner ARES MANAGEMENT LLC bought on Sep 27 a total 200,000 shares at $1.40 on average. The purchase cost the insider an estimated $279,020.
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Important Earnings
Top US earnings releases scheduled for today include Paychex Inc. (NASDAQ: PAYX). It will announce its Aug 2022 financial results. The company is expected to report earnings of $0.97 per share from revenues of $1.19B in the three-month period.
Analysts expect Stem Inc. (NYSE: STEM) to report a net income (adjusted) of -$0.17 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2022 is predicted to come in at $84.74M.
Thor Industries Inc. (THO), due to announce earnings before the market opens today, is expected to report earnings of $3.89 per share from revenues of $3.68B 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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