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3 June - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks to Trade Before the Weekend
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Good Morning!
The trading session on June 1 on US stock exchanges ended with a decline in major indices. The S&P 500 fell 0.75% to 4101, the Nasdaq shed 0.72% and the Dow Jones corrected 0.54%. Most sectors closed trading in the red zone. A noticeable drop was shown by the sectors of finance (-1.61%) and healthcare (-1.44%). Positive dynamics of quotations was shown by energy companies (+1.63%) and telecoms (+0.17%).Company news
Salesforce quarterly results (CRM: +9.88%) were better than analysts' forecasts. While operating savings allowed for an upward revision in full-year profit expectations, the updated guidance fell short of market averages.
HP Inc. (HPQ: +3.86%) beat expectations on quarterly revenue and earnings, but reported lower sales in most segments. However, earnings guidance for the current fiscal year was higher than consensus estimates.
Delta Airlines (DAL: -5.16%) improved its 2Q guidance, reflecting higher demand for air travel and fare indexation, expecting revenue to recover to pre-pandemic levels.
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Today Top Movers
Alaunos Therapeutics Inc. (TCRT) stock soared 30.02% to $0.634 in the pre-market trading. The company will present today at Jefferies Healthcare Conference.
StoneCo Ltd. (NASDAQ: STNE) shares are trading up 16.7% at $12.16 at the time of writing after reporting that its total revenues reached BRL 2.07 billion in 2022's first quarter, a 138.6% increase over the same period in 2021.
Okta Inc. (OKTA) grew over 15.83% at $108.51 in pre-market trading today after releasing Q1 fiscal year 2023 financial results.
Mullen Automotive Inc. (MULN), a Auto Manufacturers company, rose about 7.32% at $1.32 in pre-market trading Friday. The company announced that David Michery, CEO and chairman of the company, will be featured on Benzinga’s All Access Series today, at 11 a.m. Eastern time.
Smart-Money Driving Small-Cap Uranium Stocks to Dizzying Heights
The 2022 Uranium Bull Market has arrived and it looks like one for the history books. Just like last time when investors watched the Uranium price shoot all the way to $140. In the immortal musings of all-time Yankee great, Yogi Berra, 'It's Déjá Vu All Over Again!' because this US$4 Uranium stock just secured royalty interests on the two largest and richest high-grade uranium mines on the planet.
Top Upgrades & Downgrades
Goldman Sachs turned bullish on Voya Financial Inc. (VOYA), upgrading the stock to "Buy" and assigning a $80.00 price target, representing potential upside of 17.98% from Thursday's close.
Ciena Corporation (CIEN) has won the favor of B.Riley Securities' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $67.00, suggesting 31.99% additional upside for the stock.
Ecolab Inc. (ECL) received an upgrade from analysts at Credit Suisse, who also set their one-year price target on the stock to $195.00. They changed their rating on ECL to Outperform from Neutral in a recently issued research note.
Earlier Friday Piper Sandler reduced its rating on Micron Technology Inc. (MU) stock to Underweight from Neutral and assigned the price target to $70.00.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Westlake Corporation (WLK) has been changed to Neutral from Overweight and the new price target is set at $135.00.
Analysts at Barclays downgraded Moody's Corporation (MCO)'s stock to Equal-Weight from Overweight Friday.
Former Goldman Sachs Alum Sounds Alarm on "Next US Crisis"
Few believed Nomi Prins when she called the 2008 meltdown well in advance. Now, she's issuing a new prediction. Most Americans aren't yet prepared.
Latest Insider Activity
Meta Platforms Inc. (FB) Chief Legal Officer Newstead Jennifer announced the sale of shares taking place on May 31 at $194.93 for some 342 shares. The total came to more than $66666.0.
Freeport-McMoRan Inc. (FCX) Director MCCOY DUSTAN E sold on May 31 a total 8,200 shares at $39.24 on average. The insider’s sale generated proceeds of almost $0.32 million.
NRx Pharmaceuticals Inc. (NRXP) Chief Scientist Javitt Jonathan C declared the purchase of shares taking place on Jun 01 at $58.00 for some 100,000 shares. The transaction amount was around $5.8 million.
Iovance Biotherapeutics Inc. (IOVA) Interim CEO & General Counsel Vogt Frederick G bought on Jun 01 a total 1,000 shares at $6.44 on average. The purchase cost the insider an estimated $6,440.
America's Lithium Mecca?
Lithium is a precious commodity when it comes to our shift to renewable energy. Developing more domestic sources of the metal has been called a matter of national security, since China hogs 80% of the world's lithium. The U.S. Geological Survey calls one Nevada region the best-known lithium deposit in the world.
Important Earnings
Top US earnings releases scheduled for Monday include NGL Energy Partners LP (NYSE:NGL). It will announce its Mar 2022 financial results. The company is expected to report earnings of $0.19 per share from revenues of $2.43B in the three-month period.
Analysts expect Coupa Software Incorporated (NASDAQ: COUP) to report a net income (adjusted) of $0.05 per share when the company releases its quarterly results Monday. Revenue for the fiscal quarter ended Apr 2022 is predicted to come in at $190.61M.
HealthEquity Inc. (HQY), due to announce earnings after the market closes Monday, is expected to report earnings of $0.26 per share from revenues of $203.98M 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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