30 Aug - NH - Morning Newsletter

Good Morning!

This market seems unstoppable. Every small correction is immediately bought by investors and more and more people are calling the market a bubble. But on the other hand, the acronym TINA remains a common argument for investing in stocks. Stock markets have been rising for more than 11 years, but the past year has been particularly strong. Such a phase is described by many as a melt-up. A period of sustained increases, with only minor corrections occurring.Last Friday, the S&P 500 closed 0.88% higher at 4,509 points. The S&P 500 hit its 50th all-time high last Friday and it's only August. That is the second highest number in a year (up to and including August) since 1950. During such a melt-up, things can get even crazier. For example, between 1995 and 2000, the S&P 500 rose 233%. The market doubled in three years and then rose another 55% in the last two years of the melt-up. More importantly, this happened while the market had only one 19% correction and only two 10% corrections.In other words; it can get even crazier, but all these melt-ups end in tears. At the end of such a bubble, the prices may also fall sharply again. If we are to believe Jerome Powell of the Federal Reserve, we can still enjoy rising prices for a while. Last Friday, the Fed chairman hinted at a possible phasing out of the $120 billion support program in bond purchases, but he did not mention concrete steps. He does not expect an interest rate hike until much later, sometime next year. In response, the Nasdaq shot up 1.23% to finish at 15,129 points.

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Today Top Movers

Affirm Holdings Inc. (AFRM) stock soared 36.97% to $93.0 in the pre-market trading after entering a partnership with Amazon.com Inc..

Vinco Ventures Inc. (NASDAQ: BBIG) shares are trading up 81.32% at $9.61 at the time of writing. Investors appear to have coordinated a short squeeze on Vinco Ventures’ shares. Over 50% of Vinco Ventures’ float are shorted according to FinViz.

Globalstar Inc. (GSAT) grew over 27.97% at $1.83 in pre-market trading today. Investors appear to be responding positively to a rumor that the Apple iPhone 13 will use satellite connectivity so that users could make phone calls and send text messages in places without needing access to cellular coverage.

Ideanomics Inc. (IDEX), a Software - Application company, rose about 10.48% at $2.53 in pre-market trading Monday following the announcement from the company that it will acquire VIA Motors International Inc in an all-stock deal that would value the electric commercial vehicle firm at about $630 million.

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Top Upgrades & Downgrades

Piper Sandler turned bullish on Amerant Bancorp Inc. (AMTB), upgrading the stock to "Overweight" and assigning a $30.00 price target, representing potential upside of 21.7% from Friday's close.

Magnolia Oil & Gas Corporation (MGY) has won the favor of Truist's equity research team. The firm upgraded the shares from Hold to Buy.

TAL Education Group (TAL) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $5.40. They changed their rating on TAL to Equal Weight from Underweight in a recently issued research note.

Earlier Monday Baird reduced its rating on Zions Bancorporation National Association (ZION) stock to Underperform from Neutral and assigned the price target to $49.00.

Stifel analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Brinker International Inc. (EAT) has been changed to Hold from Buy and the new price target is set at $55.00.

Analysts at Keybanc downgraded T-Mobile US Inc. (TMUS)'s stock to Sector Weight from Overweight Monday.

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Latest Insider Activity

Cohu Inc. (COHU) Sr. VP Global Customer Group BOHRSON CHRISTOPHER announced the sale of shares taking place on Aug 27 at $35.60 for some 1,000 shares. The total came to more than $35600.0.

Cloudflare Inc. (NET) President and COO Zatlyn Michelle sold on Aug 27 a total 33,330 shares at $123.64 on average. The insider’s sale generated proceeds of almost $4.12 million.

Oscar Health Inc. (OSCR) Co-Founder and Vice Chairman Kushner Joshua declared the purchase of shares taking place on Aug 27 at $14.05 for some 217,590 shares. The transaction amount was around $3.06 million.

SS&C Technologies Holdings Inc. (SSNC) Director MICHAEL JONATHAN E bought on Aug 25 a total 61,648 shares at $75.99 on average. The purchase cost the insider an estimated $3,951.

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Important Earnings

Top US earnings releases scheduled for today include StoneCo Ltd. (NASDAQ:STNE). It will announce its Jun 2021 financial results. The company is expected to report earnings of $1 per share from revenues of $1.14B in the three-month period.

Analysts expect Zoom Video Communications Inc. (NASDAQ: ZM) to report a net income (adjusted) of $1.16 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $990.96M.

ReneSola Ltd (SOL), due to announce earnings after the market closes today, is expected to report earnings of $0.05 per share from revenues of $20.75M 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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