30 Jul - Morning Newsletter

Good Morning!

US stocks rose on Thursday despite the release of data indicating a slowdown in the US economic recovery.US GDP growth in the second quarter was 6.5% on an annualized basis, slightly more than at the beginning of the year. Meanwhile, the number of initial claims for unemployment benefits stood at 400,000. Both figures were worse than Wall Street's forecasts, but investors ignored them.Matt Peron, director of analysis at Janus Henderson Investors, noted that the GDP report also contained positive data, for example, on consumer spending, which indicates a continued economic recovery, despite concerns about the delta strain of coronavirus.Many investors seem to share this view. Quotes rallied most of the Thursday session, and the Dow and S&P 500 even briefly flirted with new records, but then retreated.As a result of the session on Thursday, the Dow rose 153.60 points, or 0.4%, to 35,084.53, the S&P 500 - 18.51 points, or 0.4%, to 4419.15, ending two-day decline cycles. The Nasdaq Composite also gained 15.68 points, or 0.1%, to close at 14778.26.

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Today Top Movers

ERYTECH Pharma S.A. (ERYP) stock soared 55.47% to $6.39 in the pre-market trading. The company franted U.S. FDA fast track designation for Eryaspase in Hypersensitive ALL.

Ardelyx Inc. (NASDAQ: ARDX) shares are trading up 26.32% at $2.16 at the time of writing after receiving a complete response letter from the U.S. FDA for a new drug application for Tenapanor for the Control of Serum Phosphorus in adult patients with CKD on Dialysis.

LM Funding America Inc. (LMFA) grew over 12.38% at $4.72 in pre-market trading today following the announcement of 5.2% ownership interest in LM Funding America, Inc. from Custodian Ventures.

Atlassian Corporation Plc (TEAM), a Software - Application company, rose about 11.24% at $296.78 in pre-market trading Friday. The company reported qarterly revenue of $560 million, 30% increase year-over-year.

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Top Upgrades & Downgrades

JP Morgan turned bullish on GFL Environmental Inc. (GFL), upgrading the stock to "Overweight" and assigning a $39.00 price target, representing potential upside of 16.28% from Friday's close.

Viant Technology Inc. (DSP) has won the favor of B of A Securities's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $30.00, suggesting 87.73% additional upside for the stock.

Gibraltar Industries Inc. (ROCK) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $85.00. They changed their rating on ROCK to Overweight from Sector Weight in a recently issued research note.

Earlier Friday JMP Securities reduced its rating on Proofpoint Inc. (PFPT) stock to Market Perform from Outperform.

Evercore ISI analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Pinterest Inc. (PINS) has been changed to In Line from Outperform and the new price target is set at $60.00.

Analysts at B. Riley Securities downgraded Orion Group Holdings Inc. (ORN)'s stock to Neutral from Buy Friday.

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Latest Insider Activity

Carvana Co. (CVNA) 10% Owner GARCIA ERNEST C. II announced the sale of shares taking place on Jul 28 at $339.93 for some 60,000 shares. The total came to more than $20.4 million.

EyeGate Pharmaceuticals Inc. (EYEG) Director ARMISTICE CAPITAL, LLC sold on Jul 29 a total 1,045,963 shares at $3.00 on average. The insider’s sale generated proceeds of almost $1.2 million.

Agile Therapeutics Inc. (AGRX) Chief Executive Officer ALTOMARI ALFRED declared the purchase of shares taking place on Jul 29 at $1.26 for some 26,200 shares. The transaction amount was around $33096.0.

Archer-Daniels-Midland Company (ADM) President & CEO LUCIANO JUAN R bought on Jul 29 a total 537,191 shares at $59.54 on average. The purchase cost the insider an estimated $999,700.

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Important Earnings

Top US earnings releases scheduled for today include Petroleo Brasileiro S.A. - Petrobras (NYSE:PBR). It will announce its Jun 2021 financial results. The company is expected to report earnings of $0.45 per share from revenues of $19.76B in the three-month period.

Analysts expect Cabot Oil & Gas Corporation (NYSE:COG) to report a net income (adjusted) of $0.31 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $447.14M.

The Procter & Gamble Company (PG), due to announce earnings before the market opens today, is expected to report earnings of $1.09 per share from revenues of $18.36B 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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