30 mar- NH - Morning Newsletter

Good Morning

The stock exchanges in the United States were divided closed. The S&P 500 closed slightly lower, with a loss of 0.09% at 3,971 points. The Nasdaq was down 0.60%, while the Dow Jones was up 0.30%. There were striking race results on an individual level. They had to do with the hedge fund scandal that came out on Monday. The American hedge fund Archegos would no longer have been able to meet its payment obligations, as a result of which it had to close stock positions on a large scale last Friday. This had a negative effect on, among other things, the American stock exchange listings of Chinese companies with an ADR, but also media houses ViacomCBS and Disovery Inc. made huge price drops.A number of banks, including the Japanese Nomura and the Swiss Credit Suisse, had to reduce positions for Archegos, which led to a huge share sale. As a result, some banks themselves made a loss, which in turn caused the prices of those banks to drop sharply. Goldman Sachs, for example, lost 0.5% again and Credit Suisse even fell by 13% on Monday. Nomura also saw its share price collapse by 16%.

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Today Top Movers

Color Star Technology Co. Ltd. (CSCW) stock soared 48.51% to $1.99 in the pre-market trading following the announcement of the development and application of Non-Fungible Token (NFT) for Its entertainment business.

VirTra Inc. (NASDAQ: VTSI) shares are trading up 73.64% at $8.3 at the time of writing. The company released fourth quarter and full year 2020 financial results.

Amarin Corporation plc (AMRN) grew over 0.49% at $6.16 in pre-market trading today after the firm received European Commission (EC) approval for VAZKEPA to reduce Cardiovascular risk.

Aurora Mobile Limited (JG), a Software - Application company, rose about 7.94% at $4.35 in pre-market trading Tuesday after declaring a partnership agreement with the world’s largest digital currency trading platform.

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Top Upgrades & Downgrades

Morgan Stanley turned bullish on Ovintiv Inc. (OVV), upgrading the stock to "Overweight" and assigning a $35 price target, representing potential upside of 48.55% from Monday's close.

Gilead Sciences Inc. (GILD) has won the favor of Redburn's equity research team. The firm upgraded the shares from Neutral to Buy.

Yelp Inc. (YELP) received an upgrade from analysts at Citi, who also set their one-year price target on the stock to $48. They changed their rating on YELP to Buy from Neutral in a recently issued research note.

Earlier Tuesday HSBC reduced its rating on Banco Santander Mexico SA ADR (BSMX) stock to Hold from Buy.

BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Akouos Inc. (AKUS) has been changed to Neutral from Buy and the new price target is set at $20.

Analysts at Credit Suisse downgraded T. Rowe Price Group Inc. (TROW)'s stock to Neutral from Outperform Tuesday.

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Latest Insider Activity

Zillow Group Inc. (Z) Chief Industry Dev. Officer Samuelson Errol G announced the sale of shares taking place on Mar 26 at $128.85 for some 1,277 shares. The total came to more than $0.16 million.

Micron Technology Inc. (MU) SVP, Chief People Officer ARNZEN APRIL S sold on Mar 25 a total 81,087 shares at $80.95 on average. The insider’s sale generated proceeds of almost $0.67 million.

Novan Inc. (NOVN) President and CEO STAFFORD PAULA B declared the purchase of shares taking place on Mar 26 at $1.43 for some 70,000 shares. The transaction amount was around $0.1 million.

Babcock & Wilcox Enterprises Inc. (BW) Director B. Riley Financial, Inc. bought on Mar 25 a total 21,640,014 shares at $6.04 on average. The purchase cost the insider an estimated $64.75 million.

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Important Earnings

BlackBerry Limited (NYSE:BB). It will announce its Feb 2021 financial results. The company is expected to report earnings of $0.03 per share from revenues of $245.11M in the three-month period.

Analysts expect XL Fleet Corp. (NYSE:XL) to report a net income (adjusted) of -$0.09 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $12.1M.

Romeo Power Inc. (RMO), due to announce earnings after the market closes today, is expected to report earnings of -$0.13 per share from revenues of $8M 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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