31 Aug - Morning Newsletter

Good Morning!

The US S&P 500 on Monday reached its 53rd record high close this year amid rising tech stocks.The S&P 500 is up 21% in 2021, with the highest number of all-time highs in the current calendar year as of August.As a result of trading, the S & P 500 rose by 19.42 points, or 0.4%, to 4528.79 points. The Nasdaq Composite rose 136.39 points, or 0.9%, to 15,265.89 points, the 32nd record closing level this year. The Dow Jones Industrial Average fell 55.96 points, or 0.2%, to 35399.84 points.The financial and oil and gas sectors, sensitive to the situation in the economy, meanwhile, are losing ground due to concerns about the delta coronavirus strain. JPMorgan Chase was down 1.6% and Wells Fargo was down 2.8%.

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Today Top Movers

Sonnet BioTherapeutics Holdings Inc. (SONN) stock soared 45.81% to $0.8151 in the pre-market trading after announcing the successful completion of the discovery phase for its Next Preclinical Pipeline Candidate (SON-1410).

Spok Holdings Inc. (NASDAQ: SPOK) shares are trading up 19.49% at $9.38 at the time of writing after receiving of letter from Acacia Research regarding a proposal to acquire all of the outstanding shares of common stock of Spok for $10.75 per share in cash.

Alibaba Group Holding Limited (BABA) grew over 3.46% at $167.9 in pre-market trading today.

Borr Drilling Limited (BORR), an Oil & Gas Drilling company, rose about 10.39% at $0.78 in pre-market trading Tuesday. The company reported $54.8 million in total operating revenues for Q2.

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Top Upgrades & Downgrades

Raymond James turned bullish on BancorpSouth Bank (BXS), upgrading the stock to "Strong Buy" and assigning a $36.00 price target, representing potential upside of 25.7% from Monday's close.

Cadence Bancorporation (CADE) has won the favor of Raymond James' equity research team. The firm upgraded the shares from Outperform to Strong Buy.

Funko, Inc. (FNKO) received an upgrade from analysts at Jefferies, who also set their one-year price target on the stock to $25. They changed their rating on FNKO to Buy from Hold in a recently issued research note.

Earlier Tuesday Needham reduced its rating on DSP Group, Inc. (DSPG) stock to Hold from Buy.

UBS analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Zymergen Inc. (ZY) has been changed to Neutral from Buy.

Analysts at Credit Suisse downgraded Gol Linhas Aéreas Inteligentes S.A. (GOL)'s stock to Underperform from Neutral Tuesday.

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Latest Insider Activity

Catalent, Inc. (CTLT) SVP, Chief Financial Officer announced the sale of shares taking place on Aug 27 at $131.13 for some 2,093 shares. The total came to more than $274,458.

Airbnb, Inc. (ABNB) Chief Financial Officer sold on Aug 25 a total 15,203 shares at $158.28 average. The insider’s sale generated proceeds of almost $2,406,331.

SelectQuote, Inc. (SLQT) CHIEF FINANCIAL OFFICER declared the purchase of shares taking place on Aug 30 at $8.90 for some 95,000 shares. The transaction amount was around $845,500.

FMC Corporation (FMC) DAVIDSON CAROL ANTHONY bought on Aug 30 a total 1500 shares at $93.89 on average. The purchase cost the insider an estimated $140,836.

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Important Earnings

Top US earnings releases scheduled for today include CrowdStrike Holdings, Inc. (CRWD). It will announce its Jul 2021 financial results. The company is expected to report earnings of $0.09 per share from revenues of $323.16M in the three-month period.

Analysts expect Anaplan, Inc. (PLAN) to report a net income (adjusted) of -$0.14 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $134.02M.

PVH Corp. (PVH), due to announce earnings after the market closes today, is expected to report earnings of $1.2 per share from revenues of $2.14B 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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