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- 31 Oct - ST - Morning Newsletter (with survey at top and bottom)
31 Oct - ST - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!In the early hours of Monday morning, stock futures were lower ahead of the final day of October, as the Dow Jones Industrial Average was set to secure its best month in decades.Nasdaq 100 futures were down 0.7%, while S&P 500 futures ticked down 140 points, or 0.4%. Dow Jones Industrial average futures ticked down 0.5%.October is the Dow's best month since 1976, with a 14.4% gain. Wall Street is on track to break a two-month losing streak with gains in the S&P 500 and Nasdaq Composite.Although major companies' earnings have been mixed in the third quarter, which has shown slowing growth and a few major disappointments from the tech sector, the gains are still impressive.A number of companies are reporting earnings this week, including Uber, Pfizer, and Advanced Micro Devices.
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Today Top Movers
Actinium Pharmaceuticals Inc. (ATNM) stock soared 13.57% to $11.05 in the pre-market trading after announcing positive top-line results from Pivotal Phase 3 SIERRA trial of Iomab-B in patients with active relapsed or refractory acute Myeloid Leukemia.
First Wave BioPharma Inc. (NASDAQ: FWBI) shares are trading up 18.58% at $1.34 at the time of writing following the declaration from the company that it has entered into an agreement with Rho for its planned Phase 2 clinical trial of an enhanced enteric microgranule delivery formulation for adrulipase.
Mullen Automotive Inc. (MULN) grew over 0.6% at $0.5205 in pre-market trading today. The company recently announced that the Mullen FIVE “Strikingly Different” EV Crossover Tour which began on Thursday, in Pasadena, California, is off to a great start with first day reservations exceeding expectations and overwhelmingly positive customer feedback.
Terran Orbital Corporation (LLAP), a Aerospace & Defense company, rose about 15.63% at $2.96 in pre-market trading Monday following the receipt of $100 million investment from Lockheed Martin.
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Top Upgrades & Downgrades
Barclays turned bullish on Gilead Sciences, Inc. (GILD), upgrading the stock to "Equal Weight" from Underweight and assigning a $76 price target.
TAL Education Group (TAL) has won the favor of BofA's equity research team. The firm upgraded the shares from Underperform to Neutral and moved their price target to $4.70, suggesting 7.55% additional upside for the stock.
Ceridian HCM Holding Inc. (CDAY) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $64. They changed their rating on CDAY to Equal Weight from Underweight in a recently issued research note.
Earlier Monday Raymond James reduced its rating on Heritage Commerce Corp (HTBK) stock to Outperform from Strong Buy and assigned the price target to $15.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Y-mAbs Therapeutics Inc. (YMAB) has been changed to Underweight from Neutral and the new price target is set at $7.
Analysts at BMO Capital downgraded Sonoco Products Company (SON)'s stock to Underperform from Market Perform Monday.
US$0.25 Mining Stock Makes Big-Time Copper-Gold Discovery
With markets cratering, 401(k)s bleeding out, and inflation rising… smart investors are turning to the global mining sector — and particularly the small-cap exploration stocks that are stepping up to produce the key metals needed in the green-energy revolution. This 25-cent miner just secured the pole-position in one of the highest potential copper-gold-silver districts on the entire planet.
Latest Insider Activity
Meta Platforms Inc. (META) Chief Legal Officer Newstead Jennifer announced the sale of shares taking place on Oct 25 at $130.80 for some 342 shares. The total came to more than $44734.0.
PG&E Corporation (PCG) 10% Owner PG&E Fire Victim Trust sold on Oct 27 a total 35,000,000 shares at $14.77 on average. The insider’s sale generated proceeds of almost $516.95 million.
Alphabet Inc. (GOOG) 10% Owner GV 2019 GP, L.L.C. declared the purchase of shares taking place on Oct 24 at $17.00 for some 800,000 shares. The transaction amount was around $13.6 million.
ESSA Pharma Inc. (EPIX) 10% Owner BIOTECH GROWTH N V bought on Oct 27 a total 500,000 shares at $4.50 on average. The purchase cost the insider an estimated $2.25 million.
Free Report: Top Stocks to Consider Heading Into the 2022 Midterms
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Important Earnings
Top US earnings releases scheduled for today include ON Semiconductor Corporation (NASDAQ: ON). It will announce its Sep 2022 financial results. The company is expected to report earnings of $1.31 per share from revenues of $2.12B in the three-month period.
Analysts expect Public Service Enterprise Group Incorporated (NYSE: PEG) to report a net income (adjusted) of $0.83 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2022 is predicted to come in at $2.09B.
Stryker Corporation (SYK), due to announce earnings after the market closes today, is expected to report earnings of $2.23 per share from revenues of $4.46B 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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