4 June - morning newsletter

Good Morning!

The S&P 500 hit an all-time high last Tuesday, but is coming back from that. The broad-based index fell 0.36% to 4,192 points yesterday. Tech giants such as Apple (-1.22%), Amazon (-1.48%), Netflix (-2.02%) and Tesla (-5.44%) were under pressure. As a result, the Nasdaq fell 1.03% to a position of 13,614 points. There was no apparent reason for the decline and the latest unemployment figures were better than expected. The number of first-time unemployment benefits claims for the week ending May 29 was 385,000.Paycheck processor ADP 's preliminary jobs report said the US job market benefited from the economy's reopening. This was reflected in private employment growth in May. In total, 978,000 new jobs are said to have been created in May, a big increase from April's 654,000 and the largest increase since June 2020. Analysts had previously forecast 680,000 new jobs.

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Today Top Movers

Senseonics Holdings Inc. (SENS) stock soared 36.59% to $2.8 in the pre-market trading after declaring results of the PROMISE study demonstrating strong accuracy of 180 Day CGM Sensor.Salarius Pharmaceuticals Inc. (NASDAQ: SLRX) shares are trading up 15.71% at $1.62 at the time of writing.Progenity Inc. (PROG) grew over 11.37% at $2.35 in pre-market trading today. The company recently revealed a transformation strategy that will focus the company primarily on its robust R&D pipeline and better position the business for future growth.Coherus BioSciences Inc. (CHRS), a Biotechnology company, rose about 10.66% at $14.43 in pre-market trading Friday after Coherus and Junshi Biosciences announced positive results from the pivotal study “JUPITER-02”,.

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Top Upgrades & Downgrades

UBS turned bullish on United States Steel Corporation (X), upgrading the stock to Neutral and assigning a $30 price target, representing a potential upside of 15.87% from Thursday's close.

BHP Group (BHP) has won the favor of Exane BNP Paribas' equity research team. The firm upgraded the shares from Underperform to Neutral.

Penumbra Inc. (PEN) received an upgrade from analysts at BTIG, who also set their one-year price target on the stock to $291. They changed their rating on PEN to Buy from Neutral in a recently issued research note.

Earlier Friday Cowen reduced its rating on Workhorse Group Inc. (WKHS) stock to Market Perform from Outperform and assigned the price target to $13.

Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Associated Banc-Corp (ASB) has been changed to Equal Weight from Overweight and the new price target is set at $24.00.

Analysts at Exane BNP Paribas downgraded Freeport-McMoRan Inc. (FCX)'s stock to Neutral from Outperform Friday.

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Latest Insider Activity

Airbnb Inc. (ABNB) Chief Technology Officer BALOGH ARISTOTLE N announced the sale of shares taking place on Jun 02 at $150.00 for some 10,000 shares. The total came to more than $1.5 million.

VMware Inc. (VMW) EVP, Worldwide Sales Brulard Jean Pierre sold on Jun 02 a total 81,163 shares at $160.35 on average. The insider’s sale generated proceeds of almost $0.13 million.

Dollar Tree Inc. (DLTR) Director Lewis Lemuel E declared the purchase of shares taking place on Jun 02 at $98.42 for some 1,000 shares. The transaction amount was around $98421.0.

Dun & Bradstreet Holdings Inc. (DNB) Chief Financial Officer Hipsher Bryan T. bought on Jun 02 a total 114,227 shares at $21.00 on average. The purchase cost the insider an estimated $63,000.

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Important Earnings

Jiayin Group Inc. (NASDAQ:JFIN). It will announce its Mar 2021 financial results on Monday. The company is expected to report earnings of $0.21 per share from revenues of $54.84M in the three-month period.

Analysts expect Marvell Technology Inc. (NASDAQ:MRVL) to report a net income (adjusted) of $0.27 per share, when the company releases its quarterly results on Monday. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $804.21M.

Hooker Furniture Corporation (HOFT), due to announce earnings before the market opens today, is expected to report earnings of $0.21 per share from revenues of $121.39M 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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