6 Jul - morning newsletter

Good Morning!

US stocks were closed yesterday and futures are currently virtually unchanged. In Europe, as is often the case when the US is closed, there was little movement. The Euro Stoxx 50 was only up 0.075% and the other European indices also ended virtually unchanged. However, attention was paid to the commodity markets. Gold and silver moved up and today gold is again 0.81% higher and the shiny metal is again well above $1800 per troy ounce.Most attention, however, was focused on the oil price. OPEC countries have failed to reach an agreement. For the time being, therefore, it appears that production restrictions will remain intact. OPEC+'s current production agreement expires in April 2022. Saudi Arabia and Russia, and virtually all other OPEC+ countries, want to extend the agreement until the end of next year. The United Arab Emirates (UAE) has rejected that proposal for an extension unless the maximum oil production per day is increased.The oil sheiks did not come out yesterday and the meetings have ended. For the time being, the market now assumes that the current situation will remain intact, which is why the oil price continues to rise. However, if the disagreements escalate or if, for example, the UAE decides to increase production single-handedly, the oil price may actually fall. The US oil price today rose by 0.34% to $76.60 and you now pay $77.38 for a barrel of Brent.

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Today Top Movers

Odonate Therapeutics Inc. (ODT) stock soared 34.87% to $4.68 in the pre-market trading after Odonate Therapeutics Inc (ODT) stock is up 34.29% after an SEC filing showed that Ikarian Capital has raised its stake to more than 5%. Currently, the biotech firm owns more than 2 million shares, which translates to a 5.2% stake.

IVERIC bio Inc. (NASDAQ: ISEE) shares are trading up 67.51% at $13.3 at the time of writing after receiving written agreement from the U.S. Food and Drug Administration (FDA) under a Special Protocol Assessment (SPA) for the overall design of GATHER2.

MediciNova Inc. (MNOV) grew over 0.97% at $4.15 in pre-market trading today following the receipt of notice of allowance for a new patent covering MN-166 (ibudilast) for the treatment of Ophthalmic disease from U.S. Patent and Trademark Office.

Bridgeline Digital Inc. (BLIN), a Software - Infrastructure company, rose about 34.89% at $12.1 in pre-market trading Tuesday. The company recently reported that it has received over $2.5M in cash as a result of warrant exercises.

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on Ingersoll Rand Inc. (IR), upgrading the stock to "Buy" and assigning a $59.00 price target, representing potential upside of 21.42% from Friday's close.

Principal Financial Group, Inc. (PFG) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $82.00, suggesting 29.60% additional upside for the stock.

Hologic, Inc. (HOLX) received an upgrade from analysts at Evercore ISI, who also set their one-year price target on the stock to $78.00. They changed their rating on HOLX to Outperform from In Line in a recently issued research note.

Earlier Tuesday Scotiabank reduced its rating on Alliant Energy Corporation (LNT) stock to Sector Perform from Outperform.

BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Medical Properties Trust, Inc. (MPW) has been changed to Neutral from Buy and the new price target is set at $21.50.

Analysts at UBS downgraded Virgin Galactic Holdings, Inc. (SPCE)'s stock to Neutral from Buy Tuesday.

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Latest Insider Activity

Flex Ltd. (FLEX) President, Agility Solutions Hartung Michael P announced the sale of shares taking place on Jun 30 at $17.82 for some 1,735 shares. The total came to more than $30920.0.

Electronic Arts Inc. (EA) Chief Studios Officer Miele Laura sold on Jul 01 a total 32,932 shares at $142.31 on average. The insider’s sale generated proceeds of almost $0.93 million.

Foley Trasimene Acquisition Corp. (WPF) Gravelle Michael L declared the purchase of shares taking place on Jun 28 at $9.98 for some 10,000 shares. The transaction amount was around $99843.0.

Doximity Inc. (DOCS) 10% Owner EMERGENCE CAPITAL PARTNERS II bought on Jun 28 a total 775,000 shares at $26.00 on average. The purchase cost the insider an estimated $20.15 million.

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Important Earnings

Top US earnings releases scheduled for Tomorrow include MSC Industrial Direct Co. Inc. (NYSE:MSM). It will announce its May 2021 financial results. The company is expected to report earnings of $1.37 per share from revenues of $847.22M in the three-month period.

Analysts expect WD-40 Company (NASDAQ:WDFC) to report a net income (adjusted) of $1.15 per share, when the company releases its quarterly results tomorrow. Revenue for the fiscal quarter ended May 2021 is predicted to come in at $108.33M.

That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team

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