6 June - NH - Morning Newsletter

Good Morning!

The difficult week ended on Friday with solid gains for the stock markets. In New York, that gave the S&P 500 a rise of 0.88% and a close at 4,229 points near its previous all-time high. The Nasdaq caught up to gain 1.47% from 13,814 points . Investors reacted enthusiastically to the unemployment figure released by the US government. In May, 559,000 jobs were added and the unemployment rate fell from 6.1% to 5.8%. Economists had previously expected an increase of 671,000 jobs. The jobs report was actually disappointing, but it was seen as strong enough to maintain investor confidence in the economy. At the same time, investors believe it was not strong enough for the Federal Reserve to change monetary policy quickly.US 10-year Treasury yield fell nearly seven basis points to 1.56%Last weekend, the G-7 countries reached an agreement on a global tax reform that would require the world's largest companies to pay at least 15% tax on their profits. That's lower than the Biden administration's initial proposal to apply a minimum tax rate of 21%, which was met with much opposition. Major companies such as Facebook and Google have responded positively to the agreement, but US futures are slightly lower on Monday morning. The S&P and Nasdaq futures are currently losing about 0.2%.

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Today Top Movers

ChromaDex Corporation (CDXC) stock soared 16.0% to $10.37 in the pre-market trading after announcing availability of its flagship consumer product Tru Niagen® in Walmart.

Biogen Inc. (NASDAQ: BIIB) shares are trading up 3.62% at $296.5 at the time of writing. Company’s 52-week ranged between $223.25 to $363.92.

Bionano Genomics Inc. (BNGO) grew over 8.44% at $7.45 in pre-market trading today.

Liminal BioSciences Inc. (LMNL), a biotechnology company, rose about 46.52% at $5.89 in pre-market trading Monday after announcing FDA approval for its Biologics License Application for Ryplazim® (plasminogen, human-tvmh).

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Top Upgrades & Downgrades

Goldman Sachs turned bullish on C.H. Robinson Worldwide Inc. (CHRW), upgrading the stock to "Buy" and assigning a $108.00 price target, representing potential upside of 12.10% from Friday's close.

Tellurian Inc. (TELL) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Underweight to Equal Weight and moved their price target to $8, suggesting 62.27% additional upside for the stock.

Splunk Inc. (SPLK) received an upgrade from analysts at Summit Insights, who also set their one-year price target on the stock to $160.00. They changed their rating on SPLK to Buy from Hold in a recently issued research note.

Earlier Monday Keefe Bruyette reduced its rating on Annaly Capital Management Inc. (NLY) stock to Market Perform from Outperform and assigned the price target to $9.50.

Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Capital One Financial Corporation (COF) has been changed to Neutral from Outperform and the new price target is set at $145.00.

Analysts at Truist downgraded Fidelity National Information Services Inc. (FIS)'s stock to Hold from Buy Monday.

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Latest Insider Activity

AMC Entertainment Holdings Inc. (AMC) EVP & CHIEF CONTENT OFFICER FRANK ELIZABETH F announced the sale of shares taking place on Jun 03 at $43.54 for some 21,462 shares. The total came to more than $0.93 million.

Advanced Micro Devices Inc. (AMD) Chief Accounting Officer SMITH DARLA M sold on Jun 01 a total 8,201 shares at $81.00 on average. The insider’s sale generated proceeds of almost $85455.0.

FireEye Inc. (FEYE) President & COO Watters John P. declared the purchase of shares taking place on Jun 04 at $18.75 for some 25,000 shares. The transaction amount was around $0.47 million.

Corning Incorporated (GLW) Director Ferguson Roger W. Jr. bought on Jun 03 a total 5,518 shares at $42.50 on average. The purchase cost the insider an estimated $59,925.

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Important Earnings

Top US earnings releases scheduled for today include Stitch Fix Inc. (NASDAQ:SFIX). It will announce its Apr 2021 financial results. The company is expected to report earnings of -$0.27 per share from revenues of $510.63M in the three-month period.

Analysts expect Coupa Software Incorporated (NASDAQ:COUP) to report a net income (adjusted) of -$0.19 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2021 is predicted to come in at $151.06M.

Dada Nexus Limited (DADA), due to announce earnings after the market closes today, is expected to report earnings of -$0.38 per share from revenues of $232.42M 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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