7 apr - morning newsletter

4 Stocks to Watch Closely Today

Good Morning

After the strong price gains on Monday, investors in the United States took it easy yesterday. The indices stayed close to home; the S&P 500 closed 0.10% lower at 4,073 points. The Nasdaq closed 0.05% lower at 13,698 points and the Dow Jones lost 0.29%. There was little directional news and investors seem to be taking a more wait-and-see approach. For example, they expect more details about Biden's plans in the infrastructure. Investors will also look forward to the quarterly earnings season starting next week with the major US banks. It was also announced that the US state of California plans to lift most of the corona measures on June 15. By then most of the population will have been vaccinated. In response to vaccination claims, Norwegian Cruise Lines was up 4.6% and Carnival by 1.7% . It looks like the cruise lines will be able to start offering cruise vacations outside the US again in July. Both shares gained approximately 3% after the close of trading. The FOMC will publish its minutes of the latest policy meeting later today. In the latest interest rate decision, the Fed left interest rates untouched, but investors will scour the minutes for clues as to when the Fed might hike rates. 

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Today Top Movers

Altimeter Growth Corp. (AGC) stock soared 20.08% to $15.25 in the pre-market trading following the declaration of Grab’s US listing through merger with Altimeter SPAC at a $35B valuation.Ocugen Inc. (NASDAQ: OCGN) shares are trading up 4.72% at $6.65 at the time of writing. Company’s 52-week ranged between $0.17 to $18.77.Beyond Meat Inc. (BYND) grew over 3.4% at $138.5 in pre-market trading today after the announcement of the grand opening of its new state-of-the-art manufacturing facility in the Jiaxing Economic & Technological Development Zone (JXEDZ) near Shanghai.Entera Bio Ltd. (ENTX), a Biotechnology company, rose about 8.67% at $3.76 in pre-market trading Wednesday.

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Top Upgrades & Downgrades

JP Morgan turned bullish on FibroGen Inc. (FGEN), upgrading the stock to "Neutral" from underweight.

Fox Corporation (FOXA) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Underweight to Equal-Weight and moved their price target to $41.0, suggesting 10.66% additional upside for the stock.

ViacomCBS Inc. (VIAC) received an upgrade from analysts at Wolfe Research, who also set their one-year price target on the stock to $70. They changed their rating on VIAC to Outperform from Peer Perform in a recently issued research note.

Earlier Tuesday Wolfe Research reduced its rating on Paychex Inc. (PAYX) stock to Underperform from Peer Perform and assigned the price target to $94.0.

UBS analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Northern Trust Corporation (NTRS) has been changed to Neutral from Buy and the new price target is set at $122.0.

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Latest Insider Activity

Micron Technology Inc. (MU) EVP, Technology & Products Deboer Scott J announced the sale of shares taking place on Apr 05 at $93.31 for some 25,089 shares. The total came to more than $2.34 million.

BlackBerry Limited (BB) Chief Gv Aff & Pub Pol Officer Dickman Marjorie sold on Apr 02 a total 35,136 shares at $8.73 on average. The insider’s sale generated proceeds of almost $0.14 million.

Amicus Therapeutics Inc. (FOLD) Director WHITMAN BURKE W declared the purchase of shares taking place on Apr 01 at $10.00 for some 1,500 shares. The transaction amount was around $15000.0.

LiveXLive Media Inc. (LIVX) CEO & Chairman ELLIN ROBERT S bought on Mar 30 a total 1,586,566 shares at $4.04 on average. The purchase cost the insider an estimated $40,354.

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Important Earnings

Top US earnings releases scheduled for today include Lamb Weston Holdings Inc. (NYSE:LW). It will announce its Feb 2021 financial results. The company is expected to report earnings of $0.51 per share from revenues of $816.45M in the three-month period.

Analysts expect MSC Industrial Direct Co. Inc. (NYSE:MSM) to report a net income (adjusted) of $1.02 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Feb 2021 is predicted to come in at $778.78M.

Dolphin Entertainment Inc. (DLPN), due to announce earnings after the market closes today, is expected to report earnings of -$0.18 per share from revenues of $6.31M 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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