7 may - morning newsletter

Watch the 4 Stocks Closely Today

May 07, 2021

Good Morning!

The S&P 500 was up 0.82% to 4,201 points. The Nasdaq 100 technology index also rose 0.82% to 13,613 points. Liberty Global was the strongest share of the Nasdaq 100, up more than 5%. The weakest stock was Cognizant Technology Solutions, down nearly 8%. The Dow Jones hit a new all-time high. The Dow rose 0.93% and closed at 34,548 points. Since the March 2020 COVID-19 dip, the Dow is up a whopping 89.75%. Year-to-date, the oldest US stock index shows a performance of almost 13%. The dollar index fell 0.40%. Today we get labor market figures from the US. In most cases, this is an event that can cause increased volatility, both in stocks and in the US dollar.With the continuing upward trend in the value of certain assets, the Fed has issued a warning. If investors' appetite for risk were to fall, the high valuation could endanger the stability of the financial system. Jerome Powell comes with a remarkable message. He said that as long as interest rates remain low, we are likely to continue to see such high valuations. In other words, should the Fed hike rates, there is a chance that a significant correction will be imminent.

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Today Top Movers

GoPro Inc. (GPRO) stock soared 9.96% to $11.48 in the pre-market trading. The most recent rating by Citigroup, on March 16, 2020, is a Sell. GoPro Announces First Quarter 2021 Results.iBio Inc. (AMEX: IBIO) shares are trading up 31.16% at $1.81 at the time of writing. Company’s 52-week ranged between $0.96 to $7.45. Analysts have a consensus price target of $3.Acasti Pharma Inc. (ACST) grew over 20.79% at $0.4892 in pre-market trading today after the firm announced that it has entered into a definitive agreement to acquire Grace Therapeutics.Peloton Interactive Inc. (PTON), a Leisure company, rose about 4.18% at $87.28 in pre-market trading Friday.

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Top Upgrades & Downgrades

Jefferies turned bullish on Tilray Inc. (TLRY), upgrading the stock to "Buy" and assigning a $23.0 price target, representing potential downside of -20.1% from Thursday's close.

SVB Leerink turned bullish on Epizyme Inc. (EPZM), upgrading the stock to "Outperform" and assigning a $16.0 price target.

Albemarle Corporation (ALB) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $152.0. They changed their rating on ALB to Neutral from Underweight in a recently issued research note.

Earlier Friday Stifel reduced its rating on ChemoCentryx Inc. (CCXI) stock to Hold from Buy and assigned the price target to $26.0. With shares trading at around $27.49.

BMO Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for VEREIT Inc. (VER) has been changed to Market Perform from Outperform and the new price target is set at $48.0.

Analysts at Barclays downgraded Air Products and Chemicals Inc. (APD)'s stock to Equal-Weight from Overweight on Friday.

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Latest Insider Activity

Palantir Technologies Inc. (PLTR) See Remarks Karp Alexander C. announced the sale of shares taking place on May 06 at $20.14 for some 638,629 shares. The total came to more than $12.86 million.

The Procter & Gamble Company (PG) Director PELTZ NELSON sold on May 06 a total 6,116,290 shares at $134.63 on average. The insider’s sale generated proceeds of almost $134.15 million.

Athenex Inc. (ATNX) CEO and Chairman of the Board LAU JOHNSON YIU NAM declared the purchase of shares taking place on May 06 at $3.99 for some 5,000 shares. The transaction amount was around $19950.0.

Sunnova Energy International Inc. (NOVA) See Remarks Berger William J bought on May 06 a total 166,954 shares at $30.72 on average. The purchase cost the insider an estimated $18,434.

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Important Earnings

Top US earnings releases scheduled for today include Ocugen Inc. (NASDAQ:OCGN). It will announce its Mar 2021 financial results. The company is expected to report earnings of $0.49 per share from revenues of $78.1M in the three-month period.

Analysts expect DraftKings Inc. (NASDAQ:DKNG) to report a net income (adjusted) of -$0.42 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2021 is predicted to come in at $236.19M.

Nikola Corporation (NKLA), due to announce earnings after the market closes today, is expected to report earnings of -$0.27 per share.

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

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