7 Sep - Morning Newsletter

Good Morning!

Stock markets in New York were closed on Monday in observance of Labor Day. The American stock markets are very strong and have been rising for more than a year, without significant corrections. September and October have historically been known as 'bad months'. Here and there well-known names start to 'predict' a correction of 10%.However, a week after the start of September, the main averages have all risen again. So far this year, the Dow Jones is up 15.5%, the S&P 20.7% and the Nasdaq Composite 19.2%. These returns are of course well above the long-term average, but in history we have seen larger annual increases. In my view, the markets will not correct until there is more clarity about the phasing out of support from the Federal Reserve. It is also important to keep an eye on the development of interest rates. Usually when interest rates start to rise sharply, that puts a brake on the growth of equities.No major US economic data will be released on Tuesday. Later in the week, Mary Daly, president of the Federal Reserve Bank of San Francisco, will speak at a conference hosted by the Brookings Institute.

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Today Top Movers

Match Group Inc. (MTCH) stock soared 13.37% to $168.0 in the pre-market trading following news that the company is joining the S&P 500.

RenovoRx Inc. (NASDAQ: RNXT) shares are trading up 55.89% at $12.3 at the time of writing after receiving a new 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its proprietary RenovoCath Delivery System.

IronNet, Inc. (IRNT) is up 84.15% to $30.68 in the premarket trading session. The recently completed a business combination with special purpose acquisition company LGL Systems Acquisition Corp.

Mechel PAO (MTL) grew over 35.94% at $4.35 in pre-market trading today.

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Top Upgrades & Downgrades

Deutsche Bank turned bullish on Ventas Inc. (VTR), upgrading the stock to "Buy" and assigning a $66.00 price target, representing potential upside of 17.19% from Friday's close.

Spotify Technology S.A. (SPOT) has won the favor of Keybanc's equity research team. The firm upgraded the shares from Sector Weight to Overweight and moved their price target to $340.00, suggesting 36.57% additional upside for the stock.

Southern Co (SO) received an upgrade from analysts at Guggenheim, who also set their one-year price target on the stock to $72.00. They changed their rating on SO to Buy from Neutral in a recently issued research note.

Earlier Tuesday Morgan Stanley reduced its rating on Johnson & Johnson (JNJ) stock to Equal-Weight from Overweight and assigned the price target to $187.00.

Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Amgen Inc. (AMGN) has been changed to Equal-Weight from Overweight and the new price target is set at $251.00.

Analysts at Morgan Stanley downgraded Merck & Co. Inc. (MRK)'s stock to Equal-Weight from Overweight Tuesday.

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Latest Insider Activity

Amyris Inc. (AMRS) CHIEF OPERATING OFFICER ALVAREZ EDUARDO announced the sale of shares taking place on Sep 02 at $14.86 for some 17,605 shares. The total came to more than $0.26 million.

ZoomInfo Technologies Inc. (ZI) 10% Owner Carlyle Group Inc. sold on Sep 02 a total 0 shares at $62.00 on average. The insider’s sale generated proceeds of almost $64.23 million.

E2open Parent Holdings Inc. (ETWO) Director Chu Chinh declared the purchase of shares taking place on Sep 01 at $10.60 for some 28,302 shares. The transaction amount was around $0.3 million.

DXC Technology Company (DXC) Director FERNANDEZ RAUL J bought on Sep 01 a total 55,792 shares at $33.88 on average. The purchase cost the insider an estimated $44,863.

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Important Earnings

Top US earnings releases scheduled for today include Dada Nexus Limited (NASDAQ:DADA). It will announce its Jun 2021 financial results. The company is expected to report earnings of -$2.38 per share from revenues of $1.41B in the three-month period.

Analysts expect Casey's General Stores Inc. (NASDAQ: CASY) to report a net income (adjusted) of $2.96 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $3.02B.

Dynagas LNG Partners LP (DLNG), due to announce earnings after the market closes today, is expected to report earnings of $0.21 per share from revenues of $33.13M 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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