8 Sep - Morning Newsletter

Good Morning!

The US S&P 500 fell on Tuesday amid investors concerns that the spread of COVID-19 will put pressure on economic growth.New data indicates that the US economy is losing momentum as the summer ends: consumers are less willing to spend, employers are hiring fewer people, and companies are adapting to changing sanitation requirements.The S&P 500 closed down 15.40 points, or 0.3%, at 4520.03 on Tuesday. The Dow Jones Industrial Average fell 269.09 points, or 0.8%, to 35,100.00. The Nasdaq Composite rose 10.81 points, or 0.1%, to 15374.33, a record closing level.The surge in coronavirus cases this summer has forced many employers to delay plans to return employees to their offices. The tourism industry's hopes for a resumption of business travel have also not materialized yet.On Friday, the Labor Department's employment report indicated a significant slowdown in hiring new workers in August, another sign of the impact of the delta strain of coronavirus on economic recovery.

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Today Top Movers

Kadmon Holdings Inc. (KDMN) stock soared 76.6% to $9.36 in the pre-market trading following the news that Sanofi will acquire Kadmon Holdings for $1.9 billion.

India Globalization Capital Inc. (AMEX: IGC) shares are trading up 18.24% at $1.88 at the time of writing after completing its phase 1 clinical trial on Alzheimer’s patients, reports safety, and tolerability.

Nano Dimension Ltd. (NNDM) grew over 3.78% at $6.59 in pre-market trading today after announcing a collaboration with Fraunhofer Institute to develop the next generation of 3D printing systems.

Lands' End Inc. (LE), a Specialty Retail company, dropped about 0.0% at $27.33 in pre-market trading Wednesday after announcing the third collection in their partnership, the Draper James X Lands’ End Fall/Holiday 2021 Home and Sleepwear Collection.

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Top Upgrades & Downgrades

Berenberg turned bullish on Albemarle Corporation (ALB), upgrading the stock to "Buy" and assigning a $280.00 price target, representing potential upside of 17.14% from Tuesday's close.

Ollie's Bargain Outlet Holdings Inc. (OLLI) has won the favor of Berenberg's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $98.00, suggesting 34.76% additional upside for the stock.

New Gold Inc. (NGD) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $1.50. They changed their rating on NGD to Sector Perform from Underperform in a recently issued research note.

Earlier Wednesday Goldman Sachs reduced its rating on Universal Health Services Inc. (UHS) stock to Sell from Neutral and assigned the price target to $150.00.

Keybanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Hill-Rom Holdings Inc. (HRC) has been changed to Sector Weight from Overweight.

Analysts at Truist downgraded Goodrich Petroleum Corporation (GDP)'s stock to Hold from Buy Wednesday.

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Latest Insider Activity

GAN Limited (GAN) EVP, Chief Information Officer Knock Simon announced the sale of shares taking place on Sep 07 at $18.00 for some 99,934 shares. The total came to more than $1.8 million.

TuSimple Holdings Inc. (TSP) See Remarks Lu Cheng sold on Sep 07 a total 1,356,643 shares at $42.56 on average. The insider’s sale generated proceeds of almost $1.89 million.

LendingClub Corporation (LC) Director ZEISSER MICHAEL P declared the purchase of shares taking place on Sep 03 at $31.00 for some 1,937 shares. The transaction amount was around $60047.0.

Amicus Therapeutics Inc. (FOLD) Director WHITMAN BURKE W bought on Sep 01 a total 62,082 shares at $11.41 on average. The purchase cost the insider an estimated $17,115.

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Important Earnings

Top US earnings releases scheduled for today include Lululemon Athletica Inc. (NASDAQ:LULU). It will announce its Jul 2021 financial results. The company is expected to report earnings of $1.19 per share from revenues of $1.33B in the three-month period.

Analysts expect SentinelOne Inc. (NYSE:S) to report a net income (adjusted) of -$0.2 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2021 is predicted to come in at $40.4M.

GameStop Corp. (GME), due to announce earnings after the market closes today, is expected to report earnings of -$0.66 per share from revenues of $1.12B 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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