9 Jul - morning newsletter

Good Morning!

The S&P 500 fell 0.86% yesterday, closing at 4,320 points. Intraday, the broad index was even down more than 1.60%. As yesterday, Biogen was the strongest stock with an increase of 3.86%. The technology stock Nasdaq 100 fell sharply in the first half of the day, but was able to recover strongly in the afternoon. In the end, the index closed 0.60% lower. Moderna was the strongest share with an increase of 4.50%. The Dow closed 0.75 % lower with Boeing's share as the mainstay. The aircraft manufacturer's share closed 2.15% higher. What has often been an indication of weaker trading months in the past is the strength of the US dollar against the Chinese Yuan. When we look at the USD.CNY exchange rate, we see that there is more or less a recovery movement in the exchange rate. If this recovery continues, the S&P 500 could see a deeper correction. 

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Today Top Movers

ToughBuilt Industries Inc. (TBLT) stock soared 42.98% to $1.03 in the pre-market trading after announcing that gross sales through Amazon.com increased 118% to approximately $5.48 million for the first half of 2021, compared to approximately $2.51 million in the first half of 2020.

Carver Bancorp Inc. (NASDAQ: CARV) shares are trading up 24.58% at $27.27 at the time of writing. The stock has experienced a rise in short-sellers wagering against it. Short interest in the stock recently jumped to 68% of the stock’s free float, according to FactSet, making it one of the most shorted stocks by that metric across the New York Stock Exchange and the Nasdaq.

Exela Technologies Inc. (XELA) grew over 5.36% at $2.95 in pre-market trading today. The company recently declared that its $150 million at-the-market equity program has significantly improved its liquidity position by raising $85 million of proceeds.

Moving iMage Technologies, Inc. (MITQ) gained 8.33% to $26 in today’s pre-market trading session following the pricing of its initial public offering of 4,200,000 shares of its common stock at a price of $3.00 per share for total gross proceeds of approximately $12.6 million.

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Top Upgrades & Downgrades

Compass Point turned bullish on Argo Group International Holdings Ltd. (ARGO), upgrading the stock to "Buy" and assigning a $61.00 price target, representing potential upside of 23.46% from Thursday's close.

Terex Corporation (TEX) has won the favor of Deutsche Bank's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $52.00, suggesting 17.01% additional upside for the stock.

Vistra Corp. (VST) received an upgrade from analysts at B of A Securities, who also set their one-year price target on the stock to $23.00. They changed their rating on VST to Buy from Neutral in a recently issued research note.

Earlier Friday Canaccord Genuity reduced its rating on XL Fleet Corp. (XL) stock to Buy from Neutral and assigned the price target to $10.00.

JMP Securities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Cloudera Inc. (CLDR) has been changed to Market Perform from Outperform.

Analysts at Morgan Stanley downgraded Core Laboratories N.V. (CLB)'s stock to Equal-Weight from Overweight Friday.

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Latest Insider Activity

BTRS Holdings Inc. (BTRS) 10% Owner Riverwood Capital Partners II announced the sale of shares taking place on Jul 06 at $11.73 for some 2,474,539 shares. The total came to more than $29.02 million.

Twilio Inc. (TWLO) Chief Financial Officer Shipchandler Khozema sold on Jul 06 a total 77,726 shares at $386.08 on average. The insider’s sale generated proceeds of almost $0.46 million.

Krispy Kreme Inc. (DNUT) Chairman of the Board Goudet Olivier declared the purchase of shares taking place on Jul 06 at $16.02 for some 294,118 shares. The transaction amount was around $4.71 million.

Westwater Resources Inc. (WWR) Director Peacock Deborah A bought on Jul 07 a total 10,400 shares at $4.60 on average. The purchase cost the insider an estimated $24,840.

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Important Earnings

Top US earnings releases scheduled for Monday and Tuesday include Simulations Plus Inc. (NASDAQ:SLP). It will announce its May 2021 financial results. The company is expected to report earnings of $0.18 per share from revenues of $14.74M in the three-month period.

Analysts expect Washington Federal Inc. (NASDAQ: WAFD) to report a net income (adjusted) of $0.51 per share, when the company releases its quarterly results Tuesday. Revenue for the fiscal quarter ended Jun 2021 is predicted to come in at $123.06M.

Conagra Brands Inc. (CAG), due to announce earnings before the market opens Tuesday, is expected to report earnings of $0.52 per share from revenues of $2.71B 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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