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- Apr 25 - NH - Morning Newsletter (with survey at top and bottom)
Apr 25 - NH - Morning Newsletter (with survey at top and bottom)
The Early Stock Report: Best Performing Stocks for Today
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Good Morning!Traders eagerly anticipate the corporate earnings announcements from several Big Tech companies and consumer discretionary names, but unfortunately, U.S. stock futures slipped on Tuesday, putting a damper on the mood. The Dow Jones Industrial Average futures fell by 152 points, or 0.5%, and the S&P 500 and Nasdaq-100 futures both dipped by 0.5%. However, there's still hope for a rebound as investors look forward to hearing from Amazon and Microsoft, which are both slated to report after the bell today.Unfortunately, not all news is good news. First Republic Bank recently posted its latest quarterly results, and the numbers are concerning. Deposits dropped a staggering 40% to $104.5 billion in the first quarter, causing the bank's shares to slide by about 20%. However, there is a silver lining. The bank has since stabilized and plans to trim expenses, including slashing headcount by 20% to 25% in the second quarter.But let's not forget the other companies that will be announcing their quarterly earnings today. UPS, 3M, Verizon, JetBlue, and General Motors will be announcing their results before the bell, and investors will also be keeping an eye on UBS's report, which will be its first earnings release since its acquisition of Credit Suisse. Large-cap consumer names McDonald's and PepsiCo will also be issuing their results. With so much happening in the market today, it's sure to be an exciting day for investors.
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Today Top Movers
Virios Therapeutics Inc. (VIRI) stock soared 36.85% to $0.8557 in the pre-market trading. Virios Therapeutics Announces Initial FDA Feedback on Proposed IMC-1 Phase 3 Program for Treatment of Fibromyalgia.
Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) shares are trading up 29.95% at $0.8973 at the time of writing. Company’s 52-week ranged between $0.31 to $1.57. Analysts have a consensus price target of $12. The company announced with Assertio Holdings, Inc. that they have entered into a definitive agreement pursuant to which Assertio will acquire all outstanding shares of Spectrum in an all-stock and contingent value rights transaction.
Medpace Holdings Inc. (MEDP) grew over 21.76% at $228.0 in pre-market trading today. Medpace Holdings, Inc. Reports First Quarter 2023 Results.
Agrify Corporation (AGFY), a Engineering & Construction company, rose about 15.03% at $0.2442 in pre-market trading Tuesday. Agrify Corporation Announces Termination of Warrant Inducement Transaction.
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Top Upgrades & Downgrades
Jefferies turned bullish on XPeng Inc. (XPEV), upgrading the stock to Hold and assigning a $9.3 price target, representing potential upside of 0.22% from Monday's close.
Universal Health Services Inc. (UHS) has won the favor of Barclays' equity research team. The firm upgraded the shares from Underweight to Equal-Weight and moved their price target to $142, suggesting 0.92% additional upside for the stock.
ZTO Express (Cayman) Inc. (ZTO) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $42. They changed their rating on ZTO to Buy from Neutral in a recently issued research note.
Earlier Tuesday Jefferies reduced its rating on Capri Holdings Limited (CPRI) stock to Hold from Buy and assigned the price target to $45.
Goldman Sachs analysts reduced their investment ratings, saying in research reports covered by the media that its rating for PDD Holdings Inc. (PDD) has been changed to Neutral from Buy and the new price target is set at $93.
Analysts at Stifel downgraded ASML Holding N.V. (ASML)'s stock to Hold from Buy Tuesday.
Copper Prices Expected To Soar - Are You Ready?
Copper is the third most-consumed industrial metal in the world and massive infrastructure spending is expected to drive the price of copper to new all-time highs. With solid market fundamentals and a proven track record, this company has identified new targets and is poised for growth.
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Latest Insider Activity
Ginkgo Bioworks Holdings Inc. (DNA) See remarks Kelly Jason R announced the sale of shares taking place on Apr 20 at $1.28 for some 100,000 shares. The total came to more than $0.13 million.
The Procter & Gamble Company (PG) CEO - Baby, Fem & Family Care Francisco Ma. Fatima sold on Apr 24 a total 8,000 shares at $156.84 on average. The insider’s sale generated proceeds of almost $1.25 million.
U.S. Bancorp (USB) Director Colberg Alan B. declared the purchase of shares taking place on Apr 21 at $34.14 for some 10,000 shares. The transaction amount was around $0.34 million.
Citizens Financial Group Inc. (CFG) Director Subramaniam Shivan S. bought on Apr 21 a total 3,300 shares at $28.79 on average. The purchase cost the insider an estimated $95,007.
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Important Earnings
Top US earnings releases scheduled for today include General Motors Company (NYSE: GM). It will announce its Mar 2023 financial results. The company is expected to report earnings of $1.71 per share from revenues of $38.95B in the three-month period.
Analysts expect Microsoft Corporation (NASDAQ: MSFT) to report a net income (adjusted) of $2.23 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $51.02B.
Alphabet Inc. (GOOG), due to announce earnings after the market closes today, is expected to report earnings of $1.06 per share from revenues of $68.83B 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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