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- Aug - 01 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 01 - NH - Morning Newsletter (with survey at top and bottom)
Capitalizing on the Early Bird Advantage: 4 Stocks to Monitor Today
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Good Morning!
The U.S. stock futures are giving us a bit of a bumpy start to August, but don't worry, it's just a brief pause after the S&P 500 and Nasdaq have delivered a jaw-dropping performance in the first seven months of the year, setting records that go back decades. And guess what? The excitement doesn't end there! We're heading into Friday with a basket full of corporate and economic catalysts that are sure to keep us on the edge of our seats.As the trading day kicks off, the Dow Jones Industrial Average futures take a slight dip of 100 points, representing 0.3% down, coming off the heels of a solid 100-point gain on Monday that pushed the index to 35,559. The S&P 500 futures are following a similar pattern, also shedding 0.3%, while the tech-savvy Nasdaq contracts are mirroring the trend, sliding down 0.3%.What a historic session we had recently! The S&P 500 has been on fire, soaring almost 20% since the year began, marking its best January-to-June period since 1997. Not to be outdone, the Nasdaq Composite has been a true star, skyrocketing a whopping 37% since the start of the year, achieving its best first seven months since 1975. Bravo, markets!But the real showstopper is set for Friday. Mark your calendars, as we'll witness the market's reaction to Apple's earnings report—scheduled to arrive after the closing bell on Thursday. With Apple being the world's largest public company, you can expect some fireworks! And that's not all; the U.S. jobs report for July is also making its grand entrance on the same day, further adding to the excitement and fueling market dynamics.Earnings season is in full swing, and it's not just Apple hogging the spotlight. We've got a star-studded lineup of companies revealing their results, including BP, Pfizer, JetBlue Airways, Uber Technologies, Advanced Micro Devices, Pinterest, and many more. Brace yourself for some market-moving announcements!Amidst all this action, investors are closely monitoring the U.S. economic outlook, especially after the Federal Reserve's interest-rate hike last week, possibly concluding their inflation-fighting rate increases. Will this mark the end of the cycle, or will there be more surprises in store?Hold on tight, traders! The week is just getting started, and there's no shortage of twists and turns ahead. As we await the unfolding drama, keep your eyes peeled for the ISM manufacturing index for July and the June job openings from the JOLTs report, adding more fuel to the market fire.Get ready for a week packed with excitement, where every move counts, and the markets continue to dazzle and surprise us at every turn!
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Today Top Movers
American Superconductor Corporation (AMSC) stock soared +101.59% to $20.32 in the pre-market trading. The company will report first quarter fiscal Year 2023 financial results on August 9, 2023.
Arista Networks Inc. (NYSE: ANET) shares are trading up 14.77% at $178 at the time of writing following the release of second quarter 2023 financial results.
Emergent BioSolutions Inc. (EBS) grew over 10.32% at $7.59 in pre-market trading today after declaring that it was awarded 10-year BARDA contract valued at up to a maximum of $704 million for advanced development and Procurement of Ebanga™ Treatment for Ebola.
Esperion Therapeutics Inc. (ESPR), a Drug Manufacturers - Specialty & Generic company, rose about 8.92% at $1.71 in pre-market trading Tuesday after reporting second quarter 2023 financial results
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Top Upgrades & Downgrades
RBC Capital turned bullish on ResMed Inc. (RMD), upgrading the stock to Outperform and assigning a $284 price target, representing potential upside of 27.73% from Monday's close.
The Gap Inc. (GPS) has won the favor of Barclays' equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $13, suggesting 26.21% additional upside for the stock.
American Eagle Outfitters Inc. (AEO) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $18. They changed their rating on AEO to Overweight from Equal-Weight in a recently issued research note.
Earlier Tuesday Credit Suisse reduced its rating on New Relic Inc. (NEWR) stock to Neutral from Outperform and assigned the price target to $87.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Reata Pharmaceuticals Inc. (RETA) has been changed to Equal-Weight from Overweight and the new price target is set at $172.
Analysts at Keefe, Bruyette & Woods downgraded SoFi Technologies Inc. (SOFI)'s stock to Underperform from Market Perform Tuesday.
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Latest Insider Activity
Tesla Inc. (TSLA) SVP Powertrain and Energy Eng. Baglino Andrew D announced the sale of shares taking place on Jul 27 at $268.23 for some 10,500 shares. The total came to more than $2.82 million.
Snap Inc. (SNAP) Chief Technology Officer Murphy Robert C. sold on Jul 27 a total 1,000,000 shares at $10.56 on average. The insider’s sale generated proceeds of almost $10.56 million.
Yellow Corporation (YELL) 10% Owner MFN Partners, LP declared the purchase of shares taking place on Jul 28 at $0.65 for some 3,022,488 shares. The transaction amount was around $1.96 million.
Eos Energy Enterprises Inc. (EOSE) Chief Executive Officer Mastrangelo Joe bought on Jul 28 a total 31,199 shares at $2.23 on average. The purchase cost the insider an estimated $69,574.
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Important Earnings
Top US earnings releases scheduled for today include Pfizer Inc. (NYSE:PFE). It will announce its Jun 2023 financial results. The company is expected to report earnings of $0.52 per share from revenues of $12.08B in the three-month period.
Analysts expect Uber Technologies Inc. (NYSE:UBER) to report a net income (adjusted) of -$0.01 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $8.46B.
Sirius XM Holdings Inc. (SIRI), due to announce earnings before the market opens today, is expected to report earnings of $0.07 per share from revenues of $2.24B 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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