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- Aug - 02 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 02 - NH - Morning Newsletter (with survey at top and bottom)
Sharpen Your Edge: 4 Noteworthy Stocks in Today's Pre-Market Action
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Good Morning!
Gather 'round, traders! The stage is set for an eventful Wednesday as the U.S. stock futures take a tumble following Fitch's decision to downgrade the country's long-term rating. But fear not, the excitement doesn't end there! The trading floor is buzzing as investors eagerly assess the latest batch of second-quarter earnings results, which have been pouring in.The Dow Jones Industrial Average futures kick off the day with a dramatic slide of 247 points, representing a 0.7% dip. Joining the show, the S&P 500 and Nasdaq-100 futures take center stage with their own twists, dipping 0.9% and 1.1%, respectively.Fitch Ratings certainly caused a stir when they lowered the U.S.'s long-term foreign currency issuer default rating from AAA to AA+ on Tuesday night. Their reason? They're expecting fiscal deterioration over the next three years. Hold on tight, as this development could have far-reaching implications.But amidst the turmoil, there are still moments of triumph for some companies. Advanced Micro Devices steals the spotlight, rising 1% in extended trading after reporting impressive quarterly results that surpassed expectations. On the other side of the stage, SolarEdge Technologies takes a hit, tumbling 12% after missing second-quarter revenue expectations. The market remains unpredictable, and every move matters!Earnings season has been captivating audiences with surprises and strong performances. More than halfway through, the results have been stronger than expected, with approximately 82% of S&P 500 companies posting positive surprises, according to FactSet data. It's no wonder that bullish investor sentiment remains high, propelling stocks further in their recovery since the third quarter began.As the curtain rises on Wednesday, all eyes are on CVS Health, Yum! Brands, and Humana, set to report their earnings before the opening bell. Their performances could sway the market's sentiment and leave investors eagerly awaiting the results.But that's not all! We're in for a double feature today. Traders are eagerly anticipating the July ADP jobs report before the market opens. According to economists polled by Dow Jones, a 175,000 increase is expected, which would be lower than the 497,000 rise in the prior month. The job market's performance could be a game-changer, so stay tuned for the big reveal!
3 AI Stocks Set to Soar in 2023
Eric Fry just released the names of 3 AI-driven stocks he believes every investor should own, even in these crazy markets - one stock is up over 100% since the beginning of 2023.
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Today Top Movers
Crown ElectroKinetics Corp. (CRKN) stock soared 44.78% to $0.0999 in the pre-market trading. The company reminds its shareholders to vote for the proposed amendments contained in its Form DEF 14A in preparation for its August 11, 2023 shareholder meeting.
e.l.f. Beauty Inc. (NYSE: ELF) shares are trading up 18.11% at $137.6 at the time of writing following the release of first quarter fiscal 2024 results.
Cardlytics Inc. (CDLX) grew over 19.08% at $13.42 in pre-market trading today after announcing second quarter 2023 financial results.
Freshworks Inc. (FRSH), a Software - Application company, rose about 13.32% at $20.67 in pre-market trading Wednesday. The company recently reported second quarter 2023 results.
Investors have all eyes on the "Jewel Of The Lithium Triangle."
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Top Upgrades & Downgrades
BTIG turned bullish on Match Group Inc. (MTCH), upgrading the stock to "Buy" and assigning a $60 price target, representing potential upside of 30.01% from Tuesday's close.
Advanced Micro Devices Inc. (AMD) has won the favor of Citigroup's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $136, suggesting 15.65% additional upside for the stock.
KeyCorp (KEY) received an upgrade from analysts at JP Morgan. They changed their rating on KEY to Neutral from Underweight in a recently issued research note.
Earlier Wednesday JP Morgan reduced its rating on Crestwood Equity Partners LP (CEQP) stock to Underweight from Neutral and assigned the price target to $28.
William Blair analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Bloomin' Brands Inc. (BLMN) has been changed to Market Perform from Outperform.
Analysts at Wolfe Research downgraded ZoomInfo Technologies Inc. (ZI)'s stock to Peer Perform from Outperform Wednesday.
Put These 4 "Cheap Stocks" on Your Radar...
When you're on a budget, finding amazing stocks that are also affordable can be a challenge.
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Latest Insider Activity
Rigetti Computing Inc. (RGTI) Director Fitzgerald Alissa announced the sale of shares taking place on Aug 01 at $2.86 for some 8,000 shares. The total came to more than $22880.0.
Chinook Therapeutics Inc. (KDNY) Chief Scientific Officer King Andrew James sold on Aug 01 a total 1,168 shares at $39.03 on average. The insider’s sale generated proceeds of almost $45586.0.
AGNC Investment Corp. (AGNC) Director Davis Morris A. declared the purchase of shares taking place on Jul 27 at $10.48 for some 4,772 shares. The transaction amount was around $49991.0.
RTX Corporation (RTX) Director Winnefeld James A Jr bought on Jul 26 a total 100 shares at $86.82 on average. The purchase cost the insider an estimated $8,682.
Computer Genius Takes on Wall Street with New Investing A.I.
For years, Wall Street's been using A.I. to gain an edge. Now, a top tech company is "leveling the playing field."
This company just recently put the finishing touches on an A.I. market forecasting system, designed specifically for the everyday person.
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Important Earnings
Top US earnings releases scheduled for today include Teva Pharmaceutical Industries Limited (NYSE:TEVA). It will announce its Jun 2023 financial results. The company is expected to report earnings of $0.52 per share from revenues of $3.71B in the three-month period.
Analysts expect The Kraft Heinz Company (NASDAQ:KHC) to report a net income (adjusted) of $0.76 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $6.81B.
CVS Health Corporation (CVS), due to announce earnings before the market opens today, is expected to report earnings of $2.11 per share from revenues of $86.45B 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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