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- Aug - 04 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 04 - NH - Morning Newsletter (with survey at top and bottom)
Dawn of Opportunity: 4 Stocks Ready to Break Out
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Good Morning!
It's been a thrilling morning on Wall Street as Nasdaq-100 futures ticked higher, setting the stage for an action-packed day ahead. The spotlight is on big-name technology companies, with investors eagerly parsing the latest earnings reports. And let's not forget, there's a major employment report scheduled to drop later today, adding to the excitement!The tech-heavy index is showing its strength, with futures rising 0.6%, while the broader S&P 500 futures are climbing 0.4%. Not to be outdone, the Dow Jones Industrial Average futures are also gaining ground, up by 68 points or 0.2%. The markets are bubbling with anticipation!Last night's earnings bonanza certainly had its fair share of fireworks. Amazon soared an impressive 8.6% after surpassing profit expectations and offering positive guidance. On the other hand, Apple experienced a minor setback, losing around 1.7% as its revenue came in slightly lower compared to the same quarter last year. But the excitement doesn't stop there! Airbnb faced a slide due to slower-than-anticipated growth in nights and experiences booked, while DraftKings and Dropbox rallied with gains of approximately 14% and 4%, respectively, after delivering reports that exceeded analysts' expectations.We're in the heart of earnings season, and the numbers are looking impressive! Approximately 79% of S&P 500 companies have already disclosed their results, with an impressive 80% beating Wall Street expectations, according to FactSet. The markets are buzzing with positive surprises!But it's not just earnings that have traders on their toes. The eagerly awaited jobs data is set to arrive this morning, providing valuable insights into the labor market and the overall economy. Investors are keeping a close eye on hourly earnings growth, hoping to gauge the impact of previous interest rate hikes by the Federal Reserve on the economy.So, what are economists predicting? Nonfarm payrolls are expected to grow by 200,000 in July, while the unemployment rate should hold steady at 3.6%. Additionally, average hourly wages are projected to rise by 0.3% from June and a robust 4.2% on an annualized basis. The numbers are fueling the market's anticipation!
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Today Top Movers
Tupperware Brands Corporation (TUP) stock soared 57.1% to $5.53 in the pre-market trading after announcing debt restructuring.
Polished.com Inc. (AMEX: POL) shares are trading up 33.17% at $0.273 at the time of writing after announcing that it has received a notification letter from the New York Stock Exchange that it has officially regained compliance with the NYSE American’s continued listing standards.
Missfresh Limited (MF) grew over 37.5% at $0.708 in pre-market trading today. The company announced share purchase agreements for financing and business acquisition.
Atlassian Corporation (TEAM), a Software - Application company, rose about 22.52% at $207.85 in pre-market trading Friday following the release of fourth quarter and fiscal year 2023 results.
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Top Upgrades & Downgrades
Stephens & Co. turned bullish on Wayfair Inc. (W), upgrading the stock to Overweight and assigning a $105 price target, representing potential upside of 24.01% from Thursday's close.
FMC Corporation (FMC) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Underperform to Neutral and moved their price target to $102, suggesting 11% additional upside for the stock.
Remitly Global Inc. (RELY) received an upgrade from analysts at Wolfe Research, who also set their one-year price target on the stock to $28. They changed their rating on RELY to Outperform from Peer Perform in a recently issued research note.
Earlier Friday JP Morgan reduced its rating on OUTFRONT Media Inc. (OUT) stock to Neutral from Overweight and assigned the price target to $14.
Roth MKM analysts reduced their investment ratings, saying in research reports covered by the media that its rating for CareCloud Inc. (CCLD) has been changed to Neutral from Buy and the new price target is set at $3.
Analysts at TD Cowen downgraded Fortinet Inc. (FTNT)'s stock to Market Perform from Outperform Friday.
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Latest Insider Activity
Roivant Sciences Ltd. (ROIV) Chief Accounting Officer Kumar Rakhi announced the sale of shares taking place on Aug 03 at $12.00 for some 3,681 shares. The total came to more than $44172.0.
Freshworks Inc. (FRSH) Chief Revenue Officer Rathinam Pradeep sold on Aug 03 a total 25,000 shares at $20.31 on average. The insider’s sale generated proceeds of almost $0.51 million.
The Container Store Group Inc. (TCS) CEO & PRESIDENT Malhotra Satish declared the purchase of shares taking place on Aug 03 at $2.61 for some 29,151 shares. The transaction amount was around $75959.0.
Crocs Inc. (CROX) Director SMACH THOMAS J bought on Aug 02 a total 7,500 shares at $105.27 on average. The purchase cost the insider an estimated $789,525.
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Important Earnings
Top US earnings releases scheduled for today include Nikola Corporation (NASDAQ:NKLA). It will announce its Jun 2023 financial results. The company is expected to report earnings of -$0.22 per share from revenues of $15.43M in the three-month period.
Analysts expect fuboTV Inc. (NYSE:FUBO) to report a net income (adjusted) of -$0.31 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $302.11M.
Fisker Inc. (FSR), due to announce earnings before the market opens today, is expected to report earnings of -$0.28 per share from revenues of $159.32M 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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