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- Aug - 08 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 08 - NH - Morning Newsletter (with survey at top and bottom)
Early Riser Portfolio: Your Guide to 4 Stocks Making Morning Moves
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Good Morning!
Stocks were expected to open lower on Tuesday, as a decline in bank shares and weak China data dampened investor sentiment.Investors were worried about the downgrade of several banks by Moody's, including M&T Bank and Pinnacle Financial. Moody's also placed Bank of N.Y. Mellon and State Street on review for a downgrade.The decline in bank shares weighed on the broader stock market, with futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 all lower.Also weighing on sentiment was a weak China trade data that raised concerns about a slowing global economy. On Tuesday, the U.S. will release important economic updates. At 8:30 a.m. Eastern Time, the U.S. trade balance for June will be made public, followed by the June wholesale inventories report at 10 a.m.Additionally, there will be more information from Federal Reserve officials. Philadelphia Fed President Harker will share his insights at 8:15 a.m., and Richmond Fed President Barkin will give a speech at 8:30 a.m.
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Today Top Movers
Chegg Inc. (CHGG) stock soared 21.64% to $12.2 in the pre-market trading after reporting second quarter 2023 earnings.
Tilray Brands Inc. (NASDAQ: TLRY) shares are trading up 10.36% at $2.45 at the time of writing following the declaration of agreement to acquire Eight Beer & Beverage Brands from Anheuser-Busch.
Kyndryl Holdings Inc. (KD) grew over 13.25% at $14.1 in pre-market trading today. The company released first quarter fiscal 2024 results and raised its full-year rarnings outlook.
Biophytis S.A. (BPTS), a Biotechnology company, rose about 49.03% at $2.31 in pre-market trading Tuesday after announcing that it has received a positive opinion from Belgian authorities to conduct its SARA-31 program, which will be the first phase 3 study ever launched in sarcopenia.
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Top Upgrades & Downgrades
Credit Suisse turned bullish on Tronox Holdings plc (TROX), upgrading the stock to "Neutral" and assigning a $13 price target, representing potential upside of 0.08% from Monday's close.
NovoCure Limited (NVCR) has won the favor of Piper Sandler's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $45, suggesting 67.16% additional upside for the stock.
Paymentus Holdings Inc. (PAY) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $12. They changed their rating on PAY to Neutral from Sell in a recently issued research note.
Earlier Tuesday Telsey Advisory Group reduced its rating on Lowe's Companies Inc. (LOW) stock to Market Perform from Outperform and assigned the price target to $225.
Telsey Advisory Group analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Home Depot Inc. (HD) has been changed to Market Perform from Outperform and the new price target is set at $315.
Analysts at Piper Sandler downgraded Alteryx Inc. (AYX)'s stock to Neutral from Overweight Tuesday.
Free Report: Three of the Top NASDAQ Stocks to Buy Under $10
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Latest Insider Activity
Chevron Corporation (CVX) Vice President GUSTAVSON JEFF B announced the sale of shares taking place on Aug 03 at $160.88 for some 3,750 shares. The total came to more than $0.6 million.
Bristol-Myers Squibb Company (BMY) EVP, Chief Research Officer Plenge Robert M sold on Aug 03 a total 732 shares at $61.14 on average. The insider’s sale generated proceeds of almost $44754.0.
Lexicon Pharmaceuticals Inc. (LXRX) VP, Human Resources McDermott Wendy declared the purchase of shares taking place on Aug 04 at $1.84 for some 6,000 shares. The transaction amount was around $11040.0.
Enterprise Products Partners L.P. (EPD) Director Montgomery William C bought on Aug 04 a total 50,000 shares at $26.60 on average. The purchase cost the insider an estimated $1.33 million.
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Important Earnings
Top US earnings releases scheduled for today include Rivian Automotive Inc. (NASDAQ:RIVN). It will announce its Jun 2023 financial results. The company is expected to report earnings of -$1.41 per share from revenues of $983.05M in the three-month period.
Analysts expect Marathon Digital Holdings Inc. (NASDAQ:MARA) to report a net income (adjusted) of -$0.04 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $92.65M.
AMC Entertainment Holdings Inc. (AMC), due to announce earnings after the market closes today, is expected to report earnings of -$0.04 per share from revenues of $1.29B 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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