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- Aug - 18 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 18 - NH - Morning Newsletter (with survey at top and bottom)
Uncover and Invest: 4 Stocks with High-Potential Upside
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Good Morning!
Stock futures experienced a decline on Friday, following a third consecutive day of drops in the major averages. Dow Jones Industrial Average futures witnessed a decrease of 58 points, equivalent to 0.1%. Simultaneously, S&P 500 futures exhibited a dip of 0.2%, and Nasdaq-100 futures recorded a 0.5% drop.The Dow is currently on track for its most challenging week since March, with a decline of 2.29% up to Thursday. Similarly, the S&P 500 is approaching a third successive week of losses, marking a streak unseen since February. Additionally, the Nasdaq Composite is also heading towards its third consecutive week of decline, which hasn't been observed since December.Meanwhile, both the Dow Transports and the Russell 2000 are facing their most challenging weeks since March.As earnings season continues, Applied Materials saw an increase of nearly 3% in extended trading following the semiconductor equipment maker's surpassing of analysts' expectations in terms of both top and bottom lines. Ross Stores also experienced a positive jump of approximately 5% after exceeding second-quarter forecasts.On Thursday, the 10-year U.S. Treasury yield rose to its highest level since October 2022. This increase followed the release of July meeting minutes from the Federal Reserve, which suggested the possibility of further interest rate hikes due to ongoing concerns about inflation.
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Today Top Movers
Neptune Wellness Solutions Inc. (NEPT) stock soared 71.92% to $0.2369 in the pre-market trading after reporting fiscal first quarter 2024 financial results.
Applied Materials Inc. (NASDAQ: AMAT) shares are trading up 3.21% at $142 at the time of writing following the release of third quarter 2023 results.
Alpha Tau Medical Ltd. (DRTS) grew over 11.67% at $4.02 in pre-market trading today. The company recently announced robust long-term safety and efficacy data from multiple clinical trials of Alpha DaRT.
Mullen Automotive Inc. (MULN), a Auto Manufacturers company, rose about 1.76% at $0.8039 in pre-market trading Friday after announcing the start of the Company’s $25 million stock buyback program with the repurchase of 3.7 million shares of common stock, which started on Aug. 16, 2023, and can continue through Dec. 31, 2023, for an aggregate of $3,626,000.
Our Top 4 "Cheap Stocks" for the Rest of 2023
The stock market has had a fantastic first half of 2023, with historic gains for the Nasdaq in particular.
And our analysts have uncovered 4 "cheap stocks" that could benefit from bullish conditions heading into the back half of the year.
A small move in share price can go a long way with these four.
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Top Upgrades & Downgrades
B. Riley Securities turned bullish on Marvell Technology Inc. (MRVL), upgrading the stock to "Buy" and assigning a $75 price target, representing potential upside of 30.3% from Thursday's close.
Globe Life Inc. (GL) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Underweight to Equal-Weight and moved their price target to $131, suggesting 17.02% additional upside for the stock.
Foot Locker Inc. (FL) received an upgrade from analysts at Williams Trading. They changed their rating on FL to Hold from Sell in a recently issued research note.
Earlier Friday JP Morgan reduced its rating on Farfetch Limited (FTCH) stock to Neutral from Overweight and assigned the price target to $6.
Loop Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for XPO Inc. (XPO) has been changed to Hold from Buy and the new price target is set at $74.
Analysts at Edward Jones downgraded The Cigna Group (CI)'s stock to Hold from Buy Friday.
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Latest Insider Activity
Evolv Technologies Holdings Inc. (EVLV) Founder & Chief Innovation Ofc Ellenbogen Michael announced the sale of shares taking place on Aug 16 at $7.26 for some 83,334 shares. The total came to more than $0.61 million.
ADMA Biologics Inc. (ADMA) EVP, CFO LENZ BRIAN sold on Aug 16 a total 178,184 shares at $4.45 on average. The insider’s sale generated proceeds of almost $0.79 million.
Meta Materials Inc. (MMAT) CEO and President Palikaras Georgios declared the purchase of shares taking place on Aug 16 at $0.23 for some 100,000 shares. The transaction amount was around $22660.0.
Marqeta Inc. (MQ) Director SULLIVAN GODFREY bought on Aug 15 a total 200,000 shares at $5.88 on average. The purchase cost the insider an estimated $1.18 million.
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Important Earnings
Top US earnings releases scheduled for today include The Estee Lauder Companies Inc. (NYSE:EL). It will announce its Jun 2023 financial results. The company is expected to report earnings of -$0.03 per share from revenues of $3.47B in the three-month period.
Analysts expect Deere & Company (NYSE:DE) to report a net income (adjusted) of $8.2 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $14.25B.
Palo Alto Networks Inc. (PANW), due to announce earnings after the market closes today, is expected to report earnings of $1.28 per share from revenues of $1.96B 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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