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- Jul 05 - NH - Morning Newsletter (with survey at top and bottom)
Jul 05 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Market Watch: 4 Stocks to Keep an Eye On
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Good Morning!
U.S. stock futures took a downward turn on Wednesday as Wall Street returned from a holiday break, setting the stage for an eventful trading week.In the pre-market, Dow Jones Industrial Average futures experienced a decline of 93 points, representing a 0.3% drop. Similarly, the S&P 500 and Nasdaq-100 futures saw dips of 0.3% and 0.4%, respectively.After observing a break on Tuesday in observance of the Fourth of July holiday, the markets commenced with limited hours on Monday. Investors had reason for optimism as they kicked off a fresh month, quarter, and half-year. During the shortened trading day, stocks experienced a modest upturn. The Dow Jones Industrial Average made a noteworthy gain of 10.87 points, equivalent to a 0.03% increase. The S&P 500 saw a rise of 0.12%, and the Nasdaq Composite closed higher by 0.21%.These gains served to strengthen an already impressive start to the year. The Nasdaq concluded the first half of the year with its most robust performance since 1983, while the S&P 500 recorded its best first-half advance since 2019. Investor optimism in stocks was fueled by a surge in interest in artificial intelligence. However, the Dow Jones Industrial Average lagged behind, managing only a modest rise of 3.8%.
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Today Top Movers
Wolfspeed Inc. (WOLF) stock soared 14.66% to $65.06 in the pre-market trading. Renesas Electronics Corporation and Wolfspeed, Inc. (WOLF) announced the execution of a wafer supply agreement and $2 billion (USD) deposit by Renesas to secure a 10 year supply commitment of silicon carbide bare and epitaxial wafers from Wolfspeed.
AXT Inc. (NASDAQ: AXTI) shares are trading up 12.82% at $3.96 at the time of writing s it addresses the potential impact of China's new export control regulations on gallium- and germanium-related materials, while confirming that indium phosphide substrates remain unaffected by the regulations.
NLS Pharmaceutics AG (NLSP) grew over 9.17% at $1.31 in pre-market trading today. The company recently declared that it will proceed with phase 3 clinical program (AMAZE) for Mazindol ER for the treatment of Narcolepsy following FDA review and IRB approval of the full study protocol.
Rivian Automotive Inc. (RIVN), a Auto Manufacturers company, rose about 7.82% at $21.09 in pre-market trading Wednesday as Amazon unveils the deployment of Rivian's custom electric delivery vans in Europe, starting with Germany.
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Top Upgrades & Downgrades
Citigroup turned bullish on Transocean Ltd. (RIG), upgrading the stock to Buy and assigning a $9.5 price target, representing potential upside of 36.3% from Monday's close.
Nucor Corporation (NUE) has won the favor of Exane BNP Paribas's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $191, suggesting 15.33% additional upside for the stock.
BioMarin Pharmaceutical Inc. (BMRN) received an upgrade from analysts at BMO Capital, who also set their one-year price target on the stock to $102. They changed their rating on BMRN to Outperform from Market Perform in a recently issued research note.
Earlier Wednesday Exane BNP Paribas reduced its rating on United States Steel Corporation (X) stock to Neutral from Outperform and assigned the price target to $26.
Exane BNP Paribas analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Steel Dynamics Inc. (STLD) has been changed to Neutral from Outperform and the new price target is set at $102.
Analysts at Piper Sandler downgraded Coinbase Global Inc. (COIN)'s stock to Neutral from Overweight Wednesday.
Five Top Summer Stocks to Buy and Hold Now
With the official start to summer is just days away, there's still time to load up on warmer-weather stocks. That includes your travel stocks, weight loss stocks, oil stocks, and even hurricane-related stocks, with storm-season kicking into high gear, too.
In fact, here are five with a history of moving every summer. Enjoy.
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Latest Insider Activity
MannKind Corporation (MNKD) Chief Executive Officer Castagna Michael announced the sale of shares taking place on Jul 03 at $4.07 for some 10,000 shares. The total came to more than $40701.0.
Freshworks Inc. (FRSH) Director NELSON ZACHARY sold on Jul 03 a total 21,463 shares at $17.57 on average. The insider’s sale generated proceeds of almost $0.38 million.
Black Diamond Therapeutics Inc. (BDTX) 10% Owner BIOTECH GROWTH N V declared the purchase of shares taking place on Jun 30 at $5.00 for some 1,000,000 shares. The transaction amount was around $5.0 million.
Adicet Bio Inc. (ACET) Director DUBIN STEVE bought on Jun 30 a total 5,000 shares at $2.40 on average. The purchase cost the insider an estimated $12,000.
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Important Earnings
Top US earnings releases scheduled for tomorrow include Levi Strauss & Co. (NYSE:LEVI). It will announce its May 2023 financial results. The company is expected to report earnings of $0.03 per share from revenues of $1.34B in the three-month period.
Analysts expect Simulations Plus Inc. (NASDAQ:SLP) to report a net income (adjusted) of $0.2 per share, when the company releases its quarterly results tomorrow. Revenue for the fiscal quarter ended May 2023 is predicted to come in at $16.34M.
Kura Sushi USA Inc. (KRUS), due to announce earnings after the market closes Thursday, is expected to report earnings of $0.13 per share from revenues of $49.57M 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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