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- Jul 07 - NH - Morning Newsletter (with survey at top and bottom)
Jul 07 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Stock Brief: 4 Power Stocks to Watch
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Good Morning!
In the fast-paced world of finance, stock futures found themselves in a holding pattern on a Friday morning. All eyes were fixated on the highly anticipated June jobs report and its potential impact on the Federal Reserve's policy decisions.As the sun rose, futures tied to the Dow Jones Industrial Average and the S&P 500 seemed to have hit a temporary plateau, displaying little change. However, the Nasdaq-100 futures experienced a slight dip of 0.1%, sending ripples of speculation through the trading community.Meanwhile, Levi Strauss, the iconic denim giant, faced a rocky path as its shares tumbled by a staggering 7%. This downward spiral was triggered by the company's decision to revise its profit outlook for the year, leaving investors on edge.The countdown began for the most awaited economic event of the week: the release of the Labor Department's June payrolls report, scheduled for Friday morning. Economists, buzzing with anticipation, had cast their votes in a Dow Jones poll, predicting a growth of 240,000 positions. Although this would mark a slowdown from May's impressive gain of 339,000 jobs, the economic landscape was still expected to show signs of strength.Yet, the stakes were high as investors braced themselves for the possibility of the central bank implementing even tighter policies. Market traders, using the FedWatch tool from CME Group, had set their sights on a 91% likelihood of a rate hike at the upcoming July meeting. The specter of two additional rate hikes loomed, as policymakers had hinted during their June gathering, adding an air of uncertainty to the financial horizon.Unfortunately, the week had not been kind to the three major averages. The S&P 500 struggled, with a decline of approximately 0.9%, while the Nasdaq found itself on track for a 0.8% setback. The Dow, however, appeared to be the weakest link among the trio, with projections pointing to a 1.4% loss.With tension in the air and market dynamics in flux, the stage was set for a crucial day of trading, where every move could shift the balance of power in the financial world. Investors and analysts held their breath, ready to seize opportunities and weather the storm in this ever-evolving landscape of stocks and speculation.
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Today Top Movers
Gorilla Technology Group Inc. (GRRR) stock soared +57.42% to $3.29 in the pre-market trading after signing a contract to deploy the massive smart government project in Egypt.
T2 Biosystems Inc. (NASDAQ: TTOO) shares are trading up +20.48% at $0.1 at the time of writing after announcing conversion of approximately 20%t of CRG term loan into equity.
Alibaba Group Holding Limited (BABA) grew over 2.77% at $86.16 in pre-market trading today after Reuters reported that China is likely to announce a fine of more than 8 billion yuan on its fintech affiliate, drawing a line under the probe into the firm founded by Jack Ma.
Avalo Therapeutics Inc. (AVTX), a Biotechnology company, rose about 5.12% at $0.3719 in pre-market trading Friday. The company announced that that Garry A. Neil, M.D., Chief Executive Officer and Chairman of the Board, will participate in the SVB Securities Therapeutics Forum being held Tuesday, July 11th – Wednesday, July 12th, 2023 in New York, NY.
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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Top Upgrades & Downgrades
Wolfe Research turned bullish on ConocoPhillips (COP), upgrading the stock to Outperform and assigning a $120 price target, representing potential upside of 19.59% from Thursday's close.
Newmont Corporation (NEM) has won the favor of Barclays' equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $61, suggesting 46.85% additional upside for the stock.
JPMorgan Chase & Co. (JPM) received an upgrade from analysts at Wolfe Research. They changed their rating on JPM to Outperform from Peer Perform in a recently issued research note.
Earlier Friday JP Morgan reduced its rating on Humana Inc. (HUM) stock to Neutral from Overweight and assigned the price target to $540.
Wolfe Research analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Paramount Global (PARA) has been changed to Underperform from Peer Perform and the new price target is set at $14.
Analysts at Wolfe Research downgraded Wells Fargo & Company (WFC)'s stock to Peer Perform from Outperform Friday.
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Latest Insider Activity
GameStop Corp. (GME) General Manager Robinson Mark Haymond announced the sale of shares taking place on Jul 05 at $24.48 for some 433 shares. The total came to more than $10600.0.
Tesla Inc. (TSLA) SVP, Automotive Zhu Xiaotong sold on Jul 03 a total 2,500 shares at $276.35 on average. The insider’s sale generated proceeds of almost $0.69 million.
The Children's Place Inc. (PLCE) President and CEO ELFERS JANE T declared the purchase of shares taking place on Jul 05 at $23.70 for some 43,000 shares. The transaction amount was around $1.02 million.
Kodiak Gas Services LLC (KGS) See Remarks McKee Robert Michael bought on Jul 03 a total 22,500 shares at $16.00 on average. The purchase cost the insider an estimated $360,000.
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Important Earnings
Top US earnings releases scheduled for today include AZZ Inc. (NYSE: AZZ). It will announce its May 2023 financial results. The company is expected to report earnings of $1.16 per share from revenues of $396.65M in the three-month period.
Analysts expect ImmunoPrecise Antibodies Ltd. (NASDAQ:IPA) to report a net income (adjusted) of -$0.13 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $4.31M.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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