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- Jul 13 - NH - Morning Newsletter (with survey at top and bottom)
Jul 13 - NH - Morning Newsletter (with survey at top and bottom)
Market Movers: Discover 4 Stocks Shaping the Investment Landscape
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Good Morning!
Thursday greeted investors with a wave of optimism as stock futures rode high following the S&P 500's impressive surge, marking its highest level in over a year. Excitement filled the air as market watchers eagerly anticipated another crucial inflation reading.In the world of futures, the S&P 500 displayed its confidence, rising 0.4% and setting the tone for a promising day. The Nasdaq-100 futures followed suit, adding 0.7% to the mix. Meanwhile, the Dow Jones Industrial Average futures climbed 75 points, around 0.2%, showcasing their determination to keep the momentum going.In the magical realm of entertainment, Disney shares took center stage, shining brightly with a remarkable gain of over 1%. The applause was well-deserved as the entertainment giant extended the contract of CEO Bob Iger through 2026, two years longer than originally planned. A show of confidence that set the stage for exciting times ahead.The enthusiasm spilled over from the previous day when stocks experienced a surge after a June consumer price index report eased concerns about the economy. The report revealed inflation that was cooler than expected, providing some much-needed relief to investors. With worries abated, the Federal Reserve's fight against stubborn inflation no longer seemed like a threat to tip the economy into a recession.The S&P 500 and Nasdaq Composite couldn't contain their excitement, jumping 0.74% and 1.15%, respectively. Their spirited leap propelled them to reach their highest closing levels since April 2022, while the Dow Jones Industrial Average made its own contribution by adding 86.01 points or 0.25% to the celebration.All eyes remained fixated on the thrilling dance of the stock market, eagerly awaiting the next act in this captivating financial performance.
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Today Top Movers
60 Degrees Pharmaceuticals Inc. (SXTP) stock soared +Infinity% to $6.47 in the pre-market trading after announcing the pricing of its initial public offering (IPO).
Mullen Automotive Inc. (NASDAQ: MULN) shares are trading up +6.15% at $0.1502 at the time of writing following the submission of 8-K filing form with SEC.
EHang Holdings Limited (EH) grew over 4.98% at $19.39 in pre-market trading today. The company recently announced that it has entered into share subscription agreements for a total of US$23,000,000 private placement with several strategic investors led by Mr. Lee Soo Man.
Evogene Ltd. (EVGN), a Biotechnology company, rose about 9.52% at $1.38 in pre-market trading Thursday. The company’s subsidiary announced the appointment of Dr. Adrian Percy to its board of directors.
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Top Upgrades & Downgrades
TD Cowen turned bullish on Meta Platforms Inc. (META), upgrading the stock to Outperform and assigning a $345 price target, representing potential upside of 11.53% from Wednesday's close.
Thermo Fisher Scientific Inc. (TMO) has won the favor of Credit Suisse's equity research team. The firm upgraded the shares from Neutral to Outperform and moved their price target to $620, suggesting 17.88% additional upside for the stock.
BioCryst Pharmaceuticals Inc. (BCRX) received an upgrade from analysts at BofA, who also set their one-year price target on the stock to $10. They changed their rating on BCRX to Buy from Neutral in a recently issued research note.
Earlier Thursday Morgan Stanley reduced its rating on SoFi Technologies Inc. (SOFI) stock to Underweight from Equal-Weight and assigned the price target to $7.
Stifel analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Scotts Miracle-Gro Company (SMG) has been changed to Hold from Buy and the new price target is set at $72.
Analysts at WestPark Capital downgraded IonQ Inc. (IONQ)'s stock to Hold from Buy Thursday.
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Latest Insider Activity
UiPath Inc. (PATH) Director Wong Rich announced the sale of shares taking place on Jul 11 at $17.97 for some 56,549 shares. The total came to more than $1.02 million.
S&P Global Inc. (SPGI) President, Commodity Insights Saha Saugata sold on Jul 10 a total 200 shares at $393.99 on average. The insider’s sale generated proceeds of almost $78798.0.
Formula One Group (FWONK) 10% Owner GAMCO INVESTORS, INC. ET AL declared the purchase of shares taking place on Jul 07 at $39.96 for some 500 shares. The transaction amount was around $19980.0.
Columbia Banking System Inc. (COLB) General Counsel, Corporate Sec BARUFFI KUMI YAMAMOTO bought on Jun 30 a total 854 shares at $18.25 on average. The purchase cost the insider an estimated $15,586.
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Important Earnings
Top US earnings releases scheduled for today include Delta Air Lines Inc. (NYSE: DAL). It will announce its Jun 2023 financial results. The company is expected to report earnings of $2.39 per share from revenues of $14.46B in the three-month period.
Analysts expect Fastenal Company (NASDAQ: FAST) to report a net income (adjusted) of $0.53 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $1.89B.
Conagra Brands Inc. (CAG), due to announce earnings before the market closes today, is expected to report earnings of $0.59 per share from revenues of $2.99B 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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