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- Jul 14 - NH - Morning Newsletter (with survey at top and bottom)
Jul 14 - NH - Morning Newsletter (with survey at top and bottom)
Uncover Today's Hidden Gems: 4 Stocks to Watch for Potential Gains
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Good Morning!
The stage was set for an intriguing Friday morning as stock futures tiptoed cautiously amid a flurry of anticipation. Investors eagerly awaited earnings reports from major banks, creating an air of uncertainty in the market. Futures tied to the S&P 500 slipped 0.1%, while the Dow Jones Industrial Average futures showed a glimmer of hope, inching higher by 28 points, or 0.1%. However, the Nasdaq-100 futures fell 0.1%, adding to the intrigue.All eyes were on JPMorgan Chase, Wells Fargo, Citigroup, and State Street, as they were set to reveal their second-quarter earnings. The spotlight shifted to UnitedHealth, with shares soaring over 2% after the insurance giant reported earnings and revenue that exceeded expectations. The company's raised earnings guidance added to the buzz. BlackRock joined the party, surprising traders with a profit that surpassed all expectations, causing their shares to rise by over 1%.Analysts had set a somber tone for the earnings season, predicting a year-over-year drop of around 7% in S&P 500 earnings, which would mark the weakest season since the turbulent second quarter of 2020 when profits plunged by 31.6%. As the morning unfolded, traders had their eyes glued to the release of June import prices and the preliminary July results from the esteemed University of Michigan consumer sentiment report.Coming off a series of four consecutive days of gains, Wall Street remained on an optimistic streak. The Nasdaq and S&P 500 reached dizzying heights not seen since April 2022. The latest producer price index report provided a glimmer of hope, showing inflation rising less than anticipated. This built on the positive sentiment fueled by the June consumer price index data, which was released on Wednesday. Now, investors stood on the precipice, contemplating the next move in this exhilarating market dance.
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Today Top Movers
ACADIA Pharmaceuticals Inc. (ACAD) stock soared 17.83% to $30.4 in the pre-market trading after announcing that it has expanded its current licensing agreement for trofinetide with Neuren Pharmaceuticals to acquire ex-North American rights to the drug.
Nikola Corporation (NASDAQ: NKLA) shares are trading up 14.86% at $2.55 at the time of writing. The company announced partnership with Bayotech to advance Zero-Emission Hydrogen Delivery.
Intuitive Machines Inc. (LUNR) grew over 22.01% at $10.42 in pre-market trading today. The company has successfully conducted a complete spacecraft test run of its Nova-C lunar lander – a significant technical achievement in the Company’s efforts to completing its lunar lander.
First Wave BioPharma Inc. (FWBI), a Biotechnology company, rose about 6.44% at $0.9633 in pre-market trading Friday following the release of initial topline results from phase 2 SPAN clinical trial investigating enhanced Adrulipase Formulation.
Five Top Summer Stocks to Buy and Hold Now
With the official start to summer here, 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
UBS turned bullish on Microsoft Corporation (MSFT), upgrading the stock to "Buy" and assigning a $400 price target, representing potential upside of 16.73% from Thursday's close.
Boyd Gaming Corporation (BYD) 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 $75, suggesting 5% additional upside for the stock.
Lennar Corporation (LEN) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $150. They changed their rating on LEN to Outperform from Market Perform in a recently issued research note.
Earlier Friday Wells Fargo reduced its rating on The Progressive Corporation (PGR) stock to Equal-Weight from Overweight and assigned the price target to $128.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for AT&T Inc. (T) has been changed to Neutral from Overweight and the new price target is set at $17.
Analysts at JP Morgan downgraded Alcoa Corporation (AA)'s stock to Neutral from Overweight Friday.
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Latest Insider Activity
Signet Jewelers Limited (SIG) Edelman Oded announced the sale of shares taking place on Jul 12 at $74.14 for some 1,766 shares. The total came to more than $0.13 million.
SentinelOne Inc. (S) President, CEO Weingarten Tomer sold on Jul 13 a total 40,000 shares at $15.13 on average. The insider’s sale generated proceeds of almost $0.61 million.
Asana Inc. (ASAN) President, CEO, & Chair Moskovitz Dustin A. declared the purchase of shares taking place on Jul 11 at $22.54 for some 80,000 shares. The transaction amount was around $1.8 million.
1847 Holdings LLC (EFSH) 10% Owner Strategic Risk, LLC. bought on Jul 10 a total 443,413 shares at $0.23 on average. The purchase cost the insider an estimated $101,985.
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Important Earnings
Top US earnings releases scheduled for today include Citigroup Inc. (NYSE: C). It will announce its Jun 2023 financial results. The company is expected to report earnings of $1.3 per share from revenues of $19.27B in the three-month period.
Analysts expect Wells Fargo & Company (NYSE: WFC) to report a net income (adjusted) of $1.15 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $20.07B.
JPMorgan Chase & Co. (JPM), due to announce earnings before the market opens today, is expected to report earnings of $3.99 per share from revenues of $38.96B 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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