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- Jul 15 - NH - Morning Newsletter (with survey at top and bottom)
Jul 15 - NH - Morning Newsletter (with survey at top and bottom)
Breaking News: 4 Stocks Set to Ignite Your Portfolio
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Good Morning!
As a new week dawned, stock futures showcased a calm demeanor, offering little change ahead of an eventful period filled with corporate earnings announcements.The Dow Jones Industrial Average futures gracefully eased, losing 54 points or 0.16%, while the S&P 500 futures followed suit with a slight slip of 0.05%. In contrast, the Nasdaq-100 futures painted a brighter picture, trading 0.1% higher.Last week proved victorious for stocks, with the Dow Jones Industrial Average displaying its prowess by gaining an impressive 2.3%, marking its most remarkable weekly surge since March. The S&P 500 and Nasdaq Composite joined the celebration, adding 2.4% and 3.3%, respectively. On the final trading day of the week, the Dow climbed 113.89 points, equivalent to 0.33%, while the S&P and Nasdaq experienced minor dips of 0.1% and 0.18%, respectively.These market movements were fueled by robust earnings from prominent financial institutions and a softer inflation landscape, which invigorated investor sentiment. The newfound optimism instilled hope that the Federal Reserve may succeed in curbing inflationary pressures without plunging the economy into a recession.As the curtains rise on the second-quarter earnings season, a wave of anticipation washes over Wall Street, with the spotlight shining on major financial institutions like Bank of America, Morgan Stanley, and Goldman Sachs. The stage is set for an enthralling performance, with other notable players such as United Airlines, Las Vegas Sands, and tech powerhouses Tesla and Netflix also preparing to unveil their results.However, the atmosphere is tinged with caution as analysts brace themselves for a potentially gloomy season. Projections from FactSet reveal a forecasted decline of more than 7% in S&P 500 earnings compared to the previous year. The scene is set for a theatrical display of financial performance, with analysts scrutinizing the numbers, investors holding their breath, and market watchers eagerly awaiting the outcomes of these pivotal earnings releases.
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Today Top Movers
Acumen Pharmaceuticals Inc. (ABOS) stock soared 35.83% to $8.53 in the pre-market trading. The company presented positive topline results from First-in-Human phase 1 study of ACU193 for early Alzheimer’s disease at the Alzheimer’s Association International Conference (AAIC) 2023.
PainReform Ltd. (NASDAQ: PRFX) shares are trading up 25.8% at $10.19 at the time of writing after announciung pricing of $1.5 million concurrent registered direct offering and private placement.
BridgeBio Pharma Inc. (BBIO) grew over 14.16% at $20.8 in pre-market trading today. The members of BBIO management team will host an investor call today at 8:00 am ET to share topline results from the Phase 3 ATTRibute-CM clinical study in patients with transthyretin amyloid cardiomyopathy (ATTR-CM).
argenx SE (ARGX), a Biotechnology company, rose about 24.91% at $473.52 in pre-market trading Monday. Zai Lab and argenx reported positive topline data from ADHERE study of VYVGART Hytrulo in patients with Chronic Inflammatory Demyelinating Polyneuropathy.
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Top Upgrades & Downgrades
Jefferies turned bullish on PACCAR Inc (PCAR), upgrading the stock to "Buy" and assigning a $115 price target, representing potential upside of 34.25% from Friday's close.
Chewy Inc. (CHWY) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $50, suggesting 31.61% additional upside for the stock.
Yelp Inc. (YELP) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $47. They changed their rating on YELP to Buy from Neutral in a recently issued research note.
Earlier Monday Morgan Stanley reduced its rating on PepsiCo Inc. (PEP) stock to Equal-Weight from Overweight and assigned the price target to $210.
Exane BNP Paribas analysts reduced their investment ratings, saying in research reports covered by the media that its rating for MSCI Inc. (MSCI) has been changed to Underperform from Neutral and the new price target is set at $450.
Analysts at JP Morgan downgraded State Street Corporation (STT)'s stock to Underweight from Neutral Monday.
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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Latest Insider Activity
CrowdStrike Holdings Inc. (CRWD) PRESIDENT AND CEO Kurtz George announced the sale of shares taking place on Jul 13 at $151.04 for some 178,000 shares. The total came to more than $26.88 million.
Aurora Innovation Inc. (AUR) Director Anderson Sterling sold on Jul 14 a total 175,687 shares at $3.24 on average. The insider’s sale generated proceeds of almost $0.57 million.
Ault Alliance Inc. (AULT) Executive Chairman AULT MILTON C III declared the purchase of shares taking place on Jul 13 at $15.67 for some 5,000 shares. The transaction amount was around $78371.0.
1847 Holdings LLC (EFSH) 10% Owner Strategic Risk, LLC. bought on Jul 14 a total 102,000 shares at $0.29 on average. The purchase cost the insider an estimated $29,100.
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Important Earnings
Top US earnings releases scheduled for today include Equity LifeStyle Properties Inc. (NYSE: ELS). It will announce its Jun 2023 financial results. The company is expected to report earnings of $0.35 per share from revenues of $376.33M in the three-month period.
Analysts expect FB Financial Corporation (NYSE:FBK) to report a net income (adjusted) of $0.65 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $128.28M.
CrossFirst Bankshares Inc. (CFB), due to announce earnings after the market closes today, is expected to report earnings of $0.34 per share from revenues of $62.14M 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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