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- Jun 01 - NH - Morning Newsletter (with survey at top and bottom)
Jun 01 - 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!Stock futures showed a modest increase on Thursday after the U.S. House successfully passed a crucial debt ceiling bill to prevent a potential default. The Dow Jones Industrial Average futures rose by 28 points (0.1%), while S&P 500 futures gained 0.2% and Nasdaq-100 futures experienced marginal growth. The bipartisan support for the Fiscal Responsibility Act, which passed by a vote of 314-117, is expected to swiftly progress in the Senate and reach the president's desk soon. Despite concerns over a debt default throughout May, the month ended on a positive note, particularly for artificial intelligence-related stocks. The Nasdaq Composite posted a 5.8% gain, fueled by the enthusiasm surrounding AI. Notably, chipmaker Nvidia surged 36% in May, briefly reaching a market cap of $1 trillion. While tech stocks thrived, other sectors struggled to generate substantial gains, with the S&P 500 edging up by 0.3% and the Dow experiencing a decline of approximately 3.5%, influenced by companies like Nike, Walt Disney, and Chevron.
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Today Top Movers
T2 Biosystems Inc. (TTOO) stock soared 41.67% to $0.1275 in the pre-market trading. The company recently announced the second largest sale of sepsis-driven T2Dx® Instruments in its history.
Chewy Inc. (NYSE: CHWY) shares are trading up 17.84% at $34.75 at the time of writing following the release of first quarter 2023 financial results.
VCI Global Limited (VCIG) grew over 16.36% at $3.2 in pre-market trading today after announcing that its wholly owned subsidiary, V Capital Real Estate Sdn Bhd has been engaged as a consultant by Tinta Anggun Engineering Sdn Bhd.
WISeKey International Holding AG (WKEY), a Semiconductors company, rose about 11.52% at $2.13 in pre-market trading Thursday following the introduction of WISeAI.IO 2.0, a machine-learning tool for monitoring and detecting anomalies within PKI systems.
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Top Upgrades & Downgrades
Barclays turned bullish on bluebird bio Inc. (BLUE), upgrading the stock to Overweight and assigning a $8 price target, representing potential upside of 138.81% from Wednesday's close.
Chevron Corporation (CVX) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $180, suggesting 19.51% additional upside for the stock.
Domino's Pizza Inc. (DPZ) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $360. They changed their rating on DPZ to Overweight from Neutral in a recently issued research note.
Earlier Thursday JP Morgan reduced its rating on Advance Auto Parts Inc. (AAP) stock to Neutral from Overweight and assigned the price target to $84.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Johnson Controls International plc (JCI) has been changed to Equal-Weight from Overweight and the new price target is set at $70.
Analysts at RBC Capital downgraded Exxon Mobil Corporation (XOM)'s stock to Sector Perform from Outperform Thursday.
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Latest Insider Activity
BILL Holdings Inc. (BILL) President and CEO Lacerte Rene A. announced the sale of shares taking place on May 30 at $99.07 for some 9,102 shares. The total came to more than $0.9 million.
IQVIA Holdings Inc. (IQV) See Remarks Knightly Kevin C sold on May 26 a total 1 shares at $198.66 on average. The insider’s sale generated proceeds of almost $199.0.
AEye Inc. (LIDR) CTO and Chief Prdct Strategist Dussan Luis declared the purchase of shares taking place on May 31 at $0.22 for some 4,621 shares. The transaction amount was around $1014.0.
Altus Power Inc. (AMPS) CO-FOUNDER CO-CEO CO-PRESIDENT Felton Gregg J bought on May 31 a total 22,500 shares at $4.49 on average. The purchase cost the insider an estimated $101,131.
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Important Earnings
Top US earnings releases scheduled for today include Macy's Inc. (NYSE: M). It will announce its Apr 2023 financial results. The company is expected to report earnings of $0.45 per share from revenues of $5.04B in the three-month period.
Analysts expect Dollar General Corporation (NYSE: DG) to report a net income (adjusted) of $2.38 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $9.46B.
Hormel Foods Corporation (HRL), due to announce earnings before the market opens today, is expected to report earnings of $0.4 per share from revenues of $3.05B 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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