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- Jun 02 - NH - Morning Newsletter (with survey at top and bottom)
Jun 02 - NH - Morning Newsletter (with survey at top and bottom)
Stock Market News: Get the Inside Scoop on 4 Hot Stocks
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Good Morning!Stock futures showed an upward trend as traders eagerly awaited the release of the May jobs report on Friday. Futures tied to the Dow Jones Industrial Average recorded a gain of 111 points, equivalent to a 0.34% increase, while S&P 500 futures rose by 0.27%. Nasdaq-100 futures also experienced a rise of 0.22%. Excitement filled the market after-hours as Lululemon shares surged 13% on strong results and an improved guidance, and MongoDB saw a remarkable 23% surge following an exceptional forecast. The trading month commenced on a positive note, igniting optimism among investors. The S&P 500 and Nasdaq Composite rallied, achieving gains of 0.99% and 1.28%, respectively, propelling them to their highest levels since August. The Dow Jones Industrial Average joined the upward trajectory, adding 153.3 points, equivalent to a 0.47% rise. Thursday brought a sense of relief as the weighty concerns surrounding the debt ceiling began to subside. The Senate's late-night passing of a bill to raise the debt ceiling signaled progress, with the legislation now making its way to President Joe Biden's desk. This significant development followed the House's resounding approval of the Fiscal Responsibility Act in a 314-117 vote the previous day, skillfully maneuvering around the June 5 deadline set by U.S. Treasury Secretary Janet Yellen. Earlier in the week, investors were rattled by fears of a potential default on U.S. obligations if lawmakers failed to reach an agreement.
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Today Top Movers
MongoDB Inc. (MDB) stock soared 26.91% to $373.07 in the pre-market trading after announcing first quarter fiscal 2024 financial results.
Better Choice Company Inc. (AMEX: BTTR) shares are trading up 36.91% at $0.4518 at the time of writing following an announcement from the company that it has selected Re:Amaze to assist in customer retention and acquisition for its Halo Brand of dog and cat food.
U Power Limited (UCAR) grew over 40.97% at $10.7 in pre-market trading today. The company recently declared a framework strategic cooperation agreement with Quantum Solutions Co., Ltd. in Japan.
Lululemon Athletica Inc. (LULU), a Apparel Retail company, rose about 14.82% at $377 in pre-market trading Friday after releasing first quarter fiscal 2023 results.
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Top Upgrades & Downgrades
Itau BBA turned bullish on Banco de Chile (BCH), upgrading the stock to Outperform and assigning a $24 price target, representing potential upside of 15.38% from Thursday's close.
EPR Properties (EPR) has won the favor of Keybanc's equity research team. The firm upgraded the shares from Sector Weight to Overweight and moved their price target to $47, suggesting 13.66% additional upside for the stock.
The Trade Desk Inc. (TTD) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $90. They changed their rating on TTD to Overweight from Equal-Weight in a recently issued research note.
Earlier Friday Piper Sandler reduced its rating on Dollar General Corporation (DG) stock to Neutral from Overweight and assigned the price target to $178.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Xcel Energy Inc. (XEL) has been changed to Neutral from Overweight and the new price target is set at $68.
Analysts at Canaccord Genuity downgraded SentinelOne Inc. (S)'s stock to Hold from Buy Friday.
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Latest Insider Activity
Palantir Technologies Inc. (PLTR) See Remarks Sankar Shyam announced the sale of shares taking place on May 30 at $15.00 for some 1,031,533 shares. The total came to more than $15.47 million.
Sunrun Inc. (RUN) Chief Executive Officer Powell Mary sold on May 31 a total 1,969 shares at $17.56 on average. The insider’s sale generated proceeds of almost $34569.0.
Bank of Hawaii Corporation (BOH) Director WO ROBERT W JR declared the purchase of shares taking place on Jun 01 at $39.85 for some 6,500 shares. The transaction amount was around $0.26 million.
Diversified Healthcare Trust (DHC) Director PORTNOY ADAM D. bought on Jun 01 a total 1,454,388 shares at $1.47 on average. The purchase cost the insider an estimated $2.14 million.
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Important Earnings
Top Upcoming US earnings releases scheduled include Globus Maritime Limited (NASDAQ: GLBS). It will announce its Mar 2023 financial results. The company is expected to report earnings of -$0.14 per share from revenues of $6.3M in the three-month period.
Analysts expect Chico's FAS Inc. (NYSE:CHS) to report a net income (adjusted) of $0.27 per share, when the company releases its quarterly results June 06. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $541.95M.
Sprinklr Inc. (CXM), due to announce earnings after the market closes Monday, is expected to report earnings of $0.01 per share from revenues of $168.91M 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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