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- Jun 05 - NH - Morning Newsletter (with survey at top and bottom)
Jun 05 - NH - Morning Newsletter (with survey at top and bottom)
Early Risers: Stay Ahead with Market Insights
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Good Morning!The U.S. stock market kicked off the week with a mix of sentiments as equity futures showed varied movements. Following a strong performance last week that propelled the S&P 500 to its highest level since August and its best week since March, investors were keeping a close eye on the market.Futures tied to the Dow Jones Industrial Average started the day with a modest gain of 35 points, signaling a positive start. Meanwhile, S&P 500 futures remained flat, indicating a cautious stance, and Nasdaq-100 futures dipped slightly by 0.3%.In the energy sector, oil prices experienced a brief surge of over 1% in response to Saudi Arabia's announcement of further output cuts of 1 million barrels per day starting in July. The decision came after a meeting of OPEC and its allies, who agreed to maintain existing production targets for 2023.The market's positive momentum from last week was driven by robust jobs data for May, which sparked optimism among investors. The Dow recorded its strongest day since January, surging by 2.1%. The S&P 500 also performed well, rising by 1.45%, while the Nasdaq Composite extended its winning streak for the sixth consecutive week with a 1.1% gain.Despite these positive developments, concerns persist among investors regarding the narrowness of the stock market rally in 2023. The dominance of a few tech stocks has raised questions about the breadth of the market's overall strength. Investors are closely monitoring whether this trend continues or if there will be a need for a correction if other sectors fail to catch up.
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Today Top Movers
Chijet Motor Company Inc. (CJET) stock soared 61.88% to $6.20 in the pre-market trading. The company was officially listed on NASDAQ on June 2, 2023 under the ticker symbol “CJET.”
Day One Biopharmaceuticals Inc. (NASDAQ: DAWN) shares are trading up 29.41% at $17.6 at the time of writing after announcing new data from the registrational Phase 2 FIREFLY-1 trial evaluating the investigational agent tovorafenib (DAY101).
ImmunoGen Inc. (IMGN) grew over 16.63% at $16.76 in pre-market trading today. The company recently announced detailed results from the Phase 3 confirmatory MIRASOL trial evaluating the safety and efficacy of ELAHERE® compared to chemotherapy in patients with folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer (PROC).
MultiMetaVerse Holdings Limited (MMV) rose about 17.15% at $2.39 in pre-market trading Monday following the declarationf from the company that it has entered into a non-binding term sheet with Dongzheng Ruibo (Shanghai) Investment Center and Orient TM Ruibo Limited.
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Top Upgrades & Downgrades
Morgan Stanley turned bullish on Equitrans Midstream Corporation (ETRN), upgrading the stock to Overweight and assigning a $14 price target, representing potential upside of 54.19% from Friday's close.
DigitalBridge Group Inc. (DBRG) has won the favor of Keefe, Bruyette & Woods's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $17.5, suggesting 36.29% additional upside for the stock.
Clipper Realty Inc. (CLPR) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $7. They changed their rating on CLPR to Outperform from Market Perform in a recently issued research note.
Earlier Monday Mizuho reduced its rating on Rain Oncology Inc. (RAIN) stock to Neutral from Buy and assigned the price target to $1.
Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Dollar General Corporation (DG) has been changed to Equal-Weight from Overweight and the new price target is set at $180.
Analysts at Keybanc downgraded Target Corporation (TGT)'s stock to Sector Weight from Overweight Monday.
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Latest Insider Activity
Unity Software Inc. (U) Director Dovrat Shlomo announced the sale of shares taking place on Jun 01 at $29.91 for some 116,775 shares. The total came to more than $3.49 million.
EVgo Inc. (EVGO) CEO and Director Zoi Catherine sold on Jun 01 a total 60,030 shares at $3.98 on average. The insider’s sale generated proceeds of almost $0.24 million.
P3 Health Partners Inc. (PIII) 10% Owner Chicago Pacific Founders UGP I declared the purchase of shares taking place on Jun 01 at $4.00 for some 21,850 shares. The transaction amount was around $87315.0.
Arbor Realty Trust Inc. (ABR) Director Green William C bought on Jun 01 a total 8,776 shares at $12.82 on average. The purchase cost the insider an estimated $112,542.
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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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