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- Jun 09 - NH - Morning Newsletter (with survey at top and bottom)
Jun 09 - NH - Morning Newsletter (with survey at top and bottom)
Stock Market Insights: 4 Winning Stocks for Early Investors
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Good Morning!
The S&P 500 has entered a new bull market, as some market participants define it, by climbing 20% from its Oct. 12 low. However, U.S. stock futures fell on Friday as investors awaited next week’s inflation report and Fed decision.
The tech-heavy Nasdaq and the broad-based S&P 500 have hit new highs for the year, driven by a surge in AI stocks, strong corporate earnings and hopes that the Fed is close to pausing its rate hikes.
The market is betting that the Fed will keep interest rates unchanged at 5%-5.25% at its June 13-14 meeting, with a 76% probability implied by Fed fund futures, according to CMEGroup’s Fedwatch tool.
The consumer prices data on Tuesday will be crucial for gauging the Fed’s next move, with traders giving a 50% chance of a quarter-point rate increase in July.
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Today Top Movers
Sientra Inc. (SIEN) stock soared 77.14% to $3.1 in the pre-market trading after receiving FDA clearance of next generation AlloX2 Pro™ Tissue Expander.
Braze Inc. (NASDAQ: BRZE) shares are trading up 8.99% at $36.99 at the time of writing following the release of fiscal first quarter 2024 results.
Sonoma Pharmaceuticals Inc. (SNOA) grew over +26.8% at $1.23 in pre-market trading today. The company announced a new application for intraoperative pulse lavage irrigation treatment, which can replace commonly used IV bags in a variety of surgical procedures.
Beneficient Class A Common Stock (BENF) stock moved up 26.67 percent to $11.40 in the pre-market trading. Beneficient recently listed on Nasdaq; its Class A common stock under the ticker “BENF” and its Warrants under the symbol “BENFW”.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on Adobe Inc. (ADBE), upgrading the stock to Overweight and assigning a $525 price target, representing potential upside of 19.58% from Thursday's close.
Trip.com Group Limited (TCOM) has won the favor of Daiwa Capital's equity research team. The firm upgraded the shares from Outperform to Buy and moved their price target to $45, suggesting 24.48% additional upside for the stock.
Corning Incorporated (GLW) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $38. They changed their rating on GLW to Overweight from Equal-Weight in a recently issued research note.
Earlier Friday Citigroup reduced its rating on Target Corporation (TGT) stock to Neutral from Buy and assigned the price target to $130.
Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for UiPath Inc. (PATH) has been changed to Equal-Weight from Overweight and the new price target is set at $20.
Analysts at Piper Sandler downgraded Qualys Inc. (QLYS)'s stock to Underweight from Neutral Friday.
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Latest Insider Activity
Amazon.com Inc. (AMZN) CEO Amazon Web Services Selipsky Adam announced the sale of shares taking place on Jun 07 at $123.63 for some 500 shares. The total came to more than $61816.0.
Cyxtera Technologies Inc. (CYXT) 10% Owner Starboard Value & Opportunity sold on Jun 06 a total 9,000,000 shares at $0.06 on average. The insider’s sale generated proceeds of almost $0.57 million.
First Horizon Corporation (FHN) Director FENSTERMAKER WILLIAM H declared the purchase of shares taking place on Jun 07 at $11.62 for some 10,000 shares. The transaction amount was around $0.12 million.
Blackstone Inc. (BX) 10% Owner GSO Altus Holdings LP bought on Jun 07 a total 224,000 shares at $5.53 on average. The purchase cost the insider an estimated $1.24 million.
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Important Earnings
Top Upcomming US earnings releases scheduled include ECARX Holdings Inc. (NASDAQ: ECX). It will announce its Mar 2023 financial results. The company is expected to report earnings of -$0.14 per share from revenues of $111.58M in the three-month period.
Analysts expect The Home Depot Inc. (NYSE: HD) to report a net income (adjusted) of $4.15 per share, when the company releases its quarterly results Tuesday. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $39.45B.
MIND Technology Inc. (MIND), due to announce earnings after the market closes Tuesday, is expected to report earnings of -$0.07 per share from revenues of $12.05M 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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