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- Jun 12 - NH - Morning Newsletter (with survey at top and bottom)
Jun 12 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Stock Report: 4 Hot Stocks to Watch Right Now
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Good Morning!
Stock futures rallied on Monday as traders eagerly anticipated the upcoming release of inflation data and the Federal Reserve policy meeting later in the week.The S&P 500 futures surged by 0.4%, indicating a positive start to the trading day. Dow Jones Industrial Average futures followed suit, climbing 61 points, or 0.2%, while Nasdaq-100 futures showed impressive gains of 0.6%.Building on last week's momentum, where the S&P 500 enjoyed its fourth consecutive weekly increase and reached its highest level since August, the market remained upbeat.While some investors express concerns about the stock market rally being limited to a few giant tech stocks, the recent signs of inflation easing have sparked hope among investors that the positive momentum will persist.Keeping investors on their toes, Tuesday will bring the eagerly awaited release of the latest consumer price index report, providing fresh insights into inflation. The following day, all eyes will be on the Federal Reserve as they announce their monetary policy decision. Currently, the CME FedWatch Tool indicates a 70% likelihood that the Fed will hold off on rate hikes in the June meeting.
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Today Top Movers
Micromobility.com Inc. (MCOM) stock soared 24.96% to $0.2874 in the pre-market trading. The company recently filed an 8-K from with the SEC.
Chinook Therapeutics Inc. (NASDAQ: KDNY) shares are trading up 65.82% at $39.78 at the time of writing after announcing that it has entered into an agreement and plan of merger with Novartis AG pursuant to which Novartis will acquire Chinook for $40 per share in cash, or a total of $3.2 billion.
Recruiter.com Group Inc. (RCRT) grew over 17.84% at $0.319 in pre-market trading today following an 8-K filing with the SEC.
Nikola Corporation (NKLA), a Farm & Heavy Construction Machinery company, rose about 6.85% at $0.7534 in pre-market trading Monday. The company recently declared that its 2023 Annual Meeting of Stockholders has been adjourned to July 6, 2023 at 1 p.m. Pacific Time to allow stockholders additional time to vote FOR Proposal 2.
Five Top Tech Stocks to Own Now
Warren Buffett says that a "climate of fear is your friend when investing; a euphoric world is your enemy."
"The time to buy is when there's blood in the streets, even if the blood is your own."
With a good deal of fear priced into the tech sector, here are five hot stocks to consider.
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Top Upgrades & Downgrades
Evercore ISI Group turned bullish on Extra Space Storage Inc. (EXR), upgrading the stock to In-Line and assigning a $164 price target, representing potential upside of 13.49% from Friday's close.
SentinelOne Inc. (S) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $20, suggesting 37.46% additional upside for the stock.
Carnival Corporation & plc (CCL) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $16. They changed their rating on CCL to Overweight from Neutral in a recently issued research note.
Earlier Monday Evercore ISI Group reduced its rating on American Homes 4 Rent (AMH) stock to In-Line from Outperform and assigned the price target to $36.
Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for BILL Holdings Inc. (BILL) has been changed to Equal-Weight from Overweight and the new price target is set at $105.
Analysts at HSBC downgraded VNET Group Inc. (VNET)'s stock to Hold from Buy Monday.
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Latest Insider Activity
Carrier Global Corporation (CARR) President, Fire & Security Timperman Jurgen announced the sale of shares taking place on Jun 08 at $45.01 for some 138,956 shares. The total came to more than $6.25 million.
Roivant Sciences Ltd. (ROIV) President & COO Venker Eric sold on Jun 09 a total 299,384 shares at $9.91 on average. The insider’s sale generated proceeds of almost $2.97 million.
Heliogen Inc. (HLGN) 10% Owner Nant Capital, LLC declared the purchase of shares taking place on Jun 09 at $0.23 for some 768,835 shares. The transaction amount was around $0.18 million.
GameStop Corp. (GME) Director Attal Alain bought on Jun 09 a total 10,000 shares at $22.40 on average. The purchase cost the insider an estimated $224,000.
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Important Earnings
Top US earnings releases scheduled for today include Oracle Corporation (NYSE: ORCL). It will announce its May 2023 financial results. The company is expected to report earnings of $1.58 per share from revenues of $13.73B in the three-month period.
Analysts expect Streamline Health Solutions Inc. (NASDAQ: STRM) to report a net income (adjusted) of -$0.05 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $5.49M.
Zedge Inc. (ZDGE), due to announce earnings after the market closes today, is expected to report earnings of -$0.03 per share from revenues of $6.01M 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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