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- Jun 13 - NH - Morning Newsletter (with survey at top and bottom)
Jun 13 - NH - Morning Newsletter (with survey at top and bottom)
Stock Market Trends: 4 Stocks that are Making Waves
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Good Morning!
Stock futures showed an upward tick on Tuesday following impressive closes for the S&P 500 and Nasdaq Composite, reaching their highest levels since April 2022. The focus on Wall Street also turned to the release of May's consumer price index scheduled for Tuesday. The S&P 500 and Dow Jones Industrial Average futures saw a modest rise of 0.2% and 25 points, respectively. Meanwhile, the Nasdaq-100 futures made a stronger advance of 0.5%. In premarket trading, Oracle shares surged by 4% after surpassing Wall Street's expectations for the fiscal fourth quarter. The company reported adjusted earnings of $1.67 per share on revenue of $13.84 billion. Monday wrapped up with another positive session for stocks, fuelled by growing optimism that the Federal Reserve would refrain from raising interest rates during its upcoming policy meeting, set to begin on Tuesday.The S&P 500 and Nasdaq Composite climbed by 0.93% and 1.53%, respectively, reaching their highest levels in 13 months. The Dow Jones Industrial Average added 189.55 points or 0.56%. As investors eagerly await the rate decision scheduled for Wednesday, their attention now shifts toward May's consumer price index report. Economists surveyed by Dow Jones anticipate a slight easing in inflation, predicting a 0.1% month-over-month increase in prices, compared to a 0.4% rise in April. On an annual basis, economists forecast a 4% surge.
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Today Top Movers
Manchester United plc (MANU) stock soared 23.7% to $24.9 in the pre-market trading following a media report disclosing the acceptance of an acquisition offer from Sheikh Jassim bin Hamad al-Thani, a billionaire from Qatar.
Carnival Corporation & plc (NYSE: CCL) shares are trading up 3.94% at $15.3 at the time of writing. The company recently declared that it has scheduled a conference call with analysts for Monday, June 26, 2023, at 10 a.m. (EDT); 3 p.m. (BST) to discuss the company's second quarter financial results.
iBio Inc. (IBIO) grew over +23.68% at $0.901 in pre-market trading today after announcing that the Company has entered into a research collaboration with the National Institute of Allergy and Infectious Diseases to investigate the potential of iBio’s patented AI-driven epitope steering platform for the development of a vaccine for Lassa fever.
Metals Acquisition Corp (MTAL) jumped about 11.55% to $11.2o in pre-market trading Tuesday. The company announced that it has entered into subscription agreements totaling approximately $52 million at a purchase price of $10.00 per share in a private placement to be consummated substantially concurrently with the consummation of the CSA Mine acquisition.
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Top Upgrades & Downgrades
Loop Capital turned bullish on Ulta Beauty Inc. (ULTA), upgrading the stock to Buy and assigning a $520 price target, representing potential upside of 22.38% from Monday's close.
Devon Energy Corporation (DVN) has won the favor of Goldman Sachs's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $58, suggesting 17.41% additional upside for the stock.
StoneCo Ltd. (STNE) received an upgrade from analysts at HSBC, who also set their one-year price target on the stock to $15. They changed their rating on STNE to Buy from Hold in a recently issued research note.
Earlier Tuesday Jefferies reduced its rating on Global Payments Inc. (GPN) stock to Hold from Buy and assigned the price target to $105.
Atlantic Equities analysts reduced their investment ratings, saying in research reports covered by the media that its rating for PayPal Holdings Inc. (PYPL) has been changed to Neutral from Overweight and the new price target is set at $72.
Analysts at UBS downgraded Apple Inc. (AAPL)'s stock to Neutral from Buy Tuesday.
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Latest Insider Activity
Samsara Inc. (IOT) Director Andreessen Marc L announced the sale of shares taking place on Jun 08 at $27.75 for some 367,583 shares. The total came to more than $10.2 million.
ACADIA Pharmaceuticals Inc. (ACAD) EVP, Chief Financial Officer Schneyer Mark C. sold on Jun 08 a total 974 shares at $25.02 on average. The insider’s sale generated proceeds of almost $24369.0.
HashiCorp Inc. (HCP) Director HENSHALL DAVID J declared the purchase of shares taking place on Jun 09 at $26.82 for some 10,000 shares. The transaction amount was around $0.27 million.
Douglas Emmett Inc. (DEI) Director SIMON WILLIAM E JR bought on Jun 08 a total 10,000 shares at $12.42 on average. The purchase cost the insider an estimated $124,186.
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Important Earnings
Top US earnings releases scheduled for today include Motorcar Parts of America Inc. (NASDAQ: MPAA). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.42 per share from revenues of $187.7M in the three-month period.
Analysts expect MamaMancini's Holdings Inc. (NASDAQ: MMMB) to report a net income (adjusted) of $0.01 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $22.35M.
MIND Technology Inc. (MIND), due to announce earnings after the market closes today, 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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