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- Jun 21 - NH - Morning Newsletter (with survey at top and bottom)
Jun 21 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Stock Watchlist: 4 Stocks that are Ready to Soar
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Good Morning!
On Wednesday, U.S. stock futures showed a slight decline as investors took a break from the market rally witnessed in the previous week.Futures tied to the Dow Jones Industrial Average dipped by 19 points, indicating a 0.1% decrease. Similarly, S&P 500 and Nasdaq 100 futures also experienced a minor decline of 0.1%.In premarket trading, shares of FedEx declined by approximately 3% following the shipping giant's announcement of weaker-than-expected revenue for its most recent quarter.During Tuesday's trading session, stocks closed lower for the second consecutive day. The Dow fell by 245.25 points, equivalent to a 0.72% decrease. The S&P 500 saw a slide of 0.47%, while the Nasdaq Composite experienced a loss of 0.16%.According to Quincy Krosby, the chief global strategist for LPL Financial, stocks are currently overbought and require a catalyst to sustain further momentum. Notably, last week the S&P 500 reached its highest level since April 2022 and achieved its fifth consecutive positive week.Regarding quarterly results, Winnebago is scheduled to report earnings before the bell, while KB Home will announce their earnings after the market closes.
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Today Top Movers
LumiraDx Limited (LMDX) stock soared 36.86% to $0.479 in the pre-market trading after receiving UK CTDA approval for COVID Ultra and COVID & RSV Tests.
Taoping Inc. (NASDAQ: TAOP) shares are trading up 14.78% at $0.80 at the time of writing. The company recently announced the launch of its AI-aided innovative new, rapid, off-grid wastewater treatment solutions designed to bring "Clean Water for a Cleaner World".
Micromobility.com Inc. (MCOM) grew over 5.96% at $0.1725 in pre-market trading today after announcing its expansion into Malta, marking its first post-acquisition expansion in Europe.
Virgin Galactic Holdings Inc. (SPCE), a Aerospace & Defense company, rose about 2.16% at $6.14 in pre-market trading Wednesday. Investors excitedly embraced the space tourism company's new launch targets, expected in late June.
Five Top Summer Stocks to Buy and Hold Now
With the official start to summer is just days away, there's still time to load up on warmer-weather stocks. That includes your travel stocks, weight loss stocks, oil stocks, and even hurricane-related stocks, with storm-season kicking into high gear, too.
In fact, here are five with a history of moving every summer. Enjoy.
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Top Upgrades & Downgrades
BMO Capital turned bullish on Adobe Inc. (ADBE), upgrading the stock to Outperform and assigning a $570 price target, representing potential upside of 17.32% from Tuesday's close.
Petroleo Brasileiro S.A. - Petrobras (PBR) has won the favor of Goldman Sachs' equity research team. The firm upgraded the shares from Neutral to Buy .
Spotify Technology S.A. (SPOT) received an upgrade from analysts at Wolfe Research, who also set their one-year price target on the stock to $190. They changed their rating on SPOT to Outperform from Peer Perform in a recently issued research note.
Earlier Wednesday Barclays reduced its rating on Tesla Inc. (TSLA) stock to Equal-Weight from Overweight and assigned the price target to $260.
Rosenblatt analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Coherent Corp. (COHR) has been changed to Neutral from Buy and the new price target is set at $55.
Analysts at Wolfe Research downgraded Peloton Interactive Inc. (PTON)'s stock to Underperform from Peer Perform Wednesday.
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Latest Insider Activity
Guidewire Software Inc. (GWRE) Chief Executive Officer Rosenbaum Michael George announced the sale of shares taking place on Jun 20 at $71.13 for some 7,584 shares. The total came to more than $0.54 million.
SS&C Technologies Holdings Inc. (SSNC) SVP and CFO PEDONTI PATRICK J sold on Jun 16 a total 200,000 shares at $60.03 on average. The insider’s sale generated proceeds of almost $12.01 million.
Faraday Future Intelligent Electric Inc. (FFIE) Global Chief Exec. Officer Chen Xuefeng declared the purchase of shares taking place on Jun 16 at $100.00 for some 1 shares. The transaction amount was around $100.0.
Akamai Technologies Inc. (AKAM) Chief Executive Officer LEIGHTON F THOMSON bought on Jun 20 a total 275 shares at $91.20 on average. The purchase cost the insider an estimated $25,080.
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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Important Earnings
Top US earnings releases scheduled for today include Patterson Companies Inc. (NASDAQ: PDCO). It will announce its Apr 2023 financial results. The company is expected to report earnings of $0.7 per share from revenues of $1.66B in the three-month period.
Analysts expect KB Home (NYSE: KBH) to report a net income (adjusted) of $1.34 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2023 is predicted to come in at $1.42B.
Steelcase Inc. (SCS), due to announce earnings after the market closes today, is expected to report earnings of $0.01 per share from revenues of $718.15M 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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