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- Jun 22 - NH - Morning Newsletter (with survey at top and bottom)
Jun 22 - NH - Morning Newsletter (with survey at top and bottom)
Stock Market Tips: 4 Stocks that are Outperforming the Market
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Good Morning!
Stock futures experienced a decline on Thursday following three consecutive days of market downturns, signaling a fading tech-powered rally.Futures tied to the Dow Jones Industrial Average dropped 64 points, equating to a 0.2% decrease. S&P 500 futures and Nasdaq-100 futures both showed a 0.2% and 0.3% decrease, respectively.The S&P 500 faced a 0.5% slide on Wednesday, marking its weakest performance in June. With a 1% decline for the week, the equity benchmark is on track to break its five-week winning streak. This comes after the index reached its highest point in over a year during the previous week.The Nasdaq Composite, known for its tech-heavy composition, experienced a significant decline of 1.2%, representing its worst daily performance since June 7. Notably, industry leader AMD, excelling in artificial intelligence, observed a decline of 5.7%, while Intel retreated by 6%. The Dow Jones Industrial Average also slipped by 0.3%.Wednesday's downturn can be attributed to Federal Reserve Chair Jerome Powell's indication that more interest rate hikes are likely in the future to combat inflation, dampening the hopes of investors who anticipated the central bank nearing the end of its tightening cycle.
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Today Top Movers
AMC Entertainment Holdings Inc. (APE) stock soared 15.88% to $1.97 in the pre-market trading as the market responded to positive news regarding the conversion-plan settlement, with the support of a special master.
Mullen Automotive Inc. (NASDAQ: MULN) shares are trading up +11.13% at $0.2216 at the time of writing after announcing an investor financing moratorium for the balance of 2023 and that the Company has sufficient capital on hand for at least the next 12 months.
ZyVersa Therapeutics Inc. (ZVSA) grew over 10.16% at $0.2699 in pre-market trading today. The company announced a publication in Journal of the American Heart Association Linking NLRP3 Inflammasomes with Calcification in Arteries of Patients with Peripheral Arterial Disease (PAD).
Tempo Automation Holdings Inc. (TMPO), a Electronic Components company, rose about 14.73% at $0.4199 in pre-market trading Thursday after announcing the successful execution of a $7.0 million unsecured subordinated convertible promissory note with Asia-IO Advanced Manufacturing Partners, L.P..
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
Mizuho turned bullish on Agree Realty Corporation (ADC), upgrading the stock to Buy and assigning a $70 price target, representing potential upside of 7.38% from Wednesday's close.
Grab Holdings Limited (GRAB) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Underweight to Neutral and moved their price target to $3.1.
XP Inc. (XP) received an upgrade from analysts at B of A Securities. They changed their rating on XP to Buy from Neutral in a recently issued research note.
Earlier Thursday Morgan Stanley reduced its rating on Alcoa Corporation (AA) stock to Underweight from Equal-Weight and assigned the price target to $33.
Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Mercury Systems Inc. (MRCY) has been changed to Neutral from Outperform and the new price target is set at $40.
Analysts at Piper Sandler downgraded DigitalOcean Holdings Inc. (DOCN)'s stock to Underweight from Neutral Thursday.
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Latest Insider Activity
NVIDIA Corporation (NVDA) Director STEVENS MARK A announced the sale of shares taking place on Jun 20 at $432.06 for some 40,000 shares. The total came to more than $17.28 million.
Snap Inc. (SNAP) Chief Operating Officer Hunter Jerry James sold on Jun 20 a total 48,666 shares at $10.65 on average. The insider’s sale generated proceeds of almost $0.52 million.
comScore Inc. (SCOR) Director Patterson Martin Edward declared the purchase of shares taking place on Jun 20 at $0.89 for some 9,000 shares. The transaction amount was around $8010.0.
RumbleON Inc. (RMBL) 10% Owner Stone House Capital Management bought on Jun 21 a total 50,000 shares at $11.13 on average. The purchase cost the insider an estimated $556,500.
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Important Earnings
Top US earnings releases scheduled for today include Accenture plc (NYSE: ACN). It will announce its May 2023 financial results. The company is expected to report earnings of $3.04 per share from revenues of $16.56B in the three-month period.
Analysts expect Darden Restaurants Inc. (NYSE: DRI) to report a net income (adjusted) of $2.54 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended May 2023 is predicted to come in at $2.77B.
Commercial Metals Company (CMC), due to announce earnings before the market opens today, is expected to report earnings of $1.76 per share from revenues of $2.24B 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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