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- May 04 - NH - Morning Newsletter (with survey at top and bottom)
May 04 - NH - Morning Newsletter (with survey at top and bottom)
Market Moves You Can't Afford to Ignore: The Morning Brief
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Good Morning!The stock market was in a state of uncertainty on Thursday, with stock futures barely changing after the Federal Reserve increased interest rates by 25 basis points the previous day. But traders were not just focused on the rate hike; concerns about contagion in the regional bank space also weighed heavily on their minds.While futures tied to the S&P 500 remained unchanged, futures for the Dow Jones Industrial Average saw a slight increase of 10 points, and Nasdaq-100 futures rose 0.25%.However, the pre-market trading for PacWest was a different story altogether. The California-based bank saw its shares plummet by more than 35% after the news broke that it was considering various strategic options, including a possible sale. Regional bank shares followed suit, with Western Alliance dropping by 18% and Zions Bancorporation by about 7%.The stock market closed on a sour note on Wednesday, as the Dow dropped by 270 points or 0.8%, while the S&P 500 and Nasdaq Composite also fell by 0.7% and 0.5%, respectively. Now, investors are bracing themselves for crucial economic reports that will dictate the Fed’s next move. The release of initial jobless claims on Thursday is expected to provide some insight, but Friday’s highly-anticipated payrolls report for April will be the main event. Experts are predicting that employment figures will surge by 180,000 jobs. Meanwhile, traders are keeping a close eye on several companies reporting their earnings, including Moderna, Apple, Lyft, DraftKings, and Coinbase.
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Today Top Movers
Arconic Corporation (ARNC) stock soared 29.14% to $29.12 in the pre-market trading following the news that Apollo Global Management will acquire ARNC for approximately $5.2 billion in an all-cash deal.
Bright Green Corporation (NASDAQ: BGXX) shares are trading up 12.39% at $1.27 at the time of writing. The company has announced the launch of its EB-5 website and program, following its recent approval from the U.S. Drug Enforcement Administration for federal registration and licensing.
ZimVie Inc. (ZIMV) grew over 22.31% at $9.43 in pre-market trading today after releasing Q1 2023 financial results and providing an update to annual guidance.
SolarEdge Technologies Inc. (SEDG), a Solar company, rose about 11.44% at $294 in pre-market trading Thursday following the declarations of 1st Quarter 2023 financial results.
Investors are cashing in on the green-energy revolution in 2023 as the world seeks to attain net-zero! And they're doing so by investing in select small-cap mineral exploration companies that are set to be the NEXT suppliers of the green-energy sources the world needs most in the clean-energy transition. We've done our research… and we've found an under-the-radar mining stock — currently trading below US $0.20 per share — that just confirmed MULTIPLE salt dome anomalies on its properties.
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Top Upgrades & Downgrades
Raymond James turned bullish on Wix.com Ltd. (WIX), upgrading the stock to Outperform and assigning a $96 price target, representing a potential upside of 27.39% from Wednesday's close.
CEMEX S.A.B. de C.V. (CX) has won the favor of Goldman Sachs' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $9, suggesting a 42.63% additional upside for the stock.
Cerevel Therapeutics Holdings Inc. (CERE) received an upgrade from analysts at Wells Fargo, who also set their one-year price target on the stock to $30. They changed their rating on CERE to Overweight from Equal-Weight in a recently issued research note.
Earlier Thursday TD Cowen reduced its rating on Spirit AeroSystems Holdings Inc. (SPR) stock to Market Perform from Outperform and assigned the price target to $28.
Goldman Sachs analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Fulcrum Therapeutics Inc. (FULC) has been changed to Neutral from Buy and the new price target is set at $3.
Analysts at Jefferies downgraded DHT Holdings Inc. (DHT)'s stock to Hold from Buy Thursday.
Is Graphite the New Lithium?
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Latest Insider Activity
Seagen Inc. (SGEN) Director WELCH DANIEL G announced the sale of shares taking place on May 02 at $200.07 for some 8,872 shares. The total came to more than $1.78 million.
Electronic Arts Inc. (EA) Chief Operating Officer Miele Laura sold on May 01 a total of 1,500 shares at $127.28 on average. The insider’s sale generated proceeds of almost $0.19 million.
PennyMac Mortgage Investment Trust (PMT) Director Lynch Catherine A. declared the purchase of shares taking place on May 01 at $12.44 for some 256 shares. The transaction amount was around $3180.0.
Simmons First National Corporation (SFNC) CEO FEHLMAN ROBERT A bought on May 01 a total of 12,000 shares at $16.50 on average. The purchase cost the insider an estimated $198,000.
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Important Earnings
Top US earnings releases scheduled for today include Apple Inc. (NASDAQ: AAPL). It will announce its Mar 2023 financial results. The company is expected to report earnings of $1.43 per share from revenues of $92.96B in the three-month period.
Analysts expect Lyft Inc. (NASDAQ: LYFT) to report a net income (adjusted) of -$0.06 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $981.42M.
Shopify Inc. (SHOP), due to announce earnings after the market closes today, is expected to report earnings of -$0.04 per share from revenues of $1.43B 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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