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- May 05 - NH - Morning Newsletter (with survey at top and bottom)
May 05 - NH - Morning Newsletter (with survey at top and bottom)
Get Ahead with Top Stock Picks: Your Daily Market Buzz
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Good Morning!Early on Friday morning, stock futures pointed to a slight uptick, with the S&P 500, Nasdaq 100, and Dow Jones Industrial Average all showing gains. Investors were digesting a new round of corporate earnings, including Apple's impressive results for the fiscal second quarter, which beat expectations and boosted shares by over 2% in extended trading. However, the regular session on Thursday was less rosy, as all three major averages closed lower for the fourth day in a row, with the S&P 500, Nasdaq Composite, and Dow all posting losses. Investors were spooked by concerns of contagion risk from the troubled regional bank sector, which dampened market sentiment. This week is shaping up to be the worst for all three indexes since March 10, with losses of 2.6%, 2.1%, and 2.8% for the S&P 500, Nasdaq, and Dow, respectively. Investors are also feeling anxious about the Federal Reserve's next moves, following the recent 25 basis point rate hike by policymakers.
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Today Top Movers
BILL Holdings Inc. (BILL) stock soared 14.88% to $91.8 in the pre-market trading after releasing the 3rd quarter fiscal year 2023 financial results.
Carvana Co. (NYSE: CVNA) shares are trading up 34.86% at $9.71 at the time of writing after reporting the best first quarter in company history for adjusted EBITDA and total gross profit per unit.
DraftKings Inc. (DKNG) grew over 11.07% at $23.67 in pre-market trading today. The company announced first-quarter revenue of $770 million and raises the 2023 revenue guidance midpoint to $3.185 billion.
Galmed Pharmaceuticals Ltd. (GLMD), a Biotechnology company, rose about 42.96% at $0.4286 in pre-market trading Friday following the execution of a definitive agreement for a $3M equity investment in OnKai Inc., leading an investment round of $6M.
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Top Upgrades & Downgrades
CFRA turned bullish on Energy Transfer LP (ET), upgrading the stock to Buy and assigning a $15 price target, representing a potential upside of 19.05% from Thursday's close.
Ferrari N.V. (RACE) has won the favor of CFRA's equity research team. The firm upgraded the shares from Buy to Strong Buy and moved their price target to $340, suggesting a 16.55% additional upside for the stock.
Cognizant Technology Solutions Corporation (CTSH) received an upgrade from analysts at HSBC, who also set their one-year price target on the stock to $75. They changed their rating on CTSH to Buy from Hold in a recently issued research note.
Earlier Friday Goldman Sachs reduced its rating on Atlassian Corp (TEAM) stock to Neutral from Buy and assigned the price target to $165.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Sapiens International Corporation NV (SPNS) has been changed to Underweight from Equal-Weight and the new price target is set at $24.
Analysts at Loop Capital downgraded Ingevity Corporation (NGVT)'s stock to Hold from Buy Friday.
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Latest Insider Activity
Ginkgo Bioworks Holdings Inc. (DNA) See remarks Dmytruk Mark E. announced the sale of shares taking place on May 02 at $1.15 for some 38,802 shares. The total came to more than $44506.0.
GoDaddy Inc. (GDDY) Chief Legal Officer Lau Michele sold on May 02 a total of 277 shares at $74.96 on average. The insider’s sale generated proceeds of almost $20763.0.
ADT Inc. (ADT) EVP & COO Young Donald M. declared the purchase of shares taking place on May 04 at $5.15 for some 50,000 shares. The transaction amount was around $0.26 million.
First Foundation Inc. (FFWM) Director SONENSHINE JACOB bought on May 04 a total of 8,000 shares at $4.08 on average. The purchase cost the insider an estimated $32,650.
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Important Earnings
Top US earnings releases scheduled for today include Enbridge Inc. (NYSE: ENB). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.62 per share from revenues of $11.71B in the three-month period.
Analysts expect Johnson Controls International plc (NYSE: JCI) to report a net income (adjusted) of $0.73 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $6.51B.
Dominion Energy Inc. (D), due to announce earnings before the market opens today, is expected to report earnings of $0.97 per share from revenues of $4.46B recently concluded a three-month period.
That's it for today. Thanks for reading. Good luck out there!Best Regards,Stocks Telegraph Team
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