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- May 26 - NH - Morning Newsletter (with survey at top and bottom)
May 26 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks to Watch: Market Insights for Early Risers
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Good Morning!Thursday brought a wave of excitement to the stock market as the S&P 500 and Nasdaq Composite soared, driven by the impressive quarterly results of tech powerhouse Nvidia. Technology stocks were in high demand, riding the coattails of this positive news. Adding to the market's buoyancy was the progress made in U.S. debt ceiling talks, further boosting investor optimism.The tech-heavy Nasdaq outshined the rest, surging by a remarkable 1.71% to settle at 12,698.09. Not far behind, the S&P 500 climbed a solid 0.88%, closing at 4,151.28. Meanwhile, the Dow Jones Industrial Average dipped slightly by 0.11%, ending at 32,764.65, just below its 200-day moving average.Nvidia stole the spotlight with an astounding 24.4% surge after exceeding expectations in its revenue guidance and reporting impressive results in both top and bottom lines for the recent quarter. The explosive demand for Nvidia chips used in artificial intelligence applications contributed significantly to their outstanding performance.Following these exceptional results, several analysts covering Nvidia raised their price targets for the stock. This surge brought the chipmaker tantalizingly close to reaching a remarkable $1 trillion market capitalization.The ripple effect of Nvidia's success was felt across the semiconductor sector and artificial intelligence industry. Advanced Micro Devices and Taiwan Semiconductor experienced impressive gains of 11.1% and 12%, respectively. The VanEck Semiconductor ETF skyrocketed by 8.6%, reaching its highest level this year, with a new 52-week high achieved earlier in the session. Tech giants Alphabet and Microsoft also joined the celebration, adding 2.1% and 3.9% to their stock values, respectively.Investors were riding high on the wave of positive news, relishing in the impressive performance of Nvidia and its impact on the broader technology sector. The market's response showcased the resilience and potential of these cutting-edge industries, igniting optimism among market participants.
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Today Top Movers
eFFECTOR Therapeutics Inc. (EFTR) stock soared 66.35% to $0.88 in the pre-market trading after reporting positive data updates from phase 2 expansion Cohorts Evaluating Zotatifin in patients with ER+ Metastatic Breast Cancer at the ASCO 2023 Annual Meeting.
Shuttle Pharmaceuticals Holdings Inc. (NASDAQ: SHPH) shares are trading up 41.18% at $1.68 at the time of writing following 10-Q filling with SEC.
Marvell Technology Inc. (MRVL) grew over 16.66% at $57.71 in pre-market trading today after releasing the first quarter of fiscal year 2024 financial results.
PDS Biotechnology Corporation (PDSB) soared about 21.13% at $8.14 in pre-market trading Friday after announcing that interim data demonstrates 12-month survival rate of 87% with PDS0101 in combination with KEYTRUDA for head and neck cancer patients.
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Top Upgrades & Downgrades
Jefferies turned bullish on UWM Holdings Corporation (UWMC), upgrading the stock to Buy and assigning a $7 price target, representing potential upside of 43.44% from Thursday's close.
Hamilton Lane Incorporated (HLNE) has won the favor of Oppenheimer's equity research team. The firm upgraded the shares from Perform to Outperform.
Paramount Global (PARA) received an upgrade from analysts at Loop Capita. They changed their rating on PARA to Hold from Sell in a recently issued research note.
Earlier Friday Guggenheim reduced its rating on MongoDB Inc. (MDB) stock to Sell from Neutral and assigned the price target to $210.
BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Terran Orbital Corporation (LLAP) has been changed to Underperform from Buy.
Analysts at Wolfe Research downgraded Snowflake Inc. (SNOW)'s stock to Peer Perform from Outperform Friday.
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Latest Insider Activity
National Instruments Corporation (NATI) Executive Vice President Favre Ritu announced the sale of shares taking place on May 25 at $57.70 for some 3,494 shares. The total came to more than $0.2 million.
Roivant Sciences Ltd. (ROIV) President & COO Venker Eric sold on May 23 a total 415 shares at $9.85 on average. The insider’s sale generated proceeds of almost $4088.0.
American Homes 4 Rent (AMH) Director BENHAM DOUGLAS N declared the purchase of shares taking place on May 25 at $24.10 for some 3,400 shares. The transaction amount was around $81940.0.
Movella Holdings Inc. (MVLA) Chief Financial Officer SMITH STEPHEN M bought on May 24 a total 61,524 shares at $1.65 on average. The purchase cost the insider an estimated $101,453.
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Important Earnings
Top US earnings releases scheduled for today include PDD Holdings Inc. (NASDAQ: PDD). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.54 per share from revenues of $4.53B in the three-month period.
Analysts expect Big Lots Inc. (NYSE: BIG) to report a net income (adjusted) of -$1.77 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $1.19B.
Booz Allen Hamilton Holding Corporation (BAH), due to announce earnings before the market opens today, is expected to report earnings of $0.95 per share from revenues of $2.39B 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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