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- May 31 - NH - Morning Newsletter (with survey at top and bottom)
May 31 - NH - Morning Newsletter (with survey at top and bottom)
The Early Stock Report: Best Performing Stocks for Today
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Good Morning!As May draws to a close, the stage is set for an intriguing final trading day, with investors closely monitoring the captivating federal debt ceiling debate unfolding in Washington. Against this backdrop, stock futures embarked on a downward trajectory, casting a shadow over the market sentiment.Diving into the specifics, futures linked to the Dow Jones Industrial Average dipped around 33 points, representing a slight 0.1% decline. Simultaneously, the S&P 500 futures displayed a slide of 0.15%, while Nasdaq-100 futures experienced a 0.17% drop.This shift in futures follows a relatively subdued trading session on Tuesday, where the Dow relinquished approximately 50 points, while the Nasdaq Composite managed to edge up by 0.3%.Interestingly, as we evaluate the performance of major indices throughout May, the Nasdaq Composite emerges as the shining star, boasting an impressive gain of nearly 6.5% for the month. However, the S&P 500's rise has been more modest, tallying up to approximately 0.9%, while the Dow encountered a decline of 3.1%.The noteworthy outperformance of the Nasdaq Composite can be attributed, in large part, to the fervor surrounding the world of artificial intelligence. In fact, the recent surge in excitement led to a momentous milestone, as Nvidia's market capitalization briefly exceeded the remarkable $1 trillion mark last Thursday. Nonetheless, there are growing concerns among Wall Street experts that the market's strength may be overly reliant on a narrow subset of stocks.As the final trading day of May unfolds, investors eagerly await developments in the federal debt ceiling debate, all while grappling with the broader implications of the market's narrow focus. The stage is set for a captivating finale to an eventful month, where market dynamics and investor sentiment continue to shape the trajectory of various indices.
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Today Top Movers
VistaGen Therapeutics Inc. (VTGN) stock soared 56.68% to $0.2098 in the pre-market trading. The company recently announced that it will present fasedienol safety and exploratory efficacy data from phase 3 open-label social anxiety disorder study at American Society for Clinical Psychopharmacology Annual Meeting.
Akebia Therapeutics Inc. (NASDAQ: AKBA) shares are trading up 14.75% at $1.1 at the time of writing after announcing that the company received a written response from the Office of New Drugs (OND) of the FDA to Akebia's Formal Dispute Resolution Request (FDRR) regarding the Complete Response Letter (CRL) received in March 2022 for vadadustat.
Faraday Future Intelligent Electric Inc. (FFIE) grew over 4.12% at $0.26 in pre-market trading today after the launch of the Ultimate AI TechLuxury FF 91 2.0 Futurist Alliance, priced at $309,000, as well as the Eco Product aiHypercar+, now open for reservations in both the United States and China
LL Flooring Holdings, Inc. (LL) rose about 19.57% at $4.95 in pre-market trading Wednesday after receiving an unsolicited, non-binding proposal from Cabinets To Go, LLC, a subsidiary of F9 Brands, Inc., to acquire all of the outstanding shares of the Company for $5.76 per share in cash.
Graphite versus Lithium - What Investors Should Know
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Graphite is actually the largest component of EV batteries - NOT lithium. Experts warn of a massive graphite shortfall, especially since North America currently has no operating graphite mines.
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Top Upgrades & Downgrades
Baird turned bullish on Xylem Inc. (XYL), upgrading the stock to Outperform and assigning a $135 price target, representing potential upside of 36.93% from Tuesday's close.
Chevron Corporation (CVX) 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 $170, suggesting 11.02% additional upside for the stock.
Avis Budget Group Inc. (CAR) received an upgrade from analysts at Deutsche Bank. They changed their rating on CAR to Hold from Buy in a recently issued research note.
Analysts at Keybanc downgraded Ambarella Inc. (AMBA)'s stock to Sector Weight from Overweight Wednesday.
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Latest Insider Activity
Apollo Global Management Inc. (APO) HARRIS JOSHUA announced the sale of shares taking place on May 30 at $66.44 for some 300,000 shares. The total came to more than $19.93 million.
Micron Technology, Inc. (MU) Deboer Scott J EVP, Technology & Products sold on May 26 a total 20,000 shares at $70.00 on average. The insider’s sale generated proceeds of almost $1.40 million.
Warner Bros. Discovery Inc. (WBD) Chief Financial Officer Wiedenfels Gunnar declared the purchase of shares taking place on May 25 at $11.22 for some 15,000 shares. The transaction amount was around $0.17 million.
Occidental Petroleum Corporation (OXY) 10% Owner BERKSHIRE HATHAWAY INC bought on May 30 a total 2,203,753 shares at $58.30 on average. The purchase cost the insider an estimated $128.48 million.
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Important Earnings
Top US earnings releases scheduled for today include C3.ai Inc. (NYSE: AI). It will announce its Apr 2023 financial results. The company is expected to report earnings of -$0.17 per share from revenues of $71.32M in the three-month period.
Analysts expect Pure Storage Inc. (NYSE: PSTG) to report a net income (adjusted) of $0.04 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $559.34M.
Salesforce Inc. (CRM), due to announce earnings after the market closes today, is expected to report earnings of $1.61 per share from revenues of $8.18B 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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