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- 02 Mar - NH - Morning Newsletter (with survey at top and bottom)
02 Mar - NH - Morning Newsletter (with survey at top and bottom)
The Morning Market Report: Stay Ahead of the Curve
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Good Morning!Based on the trading data, US stock indices are mostly down on Thursday.Futures for the Dow Jones Industrial Index (DJIA) are growing by 0.17%, to 32,749 points.The NASDAQ high-tech companies index is declining by 0.58%, to 11,892 points and futures for the S&P 500 broad market index falls by 0.4%, to 3,940.75 points.Risk aversion dominates Thursday's trading. The US stock market closed mostly lower on Thursday, and Asian and European indices followed suit.After a disappointing Investor Day, Tesla shares are down 5.6% in pre-trade after traders were left wanting more details about electric vehicle production.In addition, the markets are still evaluating yesterday's macro statistics. Thus, the ISM Manufacturing index rose from 47.4% in January to 47.7% in February. It was predicted to be 48%.
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Today Top Movers
Okta Inc. (OKTA) stock soared 16.74% to $83.4 in the pre-market trading after announcing Q4 And fiscal year 2023 financial results.
Salesforce Inc. (NYSE: CRM) shares are trading up 15.42% at $193.15 at the time of writing after the beat Wall Street estimates on profit and issued a better-than-expected forecast.
Desktop Metal Inc. (DM) grew over 11.33% at $1.67 in pre-market trading today following the earnings release.
Bright Health Group Inc. (BHG), a Healthcare Plans company, rose about 7.1% at $0.54 in pre-market trading Thursday. The company reported first quarter EPS of $-0.34, $0.15 better than the analyst estimate of -$0.49. Revenue for the quarter came in at $551.4B versus the consensus estimate of $1.73B.
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Top Upgrades & Downgrades
Morgan Stanley turned bullish on PDD Holdings Inc. (PDD), upgrading the stock to Overweight and assigning a $113 price target, representing potential upside of 24.12% from Wednesday's close.
MarketAxess Holdings Inc. (MKTX) has won the favor of Atlantic Equities's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $403, suggesting 16.05% additional upside for the stock.
UWM Holdings Corporation (UWMC) received an upgrade from analysts at Keefe, Bruyette & Woods, who also set their one-year price target on the stock to $4. They changed their rating on UWMC to Market Perform from Underperform in a recently issued research note.
Earlier Thursday JP Morgan reduced its rating on NIO Inc. (NIO) stock to Neutral from Overweight and assigned the price target to $10.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Dollar Tree Inc. (DLTR) has been changed to Neutral from Overweight and the new price target is set at $150.
Analysts at Raymond James downgraded ON Semiconductor Corporation (ON)'s stock to Market Perform from Outperform Thursday.
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Latest Insider Activity
Keurig Dr Pepper Inc. (KDP) Director Mondelez International, Inc. announced the sale of shares taking place on Feb 27 at $34.42 for some 30,000,000 shares. The total came to more than $1.03 billion.
Mondelez International Inc. (MDLZ) Director Mondelez International, Inc. sold on Feb 27 a total 30,000,000 shares at $34.42 on average. The insider’s sale generated proceeds of almost $1.03 billion.
MEI Pharma Inc. (MEIP) Director Baltic Charles V. III declared the purchase of shares taking place on Feb 28 at $0.23 for some 81,500 shares. The transaction amount was around $18338.0.
Entergy Corporation (ETR) "Officer" Under Sec. 16 Rules MINOR ANASTASIA bought on Feb 27 a total 2,500 shares at $107.50 on average. The purchase cost the insider an estimated $268,750.
5 Stocks to Buy Immediately
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Important Earnings
Top US earnings releases scheduled for today include C3.ai Inc. (NYSE: AI). It will announce its Jan 2023 financial results. The company is expected to report earnings of -$0.22 per share from revenues of $64.25M in the three-month period.
Analysts expect Hewlett Packard Enterprise Company (NYSE: HPE) to report a net income (adjusted) of $0.54 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jan 2023 is predicted to come in at $7.43B.
ChargePoint Holdings Inc. (CHPT), due to announce earnings after the market closes today, is expected to report earnings of -$0.17 per share from revenues of $165.45M 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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