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- 03 Mar - NH - Morning Newsletter (with survey at top and bottom)
03 Mar - NH - Morning Newsletter (with survey at top and bottom)
The Morning Brief: Don't Miss Out on Market Moves
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Good Morning!As markets shrugged off signs of stickier inflation and hawkish Fed rhetoric on Friday, U.S. stock futures rose early Friday.Before the market kicked off, the S&P 500 futures climbed 0.2%, Nasdaq futures climbed 0.3%, and Dow futures moved upward by 0.1%. Thursday's rally in all three major indices ended higher, with the Dow Jones Industrial Average topping its 2-week high by 1.1%.It happened despite continued rises in bond yields. First time since November that the 10-year Treasury yield closed above 4%, it rose to 4.062% on Thursday, but dropped early Friday to 4.01%.An increase in bond yields reduces the present value of future cash that constitutes company valuations. Technology companies are affected by this, since they anticipate profitability in the future.A more hawkish tone was maintained by Fed officials. If the labor market and inflation do not ease, Federal Reserve governor Christopher Waller said rates will need to go up.
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Today Top Movers
C3.ai Inc. (AI) stock soared 16.14% to $24.75 in the pre-market trading following the release of fiscal Q3 2023 financial results.
Exela Technologies Inc. (NASDAQ: XELA) shares are trading up 10.01% at $0.0747 at the time of writing after announcing new funding, amendment increases existing securitization facility to $185 million and other related transactions.
Ardelyx Inc. (ARDX) grew over 15.57% at $3.34 in pre-market trading today. The company reported Q4 and full year 2022 financial results.
Heritage Insurance Holdings Inc. (HRTG), a Insurance - Property & Casualty company, rose about 12.87% at $3.07 in pre-market trading Friday after reporting fourth quarter 2022 results.
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Top Upgrades & Downgrades
JP Morgan turned bullish on The Kroger Co. (KR), upgrading the stock to Overweight and assigning a $54 price target, representing potential upside of 18.1% from Thursday's close.
Marathon Petroleum Corporation (MPC) has won the favor of Jefferies' equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $157, suggesting 21.06% additional upside for the stock.
The Procter & Gamble Company (PG) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $155. They changed their rating on PG to Overweight from Neutral in a recently issued research note.
Earlier Friday KGI Securities reduced its rating on Tesla Inc. (TSLA) stock to Neutral from Outperform and assigned the price target to $196.
Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Chesapeake Energy Corporation (CHK) has been changed to Equal-Weight from Overweight and the new price target is set at $87.
Analysts at JP Morgan downgraded Itron Inc. (ITRI)'s stock to Underweight from Neutral Friday.
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Latest Insider Activity
Duolingo Inc. (DUOL) Chief Tech Officer, Co-Founder Hacker Severin announced the sale of shares taking place on Mar 01 at $108.22 for some 10,000 shares. The total came to more than $1.08 million.
Sunrun Inc. (RUN) Chief Revenue Officer Dickson Paul S. sold on Mar 01 a total 906 shares at $25.51 on average. The insider’s sale generated proceeds of almost $23113.0.
ProPetro Holding Corp. (PUMP) Chief Financial Officer SCHORLEMER DAVID SCOTT declared the purchase of shares taking place on Mar 01 at $8.96 for some 1,500 shares. The transaction amount was around $13440.0.
Healthpeak Properties Inc. (PEAK) President and CEO Brinker Scott M bought on Mar 02 a total 16,300 shares at $23.63 on average. The purchase cost the insider an estimated $385,169.
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Important Earnings
Top US earnings releases scheduled for today include Hibbett Inc. (NASDAQ: HIBB). It will announce its Jan 2023 financial results. The company is expected to report earnings of $2.94 per share from revenues of $476.57M in the three-month period.
Analysts expect Stereotaxis Inc. (AMEX: STXS) to report a net income (adjusted) of -$0.07 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $8.5M.
Rapid Micro Biosystems Inc. (RPID), due to announce earnings before the market opens today, is expected to report earnings of -$0.36 per share from revenues of $4.5M 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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