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- 10 Mar - NH - Morning Newsletter (with survey at top and bottom)
10 Mar - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!According to the trading data, the futures for US stock indices fell on Friday. A report on US unemployment will be released shortly.The Dow Jones Industrial Index (DJIA) futures fell by 0.38%, to 32,136 points, while the NASDAQ high-tech index dropped by 0.08%, to 11,997.25 points, and the S&P 500 index slided 0.27%, to 3,909.25 points.An important event for the markets remains macroeconomic statistics from the US labor market, which will be published later in the course of trading. Analysts believe that the unemployment rate in the country in February remained at the level of January at 3.4%, and the number of jobs in non-agricultural sectors of the economy increased by 205 thousand after an increase of 517 thousand a month earlier.US Federal Reserve rate hikes continue to raise fears of a recession. According to CME Group, 57.2% of analysts expect the discount rate to increase by 50 basis points in March to 5-5.25% per annum. At the same time, 42.8% expect an increase of 25 basis points, as in February.
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Today Top Movers
Molecular Templates Inc. (MTEM) stock soared 46.83% to $0.6901 in the pre-market trading after announcing that it has received clearance by the FDA following review of its Investigational New Drug Application to proceed for clinical testing of its novel MT-8421 ETB program.
Barnes & Noble Education Inc. (NYSE: BNED) shares are trading up 19.19% at $2.05 at the time of writing following the release of Q3 fiscal year 2023 financial results.
Stratasys Ltd. (SSYS) grew over 15.27% at $16.15 in pre-market trading today. The company reported that it has received an unsolicited non-binding indicative offer from Nano Dimension Ltd. (NNDM) to acquire Stratasys for $18.00 per share in cash.
VNET Group Inc. (VNET), a Information Technology Services company, rose about 10.89% at $3.97 in pre-market trading Friday. The company will announce unaudited fourth quarter and full year 2022 financial results on March 21, 2023.
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Top Upgrades & Downgrades
Baird turned bullish on KeyCorp (KEY), upgrading the stock to Outperform and assigning a $20 price target, representing potential upside of 24.38% from Thursday's close.
Marathon Petroleum Corporation (MPC) has won the favor of Mizuho's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $160, suggesting 24.59% additional upside for the stock.
United Airlines Holdings Inc. (UAL) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $80. They changed their rating on UAL to Overweight from Equal-Weight in a recently issued research note.
Earlier Friday Jefferies reduced its rating on BioXcel Therapeutics Inc. (BTAI) stock to Hold from Buy and assigned the price target to $22.
Credit Suisse analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Fulcrum Therapeutics Inc. (FULC) has been changed to Neutral from Outperform and the new price target is set at $8.
Analysts at Baird downgraded Allbirds Inc. (BIRD)'s stock to Neutral from Outperform Friday.
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Latest Insider Activity
Advanced Micro Devices Inc. (AMD) EVP KUMAR DEVINDER announced the sale of shares taking place on Mar 07 at $81.67 for some 41,849 shares. The total came to more than $3.42 million.
Meta Platforms Inc. (META) Chief Legal Officer Newstead Jennifer sold on Mar 07 a total 393 shares at $189.00 on average. The insider’s sale generated proceeds of almost $74277.0.
Occidental Petroleum Corporation (OXY) 10% Owner BERKSHIRE HATHAWAY INC declared the purchase of shares taking place on Mar 07 at $61.01 for some 1,760,686 shares. The transaction amount was around $107.42 million.
OPKO Health Inc. (OPK) CEO & Chairman FROST PHILLIP MD ET AL bought on Mar 08 a total 1,000,000 shares at $1.18 on average. The purchase cost the insider an estimated $1.18 million.
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Important Earnings
Top US earnings releases scheduled for today include Genius Sports Limited (NYSE: GENI). It will announce its Dec 2022 financial results. The company is expected to report earnings of -$0.11 per share from revenues of $104.35M in the three-month period.
Analysts expect Bird Global Inc. (NYSE: BRDS) to report a net income (adjusted) of -$0.09 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $53.38M.
Embraer S.A. (ERJ), due to announce earnings before the market opens today, is expected to report earnings of $0.33 per share from revenues of $1.99B 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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