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- 14 Mar - NH - Morning Newsletter (with survey at top and bottom)
14 Mar - NH - Morning Newsletter (with survey at top and bottom)
Morning Stock Market News: Be the First to Know
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Good Morning!Trading emerged from a five-day slump in the Dow Jones Industrial Average on Tuesday with U.S. stock futures up. Tuesday's inflation report also loomed large in the minds of traders.Futures for the Dow Jones Industrial Average rose 159 points, or 0.5%. Futures for the S&P 500 and Nasdaq-100 rose 0.5%.Following Monday's heavy losses, bank stocks bounced back somewhat. As of premarket trading, SPDR S&P Regional Banking ETF (KRE) was up more than 4%. After closing down nearly 62% on Monday, First Republic Bank shares jumped 24% in extended trading. After declining 27%, KeyCorp shares gained about 13%.S&P 500 and Dow stocks were down on Monday after a plan to backstop Silicon Valley Bank depositors failed to boost stocks. There was a loss of 90.50 points, or 0.28%, in the Dow, while a loss of 0.15% was seen in the broad-market index.A few investors bet that Silicon Valley's collapse could trigger a Federal Reserve pause on raising rates, as the Nasdaq Composite bucked the trend, climbing 0.45%.
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Today Top Movers
Western Alliance Bancorporation (WAL) stock soared 21.4% to $31.71 in the pre-market trading after filing an updated Form 8-K.
First Republic Bank (NYSE: FRC) shares are trading up 21.44% at $37.9 at the time of writing. The company recently declared that it has further enhanced and diversified its financial position through access to additional liquidity from the Federal Reserve Bank and JPMorgan Chase & Co.
Momentive Global Inc. (MNTV) grew over 17.88% at $9.1 in pre-market trading today after announcing that it has entered into a definitive agreement to be acquired by a consortium led by Symphony Technology Group (STG) in an all-cash transaction that values Momentive at approximately $1.5 billion
Imperial Petroleum Inc. (IMPP), a Oil & Gas E&P company, rose about 17.12% at $0.195 in pre-market trading Tuesday following an announcement from the company that it has provided notice of termination of the ATM equity offering program that was in place with Maxim Group LLC and Virtu Americas LLC acting as sales agents.
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Top Upgrades & Downgrades
Needham turned bullish on TrueCar Inc. (TRUE), upgrading the stock to Buy and assigning a $3.5 price target, representing potential upside of 75% from Monday's close.
MPLX LP (MPLX) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $41, suggesting 19.05% additional upside for the stock.
Match Group Inc. (MTCH) received an upgrade from analysts at Barclays, who also set their one-year price target on the stock to $52. They changed their rating on MTCH to Overweight from Equal-Weight in a recently issued research note.
Earlier Tuesday BMO Capital reduced its rating on Seagen Inc. (SGEN) stock to Market Perform from Outperform and assigned the price target to $229.
SMBC Nikko analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Provention Bio Inc. (PRVB) has been changed to Neutral from Outperform and the new price target is set at $25.
Analysts at BMO Capital downgraded Precision BioSciences Inc. (DTIL)'s stock to Market Perform from Outperform Tuesday.
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Latest Insider Activity
Rocket Lab USA Inc. (RKLB) Chief Financial Officer Spice Adam C. announced the sale of shares taking place on Mar 09 at $4.23 for some 64,189 shares. The total came to more than $0.27 million.
Cidara Therapeutics Inc. (CDTX) CHIEF SCIENTIFIC OFFICER Tari Leslie sold on Mar 13 a total 7,562 shares at $1.53 on average. The insider’s sale generated proceeds of almost $11570.0.
Sixth Street Specialty Lending Inc. (TSLX) Graf Michael declared the purchase of shares taking place on Mar 10 at $17.55 for some 1,500 shares. The transaction amount was around $26325.0.
PacWest Bancorp (PACW) Director EGGEMEYER JOHN M III bought on Mar 10 a total 25,000 shares at $15.33 on average. The purchase cost the insider an estimated $383,250.
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Important Earnings
Top US earnings releases scheduled for today include Agenus Inc. (NASDAQ: AGEN). It will announce its Dec 2022 financial results. The company is expected to report earnings of -$0.22 per share from revenues of $17.83M in the three-month period.
Analysts expect Cipher Mining Inc. (NASDAQ: CIFR) to report a net income (adjusted) of -$0.06 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $4.6M.
Caleres Inc. (CAL), due to announce earnings before the market opens today, is expected to report earnings of $0.65 per share from revenues of $689.71M 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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