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- 16 Mar - NH - Morning Newsletter (with survey at top and bottom)
16 Mar - NH - Morning Newsletter (with survey at top and bottom)
The Early Stock Report: Best Performing Stocks for Today
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Good Morning!Trading in U.S. stock futures was relatively flat Thursday as traders assessed regulatory measures aimed at supporting Credit Suisse. This follows, a sharp decline in the bank's stock prompted fears of a banking crisis spreading to Europe.The Dow Jones Industrial Average futures fell about 17 points, or 0.1 percent. A marginal rise in S&P 500 futures was followed by a 0.3% gain in Nasdaq-100 futures.The Swiss National Bank announced overnight that Credit Suisse will borrow $54 billion to ensure short-term liquidity. In response to the Saudi National Bank's refusal to provide additional support to Credit Suisse, the shares of the embattled bank fell to a record low Wednesday. A 20%increase was seen in the stock on Thursday though.Stocks in other European banks were also impacted by the Credit Suisse news, and it was felt in U.S. markets as well. Dow Jones fell 725 points at one point on Wednesday before ending the day down 280.83 points, or 0.87%. There was a 0.7% decline in the S&P 500.The latest jobless claims report will be one of the key economic data points on traders' radars.
Five Top Tech Stocks to Own Now
Warren Buffett says that a "climate of fear is your friend when investing; a euphoric world is your enemy."
"The time to buy is when there's blood in the streets, even if the blood is your own."
With a good deal of fear priced into the tech sector, here are five hot stocks to consider.
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Today Top Movers
ThermoGenesis Holdings Inc. (THMO) stock soared 70.64% to $7.15 in the pre-market trading after announcing that the Company is rolling out a new facility in the Sacramento metro area, containing a total of 12, class-7, ReadyStart cGMP Suites available for lease by early-stage life science and cell gene therapy companies.
UiPath Inc. (NYSE: PATH) shares are trading up 14.41% at $16.75 at the time of writing following the release of Q4 and full year fiscal 2023 financial results.
PureCycle Technologies Inc. (PCT) grew over 23.69% at $5.9 in pre-market trading today after announcing a corporate update and financial results for the fourth quarter ending December 31, 2022.
Blue Apron Holdings Inc. (APRN), a Internet Retail company, rose about 12.83% at $0.852 in pre-market trading Thursday after topping Q4 expectations. The company posted a $0.49 per share loss on $107M in revenue, both of which were notably better than the Street consensus.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on The Progressive Corporation (PGR), upgrading the stock to Overweight and assigning a $158 price target, representing potential upside of 16.94% from Wednesday's close.
Foot Locker Inc. (FL) has won the favor of Telsey Advisory Group's equity research team. The firm upgraded the shares from Market Perform to Outperform and moved their price target to $50, suggesting 21.83% additional upside for the stock.
FedEx Corporation (FDX) received an upgrade from analysts at Stifel, who also set their one-year price target on the stock to $222. They changed their rating on FDX to Buy from Hold in a recently issued research note.
Earlier Thursday BofA reduced its rating on Medical Properties Trust Inc. (MPW) stock to Neutral from Buy.
BofA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Esperion Therapeutics Inc. (ESPR) has been changed to Underperform.
Analysts at TD Cowen downgraded Olaplex Holdings Inc. (OLPX)'s stock to Market Perform from Outperform Thursday.
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Latest Insider Activity
Momentive Global Inc. (MNTV) Chief Executive Officer Lurie Alexander J announced the sale of shares taking place on Mar 14 at $9.25 for some 6,497 shares. The total came to more than $60097.0.
Sprouts Farmers Market Inc. (SFM) Chief Strategy Officer McGlinchey David sold on Mar 13 a total 21,622 shares at $32.96 on average. The insider’s sale generated proceeds of almost $0.71 million.
Whole Earth Brands Inc. (FREE) 10% Owner Sababa Holdings Free LLC declared the purchase of shares taking place on Mar 15 at $2.79 for some 580,000 shares. The transaction amount was around $1.62 million.
Axalta Coating Systems Ltd. (AXTA) Director COOK WILLIAM M bought on Mar 14 a total 2,500 shares at $29.55 on average. The purchase cost the insider an estimated $73,875.
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Important Earnings
Top US earnings releases scheduled for today include Provention Bio Inc. (NASDAQ: PRVB). It will announce its Dec 2022 financial results. The company is expected to report earnings of -$0.46 per share from revenues of $8.3M in the three-month period.
Analysts expect Designer Brands Inc. (NYSE: DBI) to report a net income (adjusted) of -$0.02 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jan 2023 is predicted to come in at $791.81M.
Meta Materials Inc. (MMAT), due to announce earnings after the market closes today, is expected to report earnings of -$0.06 per share from revenues of $2.82M 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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