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- 17 Mar - NH - Morning Newsletter (with survey at top and bottom)
17 Mar - NH - Morning Newsletter (with survey at top and bottom)
The Power Hour: 4 Hot Stocks to Watch Today
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Good Morning!The market rose slightly Friday after the reports of several major banks agreed to strengthen the First Republic.Futures for the Dow Jones Industrial Average gained 35 points, or 0.1%. Nasdaq-100 futures rose 0.1%, while S&P 500 futures increased 0.2%.S&P 500 is on pace to have its best week since January, with the Dow up 1.06% and S&P 500 up 2.56% for the week. With its best week since November, the Nasdaq is up 5.19%.An agreement between a group of banks and First Republic contributed to these gains.The banking system is backed by $30 billion in deposits. Additionally, major indexes rose after Credit Suisse announced it would borrow $54 billion from the Swiss National Bank.Meanwhile, to get a better grasp on the economy ahead of next week's Fed meeting, traders will look at preliminary readings of the consumer sentiment index from the University of Michigan.
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Today Top Movers
Enzo Biochem Inc. (ENZ) stock soared 89.08% to $2.25 in the pre-market trading after announcing that it has entered into an agreement for Labcorp (NYSE: LH) to acquire the assets of Enzo’s Clinical Laboratory division.
Histogen Inc. (NASDAQ: HSTO) shares are trading up 34.52% at $1.16 at the time of writing. The company recently announced that the US Patent and Trademark Office has issued US Patent No. 11,579,703 titled “Caspase Inhibitors and Methods of Use Thereof.”
Huize Holding Limited (HUIZ) grew over 1.69% at $1.2 in pre-market trading today following the declaration from the company that its Board of Directors has authorized US$5 million share repurchase program.
FedEx Corporation (FDX), a Integrated Freight & Logistics company, rose about 11.49% at $227.5 in pre-market trading Friday after reporting third quarter results.
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Top Upgrades & Downgrades
Keefe, Bruyette & Woods turned bullish on Fidelity National Information Services Inc. (FIS), upgrading the stock to Outperform and assigning a $70 price target, representing potential upside of 34.25% from Thursday's close.
NVIDIA Corporation (NVDA) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $304, suggesting 19.02% additional upside for the stock.
Alphabet Inc. (GOOG) received an upgrade from analysts at Exane BNP Paribas. They changed their rating on GOOG to Outperform from Neutral in a recently issued research note.
Earlier Friday Telsey Advisory Group reduced its rating on The Honest Company Inc. Common Stock (HNST) stock to Market Perform from Outperform and assigned the price target to $2.
Keefe, Bruyette & Woods analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Synchrony Financial (SYF) has been changed to Market Perform from Market Outperform and the new price target is set at $32.
Analysts at Cantor Fitzgerald downgraded REE Automotive Ltd. (REE)'s stock to Neutral from Overweight Friday.
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Latest Insider Activity
Ouster Inc. (OUST) Chief Operating Officer SPENCER DARIEN announced the sale of shares taking place on Mar 16 at $0.89 for some 2,885 shares. The total came to more than $2568.0.
Navitas Semiconductor Corporation (NVTS) President & CEO Sheridan Eugene sold on Mar 15 a total 38,521 shares at $6.30 on average. The insider’s sale generated proceeds of almost $0.24 million.
Matador Resources Company (MTDR) President-Operations Goodwin Billy E declared the purchase of shares taking place on Mar 16 at $44.52 for some 1,000 shares. The transaction amount was around $44520.0.
Hannon Armstrong Sustainable Infrastructure Capital Inc. (HASI) EVP & CIO Rose Nathaniel bought on Mar 16 a total 10,000 shares at $24.10 on average. The purchase cost the insider an estimated $241,000.
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Important Earnings
Top US earnings releases scheduled for today include Algonquin Power & Utilities Corp. (NYSE: AQN). It will announce its Dec 2022 financial results. The company is expected to report earnings of $0.23 per share from revenues of $703.54M in the three-month period.
Analysts expect Ballard Power Systems Inc. (NASDAQ: BLDP) to report a net income (adjusted) of -$0.14 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $25.33M.
Waterdrop Inc. (WDH), due to announce earnings before the market opens today, is expected to report earnings of $0.03 per share from revenues of $101.47M 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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