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- 19 Dec - NH - Morning Newsletter (with survey at top and bottom)
19 Dec - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Breaking Out to Start the Week
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Good Morning!In early Monday trading, stock futures rose after the major averages posted their second consecutive week of losses. Fears of a recession also plagued investors.S&P 500 futures surged 0.14% and Nasdaq 100 gained 0.13%. Dow Jones Industrial Average futures gained 38 points, or 0.11%.Earlier this week, stocks tumbled after the Federal Reserve hiked short-term interest rates 50 basis points. Fears of a recession have been heightened as the central bank has increased its forecast for future hikes, saying that rates will now rise to 5.1%.A decline of 281.76 points, or 0.85%, was recorded on Friday for the Dow Jones Industrial Average. In the past week, the 30-stock index has lost 1.66%, bringing its loss for the month to 4.83%. S&P 500 futures slided 1.11% and dropped 2.08% for the week, bringing their monthly declines to 5.58%. For the week, the Nasdaq Composite fell 2.72%, down 0.97% on Friday alone. This month, it has declined by 6.65%.There will be earnings reports from Nike and FedEx on Tuesday. NAHBI's monthly survey, which measures sentiment, is due Monday.
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Today Top Movers
Innate Pharma S.A. (IPHA) stock soared 31.05% to $2.49 in the pre-market trading following the announcement of collaboration expansion with Sanofi for Natural Killer Cell Therapeutics in Oncology.
Tesla Inc. (NASDAQ: TSLA) shares are trading up 4.79% at $157.42 at the time of writing on Musk's Twitter 'step down' poll.
Madrigal Pharmaceuticals Inc. (MDGL) grew over 8.31% at $69.1 in pre-market trading today. The company released positive topline results from the pivotal phase 3 MAESTRO-NASH clinical trial of resmetirom for the treatment of NASH and Liver Fibrosis.
Moderna Inc. (MRNA), a Biotechnology company, rose about 4.56% at $202.1 in pre-market trading Monday after EMA Committee for Medicinal Products for Human Use (CHMP) recommended the Use of Moderna’s BA.1 Targeting Bivalent COVID-19 Booster in Children (6-11 Years) In the European Union.
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Top Upgrades & Downgrades
Jefferies turned bullish on Moderna Inc. (MRNA), upgrading the stock to "Buy" and assigning a $275 price target, representing potential upside of 42.27% from Friday's close.
Pentair plc (PNR) has won the favor of Stifel's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $57, suggesting 31.19% additional upside for the stock.
Warner Music Group Corp. (WMG) received an upgrade from analysts at Atlantic Equities, who also set their one-year price target on the stock to $41. They changed their rating on WMG to Overweight from Neutral in a recently issued research note.
Earlier Monday Deutsche Bank reduced its rating on Invesco Ltd. (IVZ) stock to Hold from Buy and assigned the price target to $19.
Jefferies analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Vertex Pharmaceuticals Incorporated (VRTX) has been changed to Hold from Buy and the new price target is set at $340.
Analysts at Stifel downgraded Waste Management Inc. (WM)'s stock to Hold from Buy Monday.
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Latest Insider Activity
Blackstone Inc. (BX) 10% Owner Blackstone Holdings I/II GP L. announced the sale of shares taking place on Dec 14 at $8.00 for some 6,341,568 shares. The total came to more than $50.73 million.
Arcus Biosciences Inc. (RCUS) Chief Financial Officer Goeltz II Robert C. sold on Dec 16 a total 2,453 shares at $30.75 on average. The insider’s sale generated proceeds of almost $75430.0.
Marathon Digital Holdings Inc. (MARA) Director DENUCCIO KEVIN A declared the purchase of shares taking place on Dec 13 at $4.84 for some 70,000 shares. The transaction amount was around $0.34 million.
Bright Health Group Inc. (BHG) Director IMMELT JEFFREY R bought on Dec 14 a total 400,000 shares at $0.62 on average. The purchase cost the insider an estimated $248,000.
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Important Earnings
Top US earnings releases scheduled for today include Steelcase Inc. (NYSE: SCS). It will announce its Nov 2022 financial results. The company is expected to report earnings of $0.18 per share from revenues of $836.42M in the three-month period.
Analysts expect HEICO Corporation (NYSE: HEI) to report a net income (adjusted) of $0.69 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Oct 2022 is predicted to come in at $602.2M.
Inspirato Incorporated (ISPO), due to announce earnings after the market closes today, is expected to report earnings of -$0.08 per share from revenues of $91.95M 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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