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- 23 Mar - NH - Morning Newsletter (with survey at top and bottom)
23 Mar - NH - Morning Newsletter (with survey at top and bottom)
Market Moves You Can't Afford to Ignore: The Morning Brief
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Good Morning!The trading data indicate that US stock index futures rose on Thursday as markets evaluate the results of the meeting of the US Federal Reserve System (FRS).Dow Jones Industrial Index futures rose by 0.22% to 32,329 points, NASDAQ high-tech index futures rose by 0.96% to 12,828.5 points, and the S&P broad market index 500 futures rose by 0.48% to 3,989.75 points.On Wednesday, the Fed raised the base rate by 25 basis points, as expected, to 4.75-5% per annum. The regulator noted that he does not expect a rate cut this year, but allows it in the next. Following Wednesday's trading, the US exchange fell 1.6%.Later on today, statistics on the number of new claims for unemployment benefits in the US will be released. Analysts predict that the figure increased by 5,000 to 197,000 applications.
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Today Top Movers
Affimed N.V. (AFMD) stock soared 2.72% to $0.77 in the pre-market trading after reporting 2022 financial results and operational progress.
Advent Technologies Holdings Inc. (NASDAQ: ADN) shares are trading up 34.71% at $1.63 at the time of writing after Hyundai Motor Company announced a successful technology assessment with Advent Technologies Holdings, Inc.
SQZ Biotechnologies Company (SQZ) grew over 25.93% at $0.7595 in pre-market trading today. The company recently announced confirmed complete response in HPV16+ solid tumor patient in the lowest-dose cohort of the SQZ-AAC-HPV-101 clinical trial.
Aziyo Biologics Inc. (AZYO), a Medical Devices company, rose about 10.08% at $1.31 in pre-market trading Thursday following the release of record full year 2022 revenues.
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Top Upgrades & Downgrades
HC Wainwright & Co. turned bullish on ORIC Pharmaceuticals Inc. (ORIC), upgrading the stock to Buy and assigning a $16 price target, representing potential upside of 246.32% from Wednesday's close.
Pioneer Natural Resources Company (PXD) has won the favor of Citi's equity research team. The firm upgraded the shares from Neutral to Buy.
Marathon Oil Corporation (MRO) received an upgrade from analysts at Citi. They changed their rating on MRO to Buy from Neutral in a recently issued research note.
Earlier Thursday HC Wainwright & Co. reduced its rating on Context Therapeutics Inc. (CNTX) stock to Neutral from Buy.
Citi analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Ovintiv Inc. (OVV) has been changed to Neutral from Buy.
Analysts at TD Cowen downgraded American Well Corp (AMWL)'s stock to Market Perform from Outperform Thursday.
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Latest Insider Activity
Meta Platforms Inc. (META) Chief Legal Officer Newstead Jennifer announced the sale of shares taking place on Mar 21 at $203.26 for some 393 shares. The total came to more than $79881.0.
Coinbase Global Inc. (COIN) Chief Legal Officer Grewal Paul sold on Mar 21 a total 840 shares at $77.04 on average. The insider’s sale generated proceeds of almost $64711.0.
The Charles Schwab Corporation (SCHW) MD, Head of Adivsor Services Clark Bernard J. declared the purchase of shares taking place on Mar 17 at $54.83 for some 5,000 shares. The transaction amount was around $0.27 million.
Bird Global Inc. (BRDS) Director VanderZanden Travis bought on Mar 21 a total 1,000,000 shares at $0.13 on average. The purchase cost the insider an estimated $130,000.
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Important Earnings
Top US earnings releases scheduled for today include General Mills Inc. (NYSE:GIS). It will announce its Feb 2023 financial results. The company is expected to report earnings of $0.92 per share from revenues of $4.97B in the three-month period.
Analysts expect Accenture plc (NYSE:ACN) to report a net income (adjusted) of $2.5 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Feb 2023 is predicted to come in at $15.59B.
Darden Restaurants Inc. (DRI), due to announce earnings before the market opens today, is expected to report earnings of $2.25 per share from revenues of $2.73B 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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