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- 24 Mar - NH - Morning Newsletter (with survey at top and bottom)
24 Mar - NH - Morning Newsletter (with survey at top and bottom)
Get Ahead with Top Stock Picks: Your Daily Market Buzz
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Good Morning!Stock futures fell once again on Friday due to concerns about the global banking system.There was a decline of more than 250 points, or 0.9%, in Dow Jones Industrial Average futures. Futures for the S&P 500 declined 0.7%, while those for the Nasdaq-100 declined 0.4%.Deutsche Bank’s U.S.-listed shares slid 7.7% in the premarket after the German lender’s credit default swaps jumped. This move once again raised questions about the health of the European banking industry. Earlier this month, Swiss regulators forced a UBS acquisition of rival UBS.Several major U.S. banks saw their shares drop as well. JPMorgan Chase and Citigroup both fell more than 1%, while Bank of America and Wells Fargo each dropped more than 2%.As Wall Street recovers from a volatile Thursday, the major averages have posted solid gains. The Nasdaq Composite posted the largest gain, at 1%, as technology shares continued to rally on a hunch that interest rate hikes would be coming to an end. While the Dow finished up 0.2%, the S&P 500 rose 0.3%.As of Thursday's close, the Dow and S&P 500 have gained around 0.8% each, while the Nasdaq has gained 1.4%.
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Today Top Movers
Bird Global Inc. (BRDS) stock soared 33.85% to $0.1898 in the pre-market trading after announcing that it will be expanding across the Greater Toronto Area this Spring.
Heron Therapeutics Inc. (NASDAQ: HRTX) shares are trading up 10.41% at $2.28 at the time of writing following the release of financial results for the three and twelve months rnded December 31, 2022.
Mobile Global Esports Inc. (MGAM) grew over 2.76% at $0.71 in pre-market trading today. Venable LLP is recently announced that it will serve as outside counsel and provide strategic advice to Mobile Global Esports, Inc.
Moving iMage Technologies Inc. (MITQ), a Communication Equipment company, rose about 11.58% at $1.06 in pre-market trading Friday following the declarations from the company that its Board of Directors renewed its prior authorization of a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on First Horizon Corporation (FHN), upgrading the stock to Overweight and assigning a $25 price target, representing potential upside of 58.33% from Thursday's close.
Regeneron Pharmaceuticals Inc. (REGN) has won the favor of Jefferies' equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $925, suggesting 15.31% additional upside for the stock.
Genuine Parts Company (GPC) received an upgrade from analysts at Truist Securities, who also set their one-year price target on the stock to $186. They changed their rating on GPC to Buy from Hold in a recently issued research note.
Earlier Friday Atlantic Equities reduced its rating on Block Inc. (SQ) stock to Neutral from Overweight and assigned the price target to $70.
TD Cowen analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Coinbase Global Inc. (COIN) has been changed to Underperform from Market Perform.
Analysts at Mizuho downgraded TCR2 Therapeutics Inc. (TCRR)'s stock to Neutral from Buy Friday.
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Latest Insider Activity
Amazon.com Inc. (AMZN) CEO Amazon Web Services Selipsky Adam announced the sale of shares taking place on Mar 21 at $100.34 for some 2,299 shares. The total came to more than $0.23 million.
Tellurian Inc. (TELL) Executive Chairman SOUKI CHARIF sold on Mar 21 a total 383,343 shares at $1.17 on average. The insider’s sale generated proceeds of almost $0.45 million.
fuboTV Inc. (FUBO) Chief Financial Officer Janedis John declared the purchase of shares taking place on Mar 22 at $1.22 for some 8,000 shares. The transaction amount was around $9759.0.
Paramount Group Inc. (PGRE) Chairman, CEO and President Behler Albert P. bought on Mar 22 a total 30,000 shares at $4.36 on average. The purchase cost the insider an estimated $130,770.
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Important Earnings
Top US earnings releases scheduled for today include Express Inc. (NYSE: EXPR). It will announce its Jan 2023 financial results. The company is expected to report earnings of -$0.72 per share from revenues of $536.68M in the three-month period.
Analysts expect Humacyte Inc. (NASDAQ: HUMA) to report a net income (adjusted) of -$0.23 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2022 is predicted to come in at $200k.
Impel Pharmaceuticals Inc. (IMPL), due to announce earnings before the market opens today, is expected to report earnings of -$1.11 per share from revenues of $4.97M 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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