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- Apr 04 - NH - Morning Newsletter (with survey at top and bottom)
Apr 04 - NH - Morning Newsletter (with survey at top and bottom)
Morning Market Mastery: Stay Informed, Stay Profitable
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Good Morning!The stock futures edged lower as Wall Street braced for a potential spike in oil prices, which helped lift the S&P 500 to a positive start for the new trading month. Dow Jones Industrial Average futures ticked down by 20 points, or 0.06%, while S&P 500 futures slipped 0.05% and Nasdaq 100 futures dipped 0.2%. Despite this, the Dow and the S&P 500 closed the previous session higher, marking a fourth consecutive day of gains. However, the Nasdaq Composite lost 0.27%.Energy stocks are expected to lead the way as OPEC+ announced it was cutting output by 1.16 million barrels of oil per day, causing oil prices to surge on Monday. The Energy Select Sector SPDR fund (XLE) that tracks the S&P 500 energy sector jumped more than 4%. Investors will now shift their focus to the monthly Job Openings and Labor Turnover Survey, or JOLTS, at 10 a.m. ET to gauge the latest labor market data.
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Today Top Movers
Butterfly Network Inc. (BFLY) stock soared 26.74% to $2.37 in the pre-market trading after announcing that it has received 510(k) clearance for a groundbreaking AI-enabled lung tool Auto B-line Counter.
AMC Entertainment Holdings Inc. (NYSE: APE) shares are trading up 19.59% at $1.77 at the time of writing following the declaration from the company that it had entered into a binding settlement with some investors and that it would ask a judge to lift a related status quo order, clearing its way to complete the stock conversion.
Siyata Mobile Inc. (SYTA) grew over 14.25% at $0.1788 in pre-market trading today after receiving an order from U.S. School District, largest to date in Education Vertical.
Addex Therapeutics Ltd (ADXN), a Biotechnology company, rose about 12.71% at $1.12 in pre-market trading Tuesday. The company raised $5.0 million in equity financing.
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Top Upgrades & Downgrades
Exane BNP Paribas turned bullish on Chevron Corporation (CVX), upgrading the stock to Neutral and assigning a $200 price target, representing potential upside of 17.67% from Monday's close.
Etsy Inc. (ETSY) has won the favor of Piper Sandler's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $140, suggesting 29.33% additional upside for the stock.
Comcast Corporation (CMCSA) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $44. They changed their rating on CMCSA to Overweight from Sector Weight in a recently issued research note.
Earlier Tuesday Morgan Stanley reduced its rating on Ascendis Pharma A/S (ASND) stock to Equal-Weight from Overweight and assigned the price target to $108.
Morgan Stanley analysts reduced their investment ratings, saying in research reports covered by the media that its rating for nCino Inc. (NCNO) has been changed to Equal-Weight from Overweight and the new price target is set at $25.
Analysts at Keybanc downgraded Charter Communications Inc. (CHTR)'s stock to Sector Weight from Overweight Tuesday.
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Latest Insider Activity
Sunrun Inc. (RUN) Director Fenster Edward Harris announced the sale of shares taking place on Mar 31 at $20.00 for some 12,409 shares. The total came to more than $0.25 million.
Marriott International Inc. (MAR) EVP & Chief HR Officer Breland Benjamin T. sold on Mar 31 a total 600 shares at $165.53 on average. The insider’s sale generated proceeds of almost $99318.0.
FTC Solar Inc. (FTCI) Director Rodgers Thurman J declared the purchase of shares taking place on Apr 03 at $2.26 for some 89,566 shares. The transaction amount was around $0.2 million.
Sunnova Energy International Inc. (NOVA) See Remarks Berger William J bought on Mar 31 a total 600 shares at $15.58 on average. The purchase cost the insider an estimated $9,348.
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Important Earnings
Top US earnings releases scheduled for today include MSC Industrial Direct Co. Inc. (NYSE: MSM). It will announce its Feb 2023 financial results. The company is expected to report earnings of $1.34 per share from revenues of $934.07M in the three-month period.
Analysts expect Kirkland's, Inc. (KIRK) to report a net income (adjusted) of $0.11 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jan 2023 is predicted to come in at $164.67M.
Lindsay Corporation (LNN), due to announce earnings before the market opens today, is expected to report earnings of $1.53 per share from revenues of $188.27M 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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