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- Apr 11 - NH - Morning Newsletter (with survey at top and bottom)
Apr 11 - NH - Morning Newsletter (with survey at top and bottom)
Winning Wake-Up: Today's Top Tickers
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Good Morning!The U.S. stock futures are hovering near eight-week highs, indicating that the market is about to open with a bang. Traders are closely watching the upcoming inflation data and the start of the first-quarter earnings season, which are expected to set the tone for the days ahead.Let's take a quick look at how the stock-index futures are trading. On Monday, the Dow Jones Industrial Average surged 101 points, while the S&P 500 rose slightly and Nasdaq Composite dropped 4 points or 0.03%, to 12084. The S&P 500 is now only 0.5% away from its highest level since mid-February, as investors are feeling more optimistic about the U.S. economy and more comfortable with the path of Federal Reserve policy.The nonfarm payrolls report, which was released at the end of last week, showed that job creation is happening at a steady pace, but there is no sign of accelerating wage inflation. This news has calmed fears of a sharp economic slowdown and faster Fed rate hikes. So, get ready for an exciting week ahead in the markets!
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Today Top Movers
National CineMedia Inc. (NCMI) stock soared 99.17% to $0.2649 in the pre-market trading following the declaration from AMC Entertainment that it has acquired a 6.8% passive stake in National CineMedia.
WW International Inc. (NASDAQ: WW) shares are trading up 26.21% at $5.2 at the time of writing after completing acquisition of Sequence.
ZeroFox Holdings Inc. (ZFOX) grew over 66.66% at $2.75 in pre-market trading today after announcing the partnership with Google Cloud to disrupt phishing campaigns by quickly warning users of malicious URLs and fake websites.
Myomo Inc. (MYO), a Medical Devices company, rose about 22.29% at $0.83 in pre-market trading Tuesday following the receipt of technology license fee payment from China Joint Venture Company.
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Top Upgrades & Downgrades
Compass Point turned bullish on Radian Group Inc. (RDN), upgrading the stock to Buy and assigning a $29 price target, representing potential upside of 31.97% from Monday's close.
Mohawk Industries Inc. (MHK) has won the favor of Loop Capital's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $115, suggesting 21.38% additional upside for the stock.
Range Resources Corporation (RRC) received an upgrade from analysts at Wells Fargo, who also set their one-year price target on the stock to $31. They changed their rating on RRC to Overweight from Equal-Weight in a recently issued research note.
Earlier Tuesday Morgan Stanley reduced its rating on Nasdaq Inc. (NDAQ) stock to Equal-Weight from Overweight and assigned the price target to $60.
Goldman Sachs analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Leggett & Platt Incorporated (LEG) has been changed to Neutral from Buy and the new price target is set at $34.
Analysts at Truist downgraded EQT Corporation (EQT)'s stock to Hold from Buy Tuesday.
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Latest Insider Activity
Advanced Micro Devices Inc. (AMD) Chief Technology Officer & EVP Papermaster Mark D announced the sale of shares taking place on Apr 06 at $91.39 for some 30,000 shares. The total came to more than $2.74 million.
Apple Inc. (AAPL) Senior Vice President, CFO Maestri Luca sold on Apr 06 a total 200 shares at $164.92 on average. The insider’s sale generated proceeds of almost $32984.0.
Nogin Inc. (NOGN) CEO & President HUBERMAN JONATHAN declared the purchase of shares taking place on Apr 06 at $3.00 for some 1,011,828 shares. The transaction amount was around $3.04 million.
OncoCyte Corporation (OCX) 10% Owner PURA VIDA INVESTMENTS, LLC bought on Apr 05 a total 663,000 shares at $0.30 on average. The purchase cost the insider an estimated $200,027.
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There's still plenty of upside ahead for gold. Sure, gold may have lost some of its shine. But don't count it out just yet.
"The macro drivers from aggressive rate hikes and a strong U.S. dollar have been keeping gold below $1,800 an ounce," according to analysts at RBC Capital Markets, as noted by Kitco.com. "But the heightened geopolitical tensions could still support gold into the year-end, which is why a price tag above $2,000 is still possible this fall."
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Important Earnings
Top US earnings releases scheduled for today include Albertsons Companies Inc. (NYSE: ACI). It will announce its Feb 2023 financial results. The company is expected to report earnings of $0.67 per share from revenues of $18.22B in the three-month period.
Analysts expect CarMax Inc. (NYSE: KMX) to report a net income (adjusted) of $0.24 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Feb 2023 is predicted to come in at $6.04B.
Cognyte Software Ltd. (CGNT), due to announce earnings before the market opens today, is expected to report earnings of -$0.18 per share from revenues of $66.8M 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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