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- Apr 19 - NH - Morning Newsletter (with survey at top and bottom)
Apr 19 - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!The stock market is a game of strategy and wits, and it looks like Wednesday's session is off to a cautious start. Traders are poring over the latest batch of earnings reports, trying to read between the lines and stay ahead of the curve. Unfortunately, the numbers aren't looking too promising at the moment. Futures tied to the Dow Jones Industrial Average are down 118 points, or 0.35%, while S&P 500 futures have slipped 0.42%. Meanwhile, Nasdaq 100 futures have dropped a whopping 0.56%. But this isn't the first time we've seen such a rocky start to the day. In fact, yesterday was just as choppy, with the S&P 500 edging up 0.09%, while the Dow shed 0.03% (that's 10.55 points, for those keeping track). The Nasdaq Composite also closed slightly lower by 0.04%. The real focus right now, though, is on earnings season. This is the first time we're seeing the results since the fall of Silicon Valley Bank, and the stakes are high. Wall Street is watching closely as big names like Bank of America and Goldman Sachs report their quarterly results. It's a nail-biting time for traders, as they wait to see which way the market will go next.
3 Dividend Stocks to Buy and Hold Forever
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Today Top Movers
a.k.a. Brands Holding Corp. (AKA) stock soared 30.06% to $0.5291 in the pre-market trading after announcing preliminary unaudited first quarter 2023 results.
Intuitive Machines Inc. (NASDAQ: LUNR) shares are trading up 23.46% at $12.84 at the time of writing as JV with KBR bags a $719M NASA contract.
China Jo-Jo Drugstores Inc. (CJJD) grew over 23.04% at $0.8305 in pre-market trading today. The company announced $7 million registered direct offering.
Western Alliance Bancorporation (WAL), a Banks - Regional company, rose about 15.32% at $37.49 in pre-market trading Wednesday as bank deposits stop falling.
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Top Upgrades & Downgrades
UBS turned bullish on Exxon Mobil Corporation (XOM), upgrading the stock to Buy and assigning a $144 price target, representing potential upside of 23.07% from Tuesday's close.
Netflix Inc. (NFLX) has won the favor of UBS' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $390, suggesting 16.87% additional upside for the stock.
Global Payments Inc. (GPN) received an upgrade from analysts at Baird, who also set their one-year price target on the stock to $156. They changed their rating on GPN to Outperform from Neutral in a recently issued research note.
Earlier Wednesday UBS reduced its rating on Grupo Televisa S.A.B. (TV) stock to Neutral from Buy and assigned the price target to $6.
RBC Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Rivian Automotive Inc. (RIVN) has been changed to Sector Perform from Outperform and the new price target is set at $14.
Analysts at RBC Capital downgraded Magna International Inc. (MGA)'s stock to Sector Perform from Outperform Wednesday.
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This biotech "hidden gem" company recently announced promising data from a Q1 2023 study evaluating a gene therapy for Type 1 diabetes that resulted in reduced insulin requirements and improved glucose tolerance, supporting the potential for advanced human clinical trials.
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Latest Insider Activity
Provention Bio Inc. (PRVB) 10% Owner Sessa Capital (Master), L.P. announced the sale of shares taking place on Apr 14 at $24.32 for some 2,190,549 shares. The total came to more than $53.27 million.
Crocs Inc. (CROX) Chief Executive Officer Rees Andrew sold on Apr 18 a total 10,836 shares at $140.41 on average. The insider’s sale generated proceeds of almost $1.52 million.
Ares Management Corporation (ARES) 10% Owner ARES MANAGEMENT LLC declared the purchase of shares taking place on Apr 14 at $21.44 for some 200,000 shares. The transaction amount was around $4.29 million.
Frontier Communications Parent Inc. (FYBR) 10% Owner ARES MANAGEMENT LLC bought on Apr 14 a total 200,000 shares at $21.44 on average. The purchase cost the insider an estimated $4.29 million.
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Important Earnings
Top US earnings releases scheduled for today include Tesla Inc. (NASDAQ: TSLA). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.85 per share from revenues of $23.29B in the three-month period.
Analysts expect International Business Machines Corporation (NYSE: IBM) to report a net income (adjusted) of $1.26 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $14.35B.
Las Vegas Sands Corp. (LVS), due to announce earnings after the market closes today, is expected to report earnings of $0.18 per share from revenues of $1.82B 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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