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- Apr 21 - NH - Morning Newsletter (with survey at top and bottom)
Apr 21 - NH - Morning Newsletter (with survey at top and bottom)
Morning Stock Market News: Be the First to Know
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Good Morning!The stock market seemed to be having a mixed day with Dow Jones Industrial Average futures slightly down by 27 points, equivalent to a 0.08% decrease. Meanwhile, S&P 500 futures recorded a tiny 0.01% decline, but Nasdaq 100 futures showed some promise, rising by 0.07%. However, the optimism quickly faded as Tesla's first-quarter net income plummeted, causing a domino effect that led to Nasdaq Composite's loss of 0.8%. Tesla shares, in particular, experienced a massive drop of almost 10% the day after the report. Unfortunately, it's not just Tesla that's suffering, as the Dow and the S&P 500 were also having a rough week. Both are on track to record their worst weekly performance since March, spelling out troubling times for investors. Friday will see the continuation of earnings season, as companies such as Procter & Gamble, Regions Financial, SLB, Freeport-McMoRan, and HCA Healthcare prepare to announce their earnings before the start of trading. Furthermore, investors are expected to pay close attention to the Purchasing Managers’ Index, which provides valuable information about the state of the economy by covering both the manufacturing and services sectors.
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Today Top Movers
Mullen Automotive Inc. (MULN) stock soared 27.51% to $0.108 in the pre-market trading after announcing test results of its recently acquired joint venture technology, greatly improving current EV performance by increasing EV vehicle range.
ContextLogic Inc. (NASDAQ: WISH) shares are trading up 22.7% at $8.81 at the time of writing following the annoucement of $50 million share repurchase program.
Veru Inc. (VERU) grew over 10.83% at $1.33 in pre-market trading today. The company declared the sale of its ENTADFI® capsules business for benign prostatic hyperplasia (BPH) to Blue Water Vaccines, Inc. (BWV) for $20 million and up to an additional $80 million from sales milestones.
Wang Lee Group Ord Shs (WLGS ) jumped about 180.65% at $8.70 in pre-market trading Friday after announcing the pricing of its initial public offering (IPO).
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Top Upgrades & Downgrades
HSBC turned bullish on AT&T Inc. (T), upgrading the stock to Buy and assigning a $21 price target, representing potential upside of 19.01% from Thursday's close.
Plains All American Pipeline L.P. (PAA) has won the favor of Raymond James' equity research team. The firm upgraded the shares from Outperform to Strong Buy and moved their price target to $17, suggesting 30.57% additional upside for the stock.
NuStar Energy L.P. (NS) received an upgrade from analysts at Raymond James, who also set their one-year price target on the stock to $20. They changed their rating on NS to Outperform from Market Perform in a recently issued research note.
Earlier Friday JP Morgan reduced its rating on ZIM Integrated Shipping Services Ltd. (ZIM) stock to Neutral from Overweight and assigned the price target to $20.8.
Raymond James analysts reduced their investment ratings, saying in research reports covered by the media that its rating for The Williams Companies Inc. (WMB) has been changed to Outperform from Strong Buy and the new price target is set at $40.
Analysts at RBC Capital downgraded Magellan Midstream Partners L.P. (MMP)'s stock to Market Perform from Outperform Friday.
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Latest Insider Activity
SentinelOne Inc. (S) President, CEO Weingarten Tomer announced the sale of shares taking place on Apr 20 at $17.57 for some 40,000 shares. The total came to more than $0.7 million.
Upwork Inc. (UPWK) Chief Accounting Officer Marie Olivier sold on Apr 18 a total 214 shares at $10.47 on average. The insider’s sale generated proceeds of almost $2240.0.
Fate Therapeutics Inc. (FATE) Director Redmile Group, LLC declared the purchase of shares taking place on Apr 14 at $6.00 for some 25,700 shares. The transaction amount was around $0.15 million.
Delta Air Lines Inc. (DAL) Director Taylor David S bought on Apr 14 a total 5,000 shares at $33.56 on average. The purchase cost the insider an estimated $167,805.
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Important Earnings
Top US earnings releases scheduled for today include Freeport-McMoRan Inc. (NYSE: FCX). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.46 per share from revenues of $5.25B in the three-month period.
Analysts expect Schlumberger Limited (NYSE: SLB) to report a net income (adjusted) of $0.6 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $7.44B.
The Procter & Gamble Company (PG), due to announce earnings before the market opens today, is expected to report earnings of $1.32 per share from revenues of $19.29B 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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