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Aug - 10 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Set to Ignite Your Portfolio
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Good Morning!
Stock market futures for the S&P 500, Nasdaq-100, and Dow Jones Industrial Average were all up in early trading on Thursday, indicating that stocks could open higher. The Dow futures were up 0.5%, or 187 points, while the S&P 500 futures were up 0.6% and the Nasdaq-100 futures were up 0.7%. The gains come after the indexes all fell on Wednesday with the tech-heavy Nasdaq Composite posting the biggest decline. Investors seem less worried about inflation data that will be released later in the day. This is a crucial data point for investors and the Federal Reserve. The consumer price index (CPI) is expected to rise by 3.3% in July, up from 3% in June. If inflation continues to rise, it would be the first time in more than a year that headline annual inflation has increased from one month to the next. Core inflation, which excludes food and energy prices, is expected to remain at 4.8%.About 90% of S&P 500 companies have now reported their second-quarter earnings. More companies are beating analyst expectations for earnings than they did in the previous quarter, but fewer are beating expectations for sales.
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Today Top Movers
Capri Holdings Limited (CPRI) stock soared 37.53% to $47.6 in the pre-market trading as rival Tapestry parent of the Coach brand, announced a deal to buy the global luxury fashion group.
AppLovin Corporation (NASDAQ: APP) shares are trading up 24.31% at $36.56 at the time of writing following the release of second quarter 2023 financial results.
Vistagen Therapeutics Inc. (VTGN) grew over 21.82% at $8.57 in pre-market trading today after reporting positive top-line results from its Phase 3 PALISADE-2 trial evaluating the efficacy.
T2 Biosystems Inc. (TTOO), a Diagnostics & Research company, rose about 10.07% at $0.377 in pre-market trading Thursday. The company regained compliance with Nasdaq’s market value of listed securities requirement.
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Top Upgrades & Downgrades
Citigroup turned bullish on Mirati Therapeutics Inc. (MRTX), upgrading the stock to "Buy" and assigning a $48 price target, representing potential upside of 29.73% from Wednesday's close.
Roblox Corporation (RBLX) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Underweight to Equal-Weight and moved their price target to $30, suggesting 1.83% additional upside for the stock.
Gulfport Energy Corporation (GPOR) received an upgrade from analysts at Keybanc, who also set their one-year price target on the stock to $145. They changed their rating on GPOR to Overweight from Sector Weight in a recently issued research note.
Earlier Thursday Citigroup reduced its rating on Petroleo Brasileiro S.A. - Petrobras (PBR) stock to Neutral from Buy and assigned the price target to $14.
Keybanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Magnolia Oil & Gas Corporation (MGY) has been changed to Sector Weight from Overweight.
Analysts at Piper Sandler downgraded Galera Therapeutics Inc. (GRTX)'s stock to Neutral from Overweight Thursday.
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Latest Insider Activity
Nuburu Inc. (BURU) 10% Owner Seldin David announced the sale of shares taking place on Aug 08 at $1.09 for some 8,050,253 shares. The total came to more than $8.75 million.
Unity Software Inc. (U) Director Dovrat Shlomo sold on Aug 09 a total 500 shares at $38.56 on average. The insider’s sale generated proceeds of almost $19280.0.
Safehold Inc. (SAFE) CHAIRMAN AND CEO SUGARMAN JAY declared the purchase of shares taking place on Aug 08 at $21.40 for some 65,420 shares. The transaction amount was around $1.4 million.
Xeris Biopharma Holdings Inc. (XERS) See Remarks Edick Paul R bought on Aug 09 a total 10,000 shares at $2.38 on average. The purchase cost the insider an estimated $23,794.
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Important Earnings
Top US earnings releases scheduled for today include IonQ Inc. (NYSE:IONQ). It will announce its Jun 2023 financial results. The company is expected to report earnings of -$0.13 per share from revenues of $4.35M in the three-month period.
Analysts expect Wheaton Precious Metals Corp. (NYSE:WPM) to report a net income (adjusted) of $0.27 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $242.74M.
News Corporation (NWSA), due to announce earnings after the market closes today, is expected to report earnings of $0.09 per share from revenues of $2.48B 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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Disclaimer: Legal Stuff: Stocks featured in this newsletter are for entertainment purposes only. You should not base any investment decisions on information contained in my newsletter. Stocks featured in this newsletter may be owned by owners/operators of this website which could impact our ability to remain unbiased. Please consult a financial advisor before making any trading decisions. I may earn a small commission from links placed inside of these emails.