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- Aug - 22 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 22 - NH - Morning Newsletter (with survey at top and bottom)
Your Pre-Market Playbook: 4 Stocks to Watch for Strong Returns
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Good Morning!
U.S. stock futures experienced an upswing on Tuesday as Wall Street aimed to gather momentum following positive sessions for both the Nasdaq Composite and S&P 500.Futures linked to the Dow Jones Industrial Average surged by 48 points, reflecting a 0.1% increase. Meanwhile, S&P 500 futures and Nasdaq 100 futures registered gains of 0.3% and 0.4%, respectively.During Monday's primary trading session, the Nasdaq Composite achieved its most significant upward movement of the month, ascending by 1.6%. The S&P 500 also posted a nearly 0.7% increase. This marked a turnaround from a four-day decline for both indices, with the Nasdaq achieving its most substantial single-day surge since August. Conversely, the Dow experienced a marginal decline of 0.1%.In terms of economic data, attention will turn to the Philadelphia Fed's nonmanufacturing survey and the release of the Richmond Fed's manufacturing survey results. Additionally, data on existing home sales for July is scheduled to be unveiled on Tuesday morning.Traders are also eagerly awaiting Federal Reserve Chairman Jerome Powell's forthcoming remarks at the Jackson Hole Symposium on Friday, seeking further insight into the central bank's perspective on inflation.
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Today Top Movers
ProMIS Neurosciences Inc. (PMN) stock soared 29.56% to $2.06 in the pre-market trading after announcing $20.4 million private placement financing.
Super League Gaming Inc. (NASDAQ: SLGG) shares are trading up 12.22% at $0.135 at the time of writing following the announcement of pricing of $2.2 million underwritten public offering.
Fabrinet (FN) grew over 19.45% at $139.49 in pre-market trading today after releasing fourth quarter and fiscal year 2023 financial fesults.
Baidu Inc. (BIDU), a Internet Content & Information company, rose about +4.17% at $130.13 in pre-market trading Tuesday after posting huge rarnings beat.
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Top Upgrades & Downgrades
Mizuho turned bullish on Pinnacle West Capital Corporation (PNW), upgrading the stock to "Buy" and assigning a $85 price target, representing potential upside of 9.42% from Monday's close.
Aramark (ARMK) has won the favor of UBS's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $43, suggesting 17.78% additional upside for the stock.
Iron Mountain Incorporated (IRM) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $68. They changed their rating on IRM to Outperform from Sector Perform in a recently issued research note.
Earlier Tuesday Daiwa Capital reduced its rating on Target Corporation (TGT) stock to Neutral from Outperform and assigned the price target to $134.
Berenberg analysts reduced their investment ratings, saying in research reports covered by the media that its rating for PhenomeX Inc. (CELL) has been changed to Hold from Buy and the new price target is set at $1.
Analysts at Jefferies downgraded Certara Inc. (CERT)'s stock to Hold from Buy Tuesday.
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Latest Insider Activity
Riot Platforms Inc. (RIOT) Director Marleau Hubert announced the sale of shares taking place on Aug 17 at $12.28 for some 51,165 shares. The total came to more than $0.63 million.
Coursera Inc. (COUR) President & CEO Maggioncalda Jeffrey Nacey sold on Aug 17 a total 50,000 shares at $15.54 on average. The insider’s sale generated proceeds of almost $0.78 million.
2U Inc. (TWOU) CHIEF PRODUCT OFFICER McCullough Aaron declared the purchase of shares taking place on Aug 17 at $3.14 for some 45,700 shares. The transaction amount was around $0.14 million.
The Charles Schwab Corporation (SCHW) Director Ruffel Charles A. bought on Aug 17 a total 833 shares at $60.55 on average. The purchase cost the insider an estimated $50,440.
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Important Earnings
Top US earnings releases scheduled for today include DICK'S Sporting Goods Inc. (NYSE:DKS). It will announce its Jul 2023 financial results. The company is expected to report earnings of $3.81 per share from revenues of $3.23B in the three-month period.
Analysts expect Toll Brothers Inc. (NYSE:TOL) to report a net income (adjusted) of $2.81 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $2.41B.
Urban Outfitters Inc. (URBN), due to announce earnings after the market closes today, is expected to report earnings of $0.89 per share from revenues of $1.25B 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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