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- Aug - 29 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 29 - NH - Morning Newsletter (with survey at top and bottom)
Seize the Day: Identifying 4 Stocks with Morning Momentum
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Tuesday saw stock futures remaining nearly unchanged, as investors cast their focus on the concluding days of a challenging August for the market. Futures linked to the Dow Jones Industrial Average eked out a mere 1-point gain. Similarly, S&P 500 futures showed a slight dip of 0.01%, and Nasdaq 100 futures experienced a marginal slip of 0.05%.This follows an atypical winning streak on Wall Street, a deviation from the trend in recent weeks. The S&P 500 and Nasdaq Composite enjoyed gains of 0.6% and 0.8% respectively, painting a brighter picture. The Dow, not to be left behind, concluded with an over 200-point surge, translating to a commendable 0.6% increase.Adding a noteworthy contribution to the session was 3M, driving the blue-chip average with an impressive rally of over 5%. This surge came just a day after Bloomberg News reported that the conglomerate was reportedly on the brink of settling lawsuits related to allegedly faulty earplugs.As the day unfolds, market participants kept an eager eye on corporate earnings, with companies such as Best Buy and Nio revealing their results ahead of the market opening. Later in the day, HP was set to announce its earnings post market closure. Additionally, a trove of significant data awaited investors, ranging from home prices and job openings to consumer confidence, all slated for release on Tuesday morning.
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Today Top Movers
Tivic Health Systems Inc. (TIVC) stock soared 140.72% to $4.67 in the pre-market trading after signing agreement with AmerisourceBergen for retail pharmacy customers.
PDD Holdings Inc. (NASDAQ: PDD) shares are trading up 13.05% at $91.3 at the time of writing following the release of second quarter 2023 unaudited financial results.
iCoreConnect Inc. Common stock (ICCT) grew over 15.09% at $1.83 in pre-market trading today after announcing clarification regarding trading of common stock, warrants and preferred stock.
UP Fintech Holding Limited (TIGR), a Capital Markets company, rose about 8.31% at $3.91 in pre-market trading Tuesday after reporting two-year high 2023 Q2 results.
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Top Upgrades & Downgrades
UBS turned bullish on Oracle Corporation (ORCL), upgrading the stock to "Buy" and assigning a $140 price target, representing potential upside of 19.82% from Monday's close.
Verizon Communications Inc. (VZ) has won the favor of Citigroup's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $40, suggesting 19.23% additional upside for the stock.
AT&T Inc. (T) received an upgrade from analysts at Citigroup, who also set their one-year price target on the stock to $17. They changed their rating on T to Buy from Neutral in a recently issued research note.
Earlier Tuesday Morgan Stanley reduced its rating on Farfetch Limited (FTCH) stock to Equal-Weight from Overweight and assigned the price target to $5.
Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Celanese Corporation (CE) has been changed to Underweight from Neutral and the new price target is set at $112.
Analysts at Keybanc downgraded RPT Realty (RPT)'s stock to Sector-Weight from Overweight Tuesday.
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Latest Insider Activity
Caesars Entertainment Inc. (CZR) CAO & Chief Admin. Officer Lepori Stephanie announced the sale of shares taking place on Aug 25 at $51.70 for some 33,282 shares. The total came to more than $1.72 million.
Endeavor Group Holdings Inc. (EDR) Chief Executive Officer Emanuel Ariel sold on Aug 28 a total 236,487 shares at $24.09 on average. The insider’s sale generated proceeds of almost $5.7 million.
Frontier Communications Parent Inc. (FYBR) 10% Owner ARES MANAGEMENT LLC declared the purchase of shares taking place on Aug 24 at $15.27 for some 37,557 shares. The transaction amount was around $0.57 million.
Topgolf Callaway Brands Corp. (MODG) President and CEO BREWER OLIVER G III bought on Aug 25 a total 10,000 shares at $16.21 on average. The purchase cost the insider an estimated $162,100.
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Important Earnings
Top US earnings releases scheduled for today include Ambarella, Inc. (AMBA). It will announce its July 2023 financial results. The company is expected to report earnings of -$0.21 per share from revenues of $62.05M in the three-month period.
Analysts expect Best Buy Co. Inc. (NYSE:BBY) to report a net income (adjusted) of $1.06 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $9.52B.
HP Inc. (HPQ), due to announce earnings after the market closes today, is expected to report earnings of $0.8 per share from revenues of $12.39B 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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