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- Aug - 31 - NH - Morning Newsletter (with survey at top and bottom)
Aug - 31 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Stock News: 4 Stocks that are Taking Off
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Good Morning!
U.S. stock futures demonstrated an upward trajectory on Thursday, setting the stage for the release of significant inflation data. However, the impending Friday release of the crucial U.S. jobs report holds paramount importance for the market. Investors are in the midst of adjusting their expectations regarding the trajectory of interest rates.Futures for the Dow Jones Industrial Average showcased an advance of 130 points, equivalent to a 0.4% increase. This followed a 37-point upswing in the index on Wednesday, culminating at 34,890. Meanwhile, S&P 500 futures experienced a gain of 0.1%, while contracts tracking the tech-focused Nasdaq maintained stability, hovering around a neutral position.The impending jobs report scheduled for Friday holds sway as the primary market influencer throughout this week, amidst a series of divergent economic indicators. More immediately, investors are poised to digest inflation data on Thursday, focusing on the core personal-consumption expenditures (PCE) index – the Federal Reserve's favored gauge of inflation.
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Today Top Movers
iCoreConnect Inc. Common stock (ICCT) stock soared 60.02% to $19.65 in the pre-market trading. The company recently provided an update on recent trading activity following the close of its business combination with FG Merger Corp.
Allarity Therapeutics Inc. (NASDAQ: ALLR) shares are trading up 32.08% at $2.1 at the time of writing after announcing the publication of its clinical validation of a novel drug-specific DRP®-companion diagnostic (CDx) for dovitinib in the peer-reviewed journal PLOS ONE.
Hawaiian Electric Industries Inc. (HE) grew over 8.95% at $14.85 in pre-market trading today. Hawaiian Electric Industries, Inc. works in three parts: Electric Utility (creates and sells electricity on Oahu, Hawaii, Maui, Lanai, Molokai), Bank, and Other.
Okta Inc. (OKTA), a Software - Infrastructure company, rose about 10.52% at $81.31 in pre-market trading Thursday after releasing second quarter fiscal year 2024 financial results.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on Guidewire Software Inc. (GWRE), upgrading the stock to Equal-Weight and assigning a $85 price target, representing potential upside of 1.43% from Thursday's close.
Exxon Mobil Corporation (XOM) has won the favor of Redburn Partners's equity research team. The firm upgraded the shares from Sell to Neutral and moved their price target to $105.
3M Company (MMM) received an upgrade from analysts at Morgan Stanley, who also set their one-year price target on the stock to $113. They changed their rating on MMM to Equal-Weight from Underweight in a recently issued research note.
Earlier Thursday Evercore ISI Group reduced its rating on Chewy Inc. (CHWY) stock to In-Line from Outperform and assigned the price target to $35.00.
CLSA analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Gaotu Techedu Inc. (GOTU) has been changed to Underperform from Outperform and the new price target is set at $3.3.
Analysts at Morgan Stanley downgraded Palantir Technologies Inc. (PLTR)'s stock to Underweight from Equal-Weight Thursday.
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Latest Insider Activity
Navitas Semiconductor Corporation (NVTS) President & CEO Sheridan Eugene announced the sale of shares taking place on Aug 30 at $8.30 for some 302,159 shares. The total came to more than $2.51 million.
Lyft Inc. (LYFT) Director Wilderotter Mary Agnes sold on Aug 28 a total 2,403 shares at $10.29 on average. The insider’s sale generated proceeds of almost $24720.0.
Frontier Communications Parent Inc. (FYBR) 10% Owner ARES MANAGEMENT LLC declared the purchase of shares taking place on Aug 28 at $14.94 for some 7,397 shares. The transaction amount was around $0.11 million.
Design Therapeutics Inc. (DSGN) Director William Arsani bought on Aug 29 a total 1,960,000 shares at $2.44 on average. The purchase cost the insider an estimated $4.78 million.
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Important Earnings
Top US earnings releases scheduled for today include Broadcom Inc. (NASDAQ:AVGO). It will announce its Jul 2023 financial results. The company is expected to report earnings of $10.42 per share from revenues of $8.86B in the three-month period.
Analysts expect Dell Technologies Inc. (NYSE:DELL) to report a net income (adjusted) of $1.14 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $20.85B.
HashiCorp Inc. (HCP), due to announce earnings after the market closes today, is expected to report earnings of -$0.15 per share from revenues of $138.22M 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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