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- Jul 19 - NH - Morning Newsletter (with survey at top and bottom)
Jul 19 - NH - Morning Newsletter (with survey at top and bottom)
Fuel Your Investment Strategy: 4 High-Potential Stocks to Consider
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Good Morning!
As darkness fell on Tuesday night, U.S. stock futures exhibited a calm demeanor following the Dow Jones Industrial Average's impressive winning streak, the longest since 2021.S&P 500 futures and Nasdaq 100 futures hovered near the flat line, while Dow Jones Industrial Average futures saw a modest rise of 0.07%.In extended trading, Carvana shares experienced a decline of over 9%. The online auto retailer surprised the market by announcing an earlier release date for its second-quarter earnings results, now scheduled for Wednesday instead of August 3.On Tuesday, the Dow Jones Industrial Average continued its upward trajectory, marking the seventh consecutive positive session and the longest string of gains since March 2021. The Dow surged by 366.58 points or 1.06%, while the S&P 500 and Nasdaq Composite also witnessed gains of 0.71% and 0.76%, respectively. All three major indexes reached their highest closing levels since April 2022.The ongoing second-quarter earnings season has kicked off on a strong note, with an impressive 82% of the 38 S&P 500 companies that reported results surpassing expectations, according to FactSet data. These positive outcomes bolster the argument for a favorable soft-landing scenario, a sentiment reinforced by encouraging inflation data from last week.Get ready for a busy Wednesday in the financial world. Goldman Sachs is gearing up to announce its earnings before the market opens, while major players like Netflix, Tesla, IBM, and United Airlines will follow suit with their earnings reports after the close.At 8:30 a.m. ET, the market will eagerly await the release of June's housing data. Economists surveyed by Dow Jones predict a 9.3% drop in housing starts, a contrast to the significant 21.7% jump witnessed in the previous month.In addition, Dow Jones consensus estimates suggest a 0.7% decline in June building permits, marking a slowdown from the 5.2% gain reported in the prior month. Stay tuned as these figures unfold and shape the market landscape.
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Today Top Movers
Rubicon Technologies Inc. (RBT) stock soared 10.26% to $0.5999 in the pre-market trading following the news that Palantir increasing its stake in RBT stock.
Lilium N.V. (NASDAQ: LILM) shares are trading up 6.67% at $1.44 at the time of writing after announcing that it has successfully arranged a capital raise for a total amount of $192 million.
Carvana Co. (CVNA) grew over 17.34% at $46.70 in pre-market trading today. The company recently reported that it entered into a transaction support agreement with a group of noteholders representing over 90% of the aggregate principal amount outstanding of the Company’s existing senior unsecured notes.
Cyngn Inc. (CYN) jumped about 17.33% at $1.11 in pre-market trading Wednesday after announcing its partnership with Motrec International Inc, a globally recognized manufacturer of industrial electric vehicles.
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Top Upgrades & Downgrades
B of A Securities turned bullish on bluebird bio Inc. (BLUE), upgrading the stock to "Buy" and assigning a $10 price target, representing potential upside of 217.46% from Tuesday's close.
Patterson-UTI Energy Inc. (PTEN) has won the favor of Benchmark's equity research team. The firm upgraded the shares from Hold to Buy.
Cisco Systems Inc. (CSCO) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $62. They changed their rating on CSCO to Overweight from Neutral in a recently issued research note.
Earlier Wednesday Gordon Haskett reduced its rating on Compass Inc. (COMP) stock to Hold from Buy.
Gordon Haskett analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Redfin Corporation (RDFN) has been changed to Underperform from Hold.
Analysts at Gordon Haskett downgraded Opendoor Technologies Inc. (OPEN)'s stock to Underperform from Hold Wednesday.
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Latest Insider Activity
Marvell Technology Inc. (MRVL) EVP, Chief Operations Officer Koopmans Chris announced the sale of shares taking place on Jul 17 at $63.56 for some 2,000 shares. The total came to more than $0.13 million.
Roivant Sciences Ltd. (ROIV) Chief Accounting Officer Kumar Rakhi sold on Jul 18 a total 100 shares at $12.00 on average. The insider’s sale generated proceeds of almost $1200.0.
Prudential Financial Inc. (PRU) 10% Owner PGIM Strategic Investments, In declared the purchase of shares taking place on Jul 14 at $26.20 for some 763 shares. The transaction amount was around $20000.0.
Muscle Maker Inc. (GRIL) 10% Owner AGGIA FZ LLC bought on Jul 14 a total 8,855,452 shares at $3.12 on average. The purchase cost the insider an estimated $27.63 million.
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Important Earnings
Top US earnings releases scheduled for today include U.S. Bancorp (NYSE: USB). It will announce its Jun 2023 financial results. The company is expected to report earnings of $1.12 per share from revenues of $7.15B in the three-month period.
Analysts expect Netflix Inc. (NASDAQ: NFLX) to report a net income (adjusted) of $2.85 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $8.29B.
Tesla Inc. (TSLA), due to announce earnings after the market closes today, is expected to report earnings of $0.82 per share from revenues of $24.48B 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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