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- Jul 27 - NH - Morning Newsletter (with survey at top and bottom)
Jul 27 - NH - Morning Newsletter (with survey at top and bottom)
Take Charge of the Market: 4 Stocks Set to Shine Today
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Good Morning!
Excitement buzzed in the stock market as the Federal Reserve made a move, hiking interest rates by a quarter percentage point, pushing rates to their highest level in over two decades. Investors were on their toes, eager to gauge the impact of this decision while closely monitoring the latest corporate earnings reports.The futures tied to the S&P 500 index showed a promising rise of 0.48%, and the Dow Jones Industrial Average futures gained 60 points, a solid 0.2% boost. Meanwhile, the Nasdaq-100 futures soared by an impressive 1.2%.The stock market had its share of winners and losers too. Meta Platforms, the social media giant, exceeded expectations, sending its shares skyrocketing by 8%. On the flip side, Chipotle Mexican Grill faced disappointment as its sales fell short of estimates, causing a 9% drop in its stock price.In the midst of this, the Dow Jones Industrial Average managed to achieve a remarkable 13th consecutive session of gains - its longest winning streak since 1987. The broader S&P 500 experienced a slight dip of 0.02%, while the Nasdaq Composite lost 0.12%.The Fed's decision to raise interest rates wasn't entirely surprising, but it did mark the highest rates seen since 2001. Federal Reserve Chair Jerome Powell offered insight, hinting that the central bank might maintain rates at these levels and remain data-dependent, keeping a close eye on inflation and employment numbers. The next Federal Open Market Committee meeting in September will bring fresh data to the table, shaping future decisions.Meanwhile, number of prominent companies are set to release their results on Thursday, including Honeywell, McDonald’s, Intel, Ford Motor, T-Mobile, and Royal Caribbean. Thursday was shaping up to be another thrilling day on Wall Street, and eyes were glued to the Dow, hoping for a 14th straight positive session - a feat not seen since June 1897. With so much at play, investors were ready for a roller-coaster ride in the world of stocks and trading.
Five Top Summer Stocks to Buy and Hold Now
With the official start to summer here, there's still time to load up on warmer-weather stocks. That includes your travel stocks, weight loss stocks, oil stocks, and even hurricane-related stocks, with storm-season kicking into high gear, too.
In fact, here are five with a history of moving every summer. Enjoy.
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Today Top Movers
Mallinckrodt plc (MNK) stock soared 17.46% to $1.48 in the pre-market trading. The company is discussing bankruptcy with hedge funds to avoid paying for opioid addiction assistance.
Enovix Corporation (NASDAQ: ENVX) shares are trading up 14.18% at $22.38 at the time of writing following the signing of a manufacturing agreement with YBS International Berhad for Fab2 in Malaysia.
Celestica Inc. (CLS) grew over 32.87% at $21.87 in pre-market trading today after announcing second quarter 2023 financial results.
XPeng Inc. (XPEV), a Auto Manufacturers company, rose about +6.47% at $20.72 in pre-market trading Thursday. XPENG and the Volkswagen Group entered into long-term strategic partnership.
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Top Upgrades & Downgrades
Evercore ISI Group turned bullish on Veris Residential Inc. (VRE), upgrading the stock to Outperform and assigning a $19 price target, representing potential upside of 15.64% from Wednesday's close.
Owens Corning (OC) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $168, suggesting 21.29% additional upside for the stock.
Silgan Holdings Inc. (SLGN) received an upgrade from analysts at Baird, who also set their one-year price target on the stock to $53. They changed their rating on SLGN to Outperform from Neutral in a recently issued research note.
Earlier Thursday Jefferies reduced its rating on Coty Inc. (COTY) stock to Hold from Buy and assigned the price target to $14.
Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for SunPower Corporation (SPWR) has been changed to Neutral from Outperform and the new price target is set at $12.
Analysts at Atlantic Equities downgraded Union Pacific Corporation (UNP)'s stock to Neutral from Overweight Thursday.
Put These 4 "Cheap Stocks" on Your Radar...
When you're on a budget, finding amazing stocks that are also affordable can be a challenge.
But our analysts have found the Top 4 "cheap stocks" that savvy investors should definitely put on their radar!
All 4 offer the potential for strong returns, while also providing the opportunity to diversify your portfolio.
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Latest Insider Activity
S&P Global Inc. (SPGI) President, Commodity Insights Saha Saugata announced the sale of shares taking place on Jul 24 at $424.40 for some 200 shares. The total came to more than $84880.0.
Capital One Financial Corporation (COF) Chairman and CEO FAIRBANK RICHARD D sold on Jul 25 a total 3,891 shares at $117.34 on average. The insider’s sale generated proceeds of almost $0.46 million.
B. Riley Financial Inc. (RILY) Chairman and Co-CEO RILEY BRYANT R declared the purchase of shares taking place on Jul 25 at $55.00 for some 72,727 shares. The transaction amount was around $4.0 million.
Asana Inc. (ASAN) President, CEO, & Chair Moskovitz Dustin A. bought on Jul 25 a total 80,000 shares at $22.40 on average. The purchase cost the insider an estimated $1.79 million.
WARNING: These 110 Banks Are Planning to Replace the U.S. Dollar
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Important Earnings
Top US earnings releases scheduled for today include Comcast Corporation (NASDAQ:CMCSA). It will announce its Jun 2023 financial results. The company is expected to report earnings of $0.97 per share from revenues of $30.13B in the three-month period.
Analysts expect PG&E Corporation (NYSE:PCG) to report a net income (adjusted) of $0.25 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Jun 2023 is predicted to come in at $5.49B.
New York Community Bancorp Inc. (NYCB), due to announce earnings before the market opens today, is expected to report earnings of $0.31 per share from revenues of $779.64M 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.