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- May 08 - NH - Morning Newsletter (with survey at top and bottom)
May 08 - NH - Morning Newsletter (with survey at top and bottom)
Stay Informed, Stay Ahead: The Morning Market Watch
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Good Morning!The stock market has been feeling the jitters as investors anticipate the upcoming inflation data release. On Monday, the Dow Jones Industrial Average futures went up 34 points, while the S&P 500 futures remained flat, and Nasdaq-100 futures lost 0.1%. However, things looked promising for regional bank stocks, with SPDR S&P Regional Banking ETF (KRE) surging by 2.7% during premarket. The market also saw a significant spike in shares of PacWest, increasing by a whopping 37% after the bank slashed its dividends. Billionaire Warren Buffett also shared his thoughts on various topics during Berkshire Hathaway’s annual meeting, stating that deposits should be safe in the banking sector. With investors eagerly awaiting the consumer price index report due out on Wednesday, it will be interesting to see how the stock market reacts.
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Today Top Movers
PacWest Bancorp (PACW) stock soared +33.16% to $7.67 in the pre-market trading after declaring a quarterly cash dividend of $0.01 per common share. The cash dividend is payable on May 31, 2023, to stockholders of record at the close of business on May 15, 2023.
Braskem S.A. (NYSE: BAK) shares are trading up +26.61% at $11.61 at the time of writing following the reports that Abu Dhabi oil company ADNOC will present a joint acquisition offer with asset manager Apollo Global Management (APO) to buy the Braskem for as much as 37.5B reais (~$7.6B).
Imperial Petroleum Inc. (IMPP) grew over +18.33% at $2.84 in pre-market trading today ahead of the highly anticipated release of its first quarter financial results.
Nanobiotix S.A. (NBTX), a Biotechnology company, rose about +11.08% at $7.42 in pre-market trading Monday. The company recently revealed that it is entering final contract negotiations with a major global pharmaceutical company to commercialize its lead nanotherapeutic candidate NBTXR3.
How to Invest in AI's Fast-Growing Market
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Top Upgrades & Downgrades
JP Morgan turned bullish on American Airlines Group Inc. (AAL), upgrading the stock to Overweight and assigning a $29 price target, representing a potential upside of 109.08% from Friday's close.
Snowflake Inc. (SNOW) has won the favor of Stifel's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $185, suggesting a 19.94% additional upside for the stock.
Americold Realty Trust Inc. (COLD) received an upgrade from analysts at RBC Capital, who also set their one-year price target on the stock to $36. They changed their rating on COLD to Outperform from Sector Perform in a recently issued research note.
Earlier Monday JP Morgan reduced its rating on Southwest Airlines Co. (LUV) stock to Neutral from Overweight and assigned the price target to $39.
Stifel analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Workday Inc. (WDAY) has been changed to Hold from Buy and the new price target is set at $200.
Analysts at Jefferies downgraded Frontline plc (FRO)'s stock to Hold from Buy Monday.
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Latest Insider Activity
Prothena Corporation plc (PRTA) Director Selkoe Dennis J. announced the sale of shares taking place on May 03 at $57.00 for some 15,000 shares. The total came to more than $0.85 million.
Assertio Holdings Inc. (ASRT) Director Tyree James L sold on May 05 a total of 43,143 shares at $6.00 on average. The insider’s sale generated proceeds of almost $0.26 million.
Matador Resources Company (MTDR) Chairman and CEO Foran Joseph Wm declared the purchase of shares taking place on May 04 at $42.40 for some 2,000 shares. The transaction amount was around $84800.0.
Agenus Inc. (AGEN) 10% Owner AGENUS INC bought on May 05 a total of 100,200 shares at $0.95 on average. The purchase cost the insider an estimated $95,100.
Will These 5 Stocks Explode?
Sudden spikes in share price can come from any number of sources, including positive news from the company or rumors of a potentially lucrative buyout by a larger company. But our analysts say these 5 Microcap Stocks are poised to soar after their Q2 earnings announcement.
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Important Earnings
Top US earnings releases scheduled for today include KKR & Co. Inc. (NYSE:KKR). It will announce its Mar 2023 financial results. The company is expected to report earnings of $0.74 per share from revenues of $1.22B in the three-month period.
Analysts expect BioNTech SE (NASDAQ: BNTX) to report a net income (adjusted) of $0.16 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $1.6B.
Tyson Foods Inc. (TSN), due to announce earnings before the market opens today, is expected to report earnings of $0.8 per share from revenues of $13.62B 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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