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- May 19 - NH - Morning Newsletter (with survey at top and bottom)
May 19 - NH - Morning Newsletter (with survey at top and bottom)
Early Market Insights: Boost Your Portfolio with Top Stocks
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Good Morning!The stock market's pulse quickened on Friday morning as investors kept a watchful eye on the unfolding drama surrounding the debt ceiling. Futures tied to the Dow Jones Industrial Average eagerly climbed by 27 points, or 0.1%, while the S&P 500 and Nasdaq-100 futures also proudly joined the upward trajectory, each gaining 0.1%.Excitement mounts as the major stock market indices gear up for another week of gains. The S&P 500, in particular, has soared by an impressive 1.8% since the start of the week, marking its most substantial one-week advance since March. Not to be outdone, the Nasdaq Composite has gracefully ascended by 3.3% over the same period, flaunting its best weekly performance in months. Even the Dow Jones Industrial Average, though less exuberant, has notched a respectable 0.7% gain.Thursday witnessed a surge in market optimism as traders placed their bets on the possibility of a long-awaited U.S. debt ceiling deal. The sentiment was further bolstered by House Speaker Kevin McCarthy's comments, hinting at a potential breakthrough in negotiations as early as next week. These positive developments have injected fresh energy into the market, propelling it towards further gains.While the curtain begins to fall on the earnings season, a couple of noteworthy performances await us on Friday. Deere and Foot Locker are set to unveil their results before the opening bell, and investors eagerly anticipate their impact on market sentiment.As the day unfolds, we can expect a lighter load of economic data, but the anticipation remains high. The market eagerly awaits the insights and perspectives shared by Federal Reserve Chair Jerome Powell and New York Fed President John Williams. Their comments have the potential to sway market sentiment and offer valuable guidance to investors navigating the ever-changing financial landscape.
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Today Top Movers
Farfetch Limited (FTCH) stock soared 23.04% to $5.34 in the pre-market trading after announcing first quarter 2023 results.
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) shares are trading up 50% at $1.62 at the time of writing following the declaration of a partnership with TheraPsil to advance medical psilocybin access and research.
Galera Therapeutics Inc. (GRTX) grew over 8.97% at $3.28 in pre-market trading today. The company recently announced that FDA has granted orphan drug designation to rucosopasem for Pancreatic Cancer.
Monogram Orthopaedics Inc. (MGRM) rose about 138.30% at $28 in pre-market trading Friday following its successful debut on the Nasdaq.
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Top Upgrades & Downgrades
JP Morgan turned bullish on Bloom Energy Corporation (BE), upgrading the stock to Overweight and assigning a $20 price target, representing potential upside of 46.57% from Thursday's close.
EOG Resources, Inc. (EOG) has won the favor of Mizuho's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $146, suggesting 30.36% additional upside for the stock.
Range Resources Corporation (RRC) received an upgrade from analysts at Mizuho, who also set their one-year price target on the stock to $35. They changed their rating on RRC to Buy from Neutral in a recently issued research note.
Earlier Friday Macquarie reduced its rating on The Walt Disney Company (DIS) stock to Neutral from Outperform and assigned the price target to $103.
Mizuho analysts reduced their investment ratings, saying in research reports covered by the media that its rating for PBF Energy Inc. (PBF) has been changed to Neutral from Buy and the new price target is set at $41.
Analysts at Piper Sandler downgraded Urstadt Biddle Properties Inc. (UBA)'s stock to Neutral from Overweight Friday.
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Latest Insider Activity
AMC Entertainment Holdings Inc. (AMC) 10% Owner Antara Capital LP announced the sale of shares taking place on May 17 at $1.60 for some 426,868 shares. The total came to more than $0.68 million.
BigBear.ai Holdings Inc. (BBAI) Director BBAI Ultimate Holdings, LLC sold on May 17 a total 1,252,677 shares at $2.43 on average. The insider’s sale generated proceeds of almost $3.04 million.
Sonnet BioTherapeutics Holdings Inc. (SONN) Director Bhatt Nailesh declared the purchase of shares taking place on May 17 at $0.23 for some 25,000 shares. The transaction amount was around $5800.0.
Occidental Petroleum Corporation (OXY) 10% Owner BERKSHIRE HATHAWAY INC bought on May 18 a total 1,217,945 shares at $58.11 on average. The purchase cost the insider an estimated $70.78 million.
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Important Earnings
Top US earnings releases scheduled for today include Foot Locker Inc. (NYSE: FL). It will announce its Apr 2023 financial results. The company is expected to report earnings of $0.81 per share from revenues of $1.99B in the three-month period.
Analysts expect Catalent Inc. (NYSE:CTLT) to report a net income (adjusted) of $0.33 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $1.02B.
Deere & Company (DE), due to announce earnings before the market opens today, is expected to report earnings of $8.59 per share from revenues of $14.83B 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.