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- May 24 - NH - Morning Newsletter (with survey at top and bottom)
May 24 - NH - Morning Newsletter (with survey at top and bottom)
The Morning Stock Market Update: Hot Stocks to Watch
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Good Morning!The U.S. stock futures started off on a downward trajectory today as investors closely monitored the ongoing debt-ceiling negotiations. The Dow Jones Industrial Average futures dipped by 131 points, equivalent to a 0.4% decrease. Meanwhile, the S&P 500 futures saw a decline of 0.35%, and Nasdaq 100 futures were down by 0.25%.During yesterday's regular trading session, all three major averages experienced losses. The S&P 500 witnessed a 1.12% drop, while the Nasdaq Composite and the Dow Jones Industrial Average declined by 1.26% and 0.69%, respectively. Concerns over a potential default in early June, as highlighted by Treasury Secretary Janet Yellen, continued to weigh on market sentiment. Despite House Speaker Kevin McCarthy describing his discussion with President Joe Biden as "productive" on Monday, Tuesday's negotiations showed few signs of progress.In addition to the debt-ceiling situation, investors eagerly await the release of the minutes from the Federal Reserve's meeting held earlier in May. These minutes, set to be released later today, will offer insights into the central bank's discussions and decisions. This information will be closely scrutinized for any clues regarding the future direction of monetary policy.Furthermore, investors will also be keeping an eye on the latest earnings announcements. Two notable companies, clothing retailer American Eagle Outfitters and semiconductor giant Nvidia, are scheduled to release their financial results after the closing bell today. These reports will provide further indications of how different sectors of the economy are faring.
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Today Top Movers
Unique Fabricating Inc. (UFAB) stock soared 33.46% to $0.3203 in the pre-market trading following the declaration from the company that it has entered into an Accommodation Agreement with three of its principal customers and its lenders, and a Forbearance Agreement with the Lending Group.
Smart for Life Inc. (NASDAQ: SMFL) shares are trading up 22.93% at $2.52 at the time of writing after signing a 6-month contract with New to The Street to produce, film, and broadcast tailored interview and commercials about Smart for Life, Inc.'s business operations.
The Necessity Retail REIT Inc. (RTL) grew over 29.1% at $6.3 in pre-market trading today. Global Net Lease Inc. (GNL) and The Necessity Retail REIT Inc. (RTL) recently announced that they have entered into a definitive merger agreement, under which GNL will acquire RTL in an all-stock transaction.
Urban Outfitters Inc. (URBN), a Apparel Retail company, rose about 12.64% at $30.03 in pre-market trading Wednesday after reporting record Q1 sales and EPS.
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Top Upgrades & Downgrades
BTIG turned bullish on Organogenesis Holdings Inc. (ORGO), upgrading the stock to Buy and assigning a $10 price target, representing potential upside of 190.7% from Tuesday's close.
Accolade Inc. (ACCD) has won the favor of BofA's equity research team. The firm upgraded the shares from Neutral to Buy.
Urban Outfitters Inc. (URBN) received an upgrade from analysts at Barclays. They changed their rating on URBN to Overweight from Equal Weight in a recently issued research note.
Earlier Wednesday JP Morgan reduced its rating on Integra LifeSciences Holdings Corporation (IART) stock to Underweight from Neutral and assigned the price target to $43.
Mizuho analysts reduced their investment ratings, saying in research reports covered by the media that its rating for PDC Energy Inc. (PDCE) has been changed to Neutral from Buy and the new price target is set at $72.
Analysts at Keybanc downgraded Agilent Technologies Inc. (A)'s stock to Sector Weight from Overweight Wednesday.
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Latest Insider Activity
Lyft Inc. (LYFT) Director Green Logan announced the sale of shares taking place on May 22 at $8.06 for some 21,013 shares. The total came to more than $0.17 million.
Vir Biotechnology Inc. (VIR) 10% Owner SVF Endurance (Cayman) Ltd sold on May 22 a total 91,896 shares at $25.72 on average. The insider’s sale generated proceeds of almost $2.36 million.
Bioventus Inc. (BVS) Director Bartholdson John A. declared the purchase of shares taking place on May 22 at $2.08 for some 178,998 shares. The transaction amount was around $0.37 million.
Ouster Inc. (OUST) Director BOULET VIRGINIA bought on May 23 a total 11,000 shares at $6.31 on average. The purchase cost the insider an estimated $69,410.
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Important Earnings
Top US earnings releases scheduled for today include American Eagle Outfitters Inc. (NYSE: AEO). It will announce its Apr 2023 financial results. The company is expected to report earnings of $0.17 per share from revenues of $1.07B in the three-month period.
Analysts expect Digital Turbine Inc. (NASDAQ: APPS) to report a net income (adjusted) of $0.18 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Mar 2023 is predicted to come in at $138.66M.
Guess' Inc. (GES), due to announce earnings after the market closes today, is expected to report earnings of -$0.28 per share from revenues of $555.63M 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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