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- May 25 - NH - Morning Newsletter (with survey at top and bottom)
May 25 - NH - Morning Newsletter (with survey at top and bottom)
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Good Morning!Investors celebrated Nvidia's latest quarterly results, leading to a surge in futures tied to the S&P 500 and Nasdaq-100. However, Dow Jones Industrial Average futures declined due to Fitch Ratings placing the United States' AAA rating on a negative rating watch.S&P 500 futures rose by 0.6%, while Nasdaq-100 futures saw a significant increase of 1.8%. On the other hand, Dow futures dropped by 63 points, equivalent to 0.2%.Before the market opens, retailers Best Buy, Dollar Tree, and Ralph Lauren are scheduled to release their corporate earnings on Thursday.Nvidia experienced a remarkable premarket trading session with a 24% surge in its shares. This was attributed to the company's strong revenue guidance for its fiscal second quarter, surpassing expectations. Furthermore, Nvidia exceeded expectations in both top and bottom-line figures in the previous quarter. As a result, several analysts raised their price targets for the stock.Conversely, Snowflake encountered a 13% decline in its shares as the company provided weaker-than-anticipated product revenue guidance for the fiscal second quarter.These market movements followed a negative day for the major indices. On Wednesday, the Dow Jones Industrial Average posted its fourth consecutive day of losses, dropping by 255.59 points or 0.77%. The S&P 500 and Nasdaq Composite also experienced declines, ending the day lower by 0.73% and 0.61%, respectively.Before the market opens on Thursday, retailers Best Buy, Dollar Tree, and Ralph Lauren are scheduled to report their corporate earnings.
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Today Top Movers
NVIDIA Corporation (NVDA) stock soared 27.22% to $388.5 in the pre-market trading after increased earnings driven by the demand for its AI chips beat expectations.
Siyata Mobile Inc. (NASDAQ: SYTA) shares are trading up 23.6% at $0.165 at the time of writing after announcing first quarter 2023 financial results.
Super Micro Computer Inc. (SMCI) grew over 11.86% at $187.5 in pre-market trading today. The company recently declared that its president and CEO Charles Liang will deliver a COMPUTEX CEO Keynote on the latest technology and system innovations supporting varied dynamic markets.
Nutanix Inc. (NTNX), a Software - Infrastructure company, rose about 16.06% at $29.49 in pre-market trading Thursday following the release of Q3 fiscal 2023 financial results.
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Top Upgrades & Downgrades
RBC Capital turned bullish on Toll Brothers Inc. (TOL), upgrading the stock to Outperform and assigning a $77 price target, representing potential upside of 18.3% from Wednesday's close.
Ford Motor Company (F) has won the favor of Daiwa Capital's equity research team. The firm upgraded the shares from Underperform to Neutral and moved their price target to $12, suggesting 5.91% additional upside for the stock.
Vipshop Holdings Limited (VIPS) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $18. They changed their rating on VIPS to Overweight from Neutral in a recently issued research note.
Earlier Thuesday Roth MKM reduced its rating on Digital Turbine Inc. (APPS) stock to Neutral from Buy and assigned the price target to $10.
Barclays analysts reduced their investment ratings, saying in research reports covered by the media that its rating for XPeng Inc. (XPEV) has been changed to Underweight from Equal-Weight and the new price target is set at $6.
Analysts at Citigroup downgraded DISH Network Corporation (DISH)'s stock to Neutral from Buy Thursday.
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Latest Insider Activity
Sovos Brands Inc. (SOVO) CHIEF OPERATING OFFICER Jensen Kirk A. announced the sale of shares taking place on May 24 at $18.00 for some 21,657 shares. The total came to more than $0.39 million.
Apollo Global Management Inc. (APO) HARRIS JOSHUA sold on May 23 a total 10,902 shares at $66.08 on average. The insider’s sale generated proceeds of almost $0.72 million.
Dun & Bradstreet Holdings Inc. (DNB) Chief Financial Officer Hipsher Bryan T. declared the purchase of shares taking place on May 24 at $9.88 for some 4,000 shares. The transaction amount was around $39525.0.
Cerus Corporation (CERS) Director SCHULZE GAIL bought on May 24 a total 9,850 shares at $2.03 on average. The purchase cost the insider an estimated $19,981.
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Important Earnings
Top US earnings releases scheduled for today include Medtronic plc (NYSE: MDT). It will announce its Apr 2023 financial results. The company is expected to report earnings of $1.56 per share from revenues of $8.25B in the three-month period.
Analysts expect Best Buy Co. Inc. (NYSE: BBY) to report a net income (adjusted) of $1.11 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Apr 2023 is predicted to come in at $9.52B.
Dollar Tree Inc. (DLTR), due to announce earnings before the market opens today, is expected to report earnings of $1.52 per share from revenues of $7.28B 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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