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- Oct - 04 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 04 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Poised to Dominate the Morning Trade
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Good Morning!
On Wednesday, stock futures experienced a slight dip following a challenging trading session that pushed the Dow Jones Industrial Average into negative territory for the year 2023. Futures linked to the 30-stock index saw a modest decline of 3 points, while S&P 500 futures and Nasdaq-100 futures exhibited losses of 0.1% and 0.2%, respectively. These losses resulted in the Dow moving into the red for the year, with a decline of 0.4%. In contrast, the S&P 500 and Nasdaq have shown strong performances, gaining more than 10% and 24%, respectively, in 2023. Investors remain focused on the labor market, with private payroll data from ADP scheduled for Wednesday and the weekly jobless claims report expected on Thursday, leading up to the highly anticipated jobs data release on Friday.Additionally, economic data on purchasing and housing orders is slated for release on Wednesday, further adding to market dynamics.
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Today Top Movers
Brooge Energy Limited (BROG) stock soared 17.67% to $6.46 in the pre-market trading. GULFNAV submitted proposal to acquire all of the businesses and assets of Brooge Energy Limited.
PodcastOne, Inc. (PODC) shares are trading down -1% at $170.68 at the time of writing after announcing partnership with Rask AI to launch Bad Bad Thing in Spanish.
Lithium Americas Corp (NewCo) (LAC) tumbled over -34.4% at $10.62 in pre-market trading today after closing separation to create two leading Lithium Companies.
Sonendo Inc (SONX), a Medical Devices company, rose about 34.38% at $0.43 in pre-market trading Wednesday following the receipt of notice of non-compliance with NYSE trading share price listing rule.
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Top Upgrades & Downgrades
UBS turned bullish on Fluor Corporation (FLR), upgrading the stock to "Buy" and assigning a $47 price target, representing potential upside of 32.77% from Tuesday's close.
LyondellBasell Industries NV (LYB) has won the favor of Citigroup's equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $106, suggesting 11.45% additional upside for the stock.
General Motors Company (GM) received an upgrade from analysts at CFRA, who also set their one-year price target on the stock to $28. They changed their rating on GM to Sell from Strong Sell in a recently issued research note.
Earlier Wednesday Piper Sandler reduced its rating on B&G Foods Inc (BGS) stock to Underweight from Neutral and assigned the price target to $8.
Wolfe Research analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Ryder System Inc. (R) has been changed to Peer Perform from Outperform.
Analysts at Keybanc downgraded Apple Inc (AAPL)'s stock to Sector-Weight from Overweight Wednesday.
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Latest Insider Activity
HP Inc (HPQ) 10% Owner BERKSHIRE HATHAWAY INC announced the sale of shares taking place on Oct 02 at $25.70 for some 1,596,922 shares. The total came to more than $41.04 million.
Snap Inc (SNAP) General Counsel O'Sullivan Michael J. sold on Sep 29 a total 13,000 shares at $8.75 on average. The insider’s sale generated proceeds of almost $0.11 million.
Nike Inc. (NKE) Director SWAN ROBERT HOLMES declared the purchase of shares taking place on Oct 02 at $96.13 for some 13,072 shares. The transaction amount was around $1.26 million.
Coty Inc (COTY) Director ARAMBURUZABALA MARIA ASUNICION bought on Sep 28 a total 500,000 shares at $10.80 on average. The purchase cost the insider an estimated $5.4 million.
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Important Earnings
Top US earnings releases scheduled for today include Tilray Brands Inc (NASDAQ:TLRY). It will announce its Aug 2023 financial results. The company is expected to report earnings of -$0.05 per share from revenues of $174M in the three-month period.
Analysts expect RPM International Inc. (NYSE:RPM) to report a net income (adjusted) of $1.55 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2023 is predicted to come in at $1.97B.
Acuity Brands Inc. (AYI), due to announce earnings before the market opens today, is expected to report earnings of $3.72 per share from revenues of $1.02B 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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