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- Oct - 16 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 16 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Orchestrating the Morning's Market Melody
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Good Morning!
On Monday, U.S. stock markets appeared poised for a positive start as investors braced for the onset of earnings season, although ongoing developments in the Middle East remained a focal point.Dow Jones Industrial Average futures exhibited a 0.2% increase, equivalent to a gain of 53 points, setting an optimistic tone. Similarly, S&P 500 futures reflected a 0.2% upward movement, while Nasdaq 100 futures experienced a slight decline of 0.2%.The forthcoming week will cast a spotlight on technology company earnings, notably Tesla and Netflix, set to report on Wednesday. The tech sector has been a driving force behind the S&P 500's performance this year, although its recent momentum has waned. While optimism surrounding earnings season persists, concerns remain about the Israel-Hamas conflict, with ongoing preparations for a potential ground invasion of the Gaza Strip, which could potentially disrupt the positive sentiment.
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Today Top Movers
Mereo Biopharma Group Plc ADR (MREO) stock soared 31.01% to $1.69 in the pre-market trading. Ultragenyx and Mereo BioPharma released interim phase 2 data from phase 2/3 Orbit study demonstrating Setrusumab (UX143) significantly reduced fracture rates in patients with Osteogenesis Imperfecta (OI).
Processa Pharmaceuticals Inc (NASDAQ: PCSA) shares are trading up 25.42% at $0.602 at the time of writing. The company will present an updated corporate overview at the ThinkEquity Conference on October 19, 2023 at the Mandarin Oriental Hotel in New York.
Firsthand Technology Value Fund, Inc. (SVVC) grew over 17.5% at $0.282 in pre-market trading today after announcing that its BOD has approved a plan to seek stockholder approval to withdraw the Fund’s election to be regulated as a business development company under the Investment Company Act of 1940, as amended.
Sify Technologies Limited ADR (SIFY), a Telecom Services company, surged about 19.76% at $2.00 in pre-market trading Monday. The company declared that it will report its unaudited IFRS financial results for the Second quarter ended September 30, 2023 on Friday, October 20, 2023 before the market opens.
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Top Upgrades & Downgrades
UBS turned bullish on Unitedhealth Group Inc (UNH), upgrading the stock to "Buy" and assigning a $640 price target, representing potential upside of 17.65% from Friday's close.
NICE Ltd ADR (NICE) has won the favor of Morgan Stanley's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $220, suggesting 38.98% additional upside for the stock.
D.R. Horton Inc. (DHI) received an upgrade from analysts at Goldman Sachs, who also set their one-year price target on the stock to $131. They changed their rating on DHI to Buy from Neutral in a recently issued research note.
Earlier Monday HSBC reduced its rating on BioNTech SE ADR (BNTX) stock to Hold from Buy and assigned the price target to $111.
BMO Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Enphase Energy Inc (ENPH) has been changed to Market Perform from Outperform and the new price target is set at $148.
Analysts at Goldman Sachs downgraded KB Home (KBH)'s stock to Neutral from Buy Monday.
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Latest Insider Activity
ProKidney Corp (PROK) 10% Owner Palihapitiya Chamath announced the sale of shares taking place on Oct 13 at $2.67 for some 250,000 shares. The total came to more than $0.67 million.
Nxu Inc (NXU) 10% Owner GEM Global Yield LLC SCS sold on Oct 13 a total 84,383 shares at $0.09 on average. The insider’s sale generated proceeds of almost $7527.0.
Intrusion Inc (INTZ) 10% Owner Hyer Raymond T declared the purchase of shares taking place on Sep 29 at $0.34 for some 100,652 shares. The transaction amount was around $34121.0.
Orchid Island Capital Inc (ORC) Chief Executive Officer Cauley Robert E bought on Oct 13 a total 15,000 shares at $7.40 on average. The purchase cost the insider an estimated $111,050.
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Important Earnings
Top US earnings releases scheduled for today include Equity Lifestyle Properties Inc. (NYSE:ELS). It will announce its Sep 2023 financial results. The company is expected to report earnings of $0.41 per share from revenues of $387.67M in the three-month period.
Analysts expect ServisFirst Bancshares Inc (NYSE:SFBS) to report a net income (adjusted) of $0.95 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2023 is predicted to come in at $109.98M.
FB Financial Corporation (FBK), due to announce earnings after the market closes today, is expected to report earnings of $0.69 per share from revenues of $122.89M 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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