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- Oct - 25 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 25 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Taking off in Today's Premarket
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Good Morning!
On Wednesday morning, there was a slight dip in S&P 500 futures, with investors mulling over the latest quarterly reports from tech giants Microsoft and Alphabet. Futures linked to the S&P 500 experienced a 0.4% decrease, while Nasdaq 100 futures saw a 0.6% decline. In contrast, Dow Jones Industrial Average futures remained relatively unchanged.Today, Boeing is set to release its quarterly earnings before the market opens, followed by IBM and Meta in the afternoon. So far, approximately a quarter of S&P 500 companies have reported their third-quarter earnings, and an impressive 78% of these firms have surpassed expectations.Amid a week characterized by relatively limited economic data releases, Wall Street's attention will be directed toward September's building permits and new home sales figures, providing valuable insights into the housing market.
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Today Top Movers
Cognition Therapeutics Inc (CGTX) stock soared +9.02% to $1.33 in the pre-market trading. The company presented complete EEG findings from SEQUEL study of CT1812 in Mild-to-Moderate Alzheimer’s Disease at CTAD.
Freight Technologies Inc (NASDAQ: FRGT) shares are trading up 14.8% at $0.37 at the time of writing after announcing a significant achievement with the recent success of securing an RFQ (Request for Quotation) from a leading global pharmaceutical giant.
Stride Inc (LRN) grew over 14.22% at $50.83 in pre-market trading today after releasing the results from its first fiscal quarter ended September 30, 2023.
Vertiv Holdings Co (VRT), a Electrical Equipment & Parts company, rose about 13.37% at $44.25 in pre-market trading Wednesday after reporting financial results for its third quarter ended September 30, 2023.
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Top Upgrades & Downgrades
Barclays turned bullish on Verizon Communications Inc (VZ), upgrading the stock to Overweight and assigning a $38 price target, representing potential upside of 10.75% from Tuesday's close.
Veeva Systems Inc (VEEV) has won the favor of Wells Fargo's equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $229, suggesting 14.36% additional upside for the stock.
Progressive Corp. (PGR) received an upgrade from analysts at BMO Capital, who also set their one-year price target on the stock to $180. They changed their rating on PGR to Outperform from Market Perform in a recently issued research note.
Earlier Wednesday Piper Sandler reduced its rating on Regions Financial Corp. (RF) stock to Neutral from Overweight and assigned the price target to $15.
Piper Sandler analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Citizens Financial Group Inc (CFG) has been changed to Neutral from Overweight and the new price target is set at $26.
Analysts at Piper Sandler downgraded Livent Corp (LTHM)'s stock to Neutral from Overweight Wednesday.
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Latest Insider Activity
RVL Pharmaceuticals plc (RVLP) 10% Owner Harsaul Foundation announced the sale of shares taking place on Oct 20 at $0.03 for some 4,758,899 shares. The total came to more than $0.15 million.
Nxu Inc (NXU) 10% Owner GEM Global Yield LLC SCS sold on Oct 17 a total 144,509 shares at $0.07 on average. The insider’s sale generated proceeds of almost $10405.0.
Truist Financial Corporation (TFC) Chairman & CEO ROGERS WILLIAM H JR declared the purchase of shares taking place on Oct 20 at $28.05 for some 10,000 shares. The transaction amount was around $0.28 million.
Agenus Inc (AGEN) 10% Owner AGENUS INC bought on Oct 16 a total 429 shares at $1.10 on average. The purchase cost the insider an estimated $472.
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Important Earnings
Top US earnings releases scheduled for today include Meta Platforms Inc (NASDAQ:META). It will announce its Sep 2023 financial results. The company is expected to report earnings of $3.42 per share from revenues of $31.65B in the three-month period.
Analysts expect International Business Machines Corp. (NYSE:IBM) to report a net income (adjusted) of $2.01 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2023 is predicted to come in at $13.91B.
ServiceNow Inc (NOW), due to announce earnings after the market closes today, is expected to report earnings of $2.56 per share from revenues of $2.27B 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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