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- Oct - 27 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 27 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Gearing Up for a Strong Session
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U.S. stock futures saw an uptick on Friday, marking an attempt by Wall Street to rebound from the significant losses witnessed earlier in the week. Contributing to the positive sentiment, Amazon's strong quarterly results provided a boost to tech-related shares.Nasdaq 100 futures made a notable gain of 0.9%. Meanwhile, futures linked to the S&P 500 showed a 0.5% advance, and Dow Jones Industrial Average futures demonstrated a 0.2% increase, equivalent to a gain of 61 points.The previous trading session was challenging, with both the S&P 500 and Nasdaq Composite experiencing losses exceeding 1% on Thursday. Notably, the Nasdaq Composite entered deeper into correction territory, while the Dow Jones lost over 250 points.These losses placed the major market indices on course for substantial weekly declines, with the Dow and S&P 500 down by 1% and 2%, respectively, for the week. Over the same period, the Nasdaq recorded a 3% decline.Investors are eagerly awaiting the potential catalyst for Friday: the release of the personal consumption expenditures (PCE) data for September. The PCE serves as the Federal Reserve's favored inflation gauge. According to Dow Jones, economists anticipate a core PCE increase of 0.3% in September and a year-over-year increase of 3.7%.
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Today Top Movers
Apollomics Inc (APLM) stock soared 42.68% to $0.8104 in the pre-market trading after releasing report of activity of Vebreltinib in Glioblastoma Multiforme (GBM) with PTPRZ-MET Fusion.
NKGen Biotech Inc (NASDAQ: NKGN) shares are trading up 41.53% at $5.35 at the time of writing following the presentation phase I clinical trial data at the 16th annual clinical trials on Alzheimer’s Disease (CTAD) Conference.
Dexcom Inc (DXCM) grew over 17.03% at $94.9 in pre-market trading today after reporting Q3 2023 financial results.
Hanryu Holdings Inc (HRYU), a Internet Content & Information company, rose about 11.4% at $2.15 in pre-market trading Friday following the announcement that they would ring the Nasdaq opening bell on October 26, 2023, at 9:30 a.m. ET to mark their IPO on August 1, 2023.
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Top Upgrades & Downgrades
BMO Capital turned bullish on Merck & Co Inc (MRK), upgrading the stock to Outperform and assigning a $132 price target, representing potential upside of 23.72% from Thursday's close.
Bristol-Myers Squibb Co. (BMY) has won the favor of HSBC's equity research team. The firm upgraded the shares from Reduce to Hold and moved their price target to $53.
Yelp Inc (YELP) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $39. They changed their rating on YELP to Neutral from Underweight in a recently issued research note.
Earlier Friday JP Morgan reduced its rating on Regions Financial Corp. (RF) stock to Neutral from Overweight and assigned the price target to $16.5.
Wells Fargo analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Datadog Inc (DDOG) has been changed to Equal-Weight from Overweight and the new price target is set at $95.
Analysts at Piper Sandler downgraded Enphase Energy Inc (ENPH)'s stock to Neutral from Overweight Friday.
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Latest Insider Activity
Intuitive Surgical Inc (ISRG) CEO GUTHART GARY S announced the sale of shares taking place on Oct 26 at $260.11 for some 27,385 shares. The total came to more than $7.12 million.
Alphabet Inc (GOOG) Director MATHER ANN sold on Oct 25 a total 260 shares at $129.82 on average. The insider’s sale generated proceeds of almost $33753.0.
Arcutis Biotherapeutics Inc (ARQT) 10% Owner Frazier Life Sciences VIII, L. declared the purchase of shares taking place on Oct 24 at $2.50 for some 80,000 shares. The transaction amount was around $0.2 million.
MSP Recovery Inc (LIFW) Chief Executive Officer Ruiz John Hasan bought on Oct 26 a total 467,290 shares at $1.07 on average. The purchase cost the insider an estimated $500,000.
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Important Earnings
Top US earnings releases scheduled for today include Vale S.A. ADR (NYSE:VALE). It will announce its Sep 2023 financial results. The company is expected to report earnings of $0.62 per share from revenues of $11.07B in the three-month period.
Analysts expect Exxon Mobil Corp. (NYSE:XOM) to report a net income (adjusted) of $2.24 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2023 is predicted to come in at $83.76B.
Chevron Corp. (CVX), due to announce earnings before the market opens today, is expected to report earnings of $3.33 per share from revenues of $47.79B 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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