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- Oct - 30 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 30 - NH - Morning Newsletter (with survey at top and bottom)
Today's 4 Stocks to Watch Closely
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On Monday, U.S. stock futures climbed in anticipation of a significant week marked by crucial events such as a Federal Reserve rate decision, a jobs report, and Apple's earnings announcement.S&P 500 futures saw a 0.6% increase, and Nasdaq-100 futures rose by 0.8%. Meanwhile, Dow Jones Industrial Average futures surged by 0.5%, gaining 157 points.The S&P 500 recently entered correction territory, experiencing a 2.5% decline last week, bringing its total drop from the 2023 high to 10.6%. In October, the benchmark index has declined by 4%, potentially marking its third consecutive negative month, a trend not seen since 2020 during the early stages of the pandemic.Apple is scheduled to release its earnings report on Thursday after the market closes. The largest member of the S&P 500 is currently in correction territory, with a 15% decline from its 52-week high.The market downturn has predominantly affected Nasdaq and technology-related shares, as investors are concerned about the impact of rising interest rates. The Nasdaq Composite has fallen more than 12% from its 2023 peak, firmly placing it in correction territory. Both the Nasdaq and Dow, along with the S&P 500, are on track for their third consecutive negative month. The recent disappointing earnings reports from major tech companies like Google's parent company, Alphabet, have further contributed to the market decline.
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Today Top Movers
Miromatrix Medical Inc (MIRO) stock soared 226.92% to $3.4 in the pre-market trading in response to the news of acquisition agreement with United Therapeutics Corporation.
Coherus Biosciences Inc (NASDAQ: CHRS) shares are trading up 15.91% at $3.06 at the time of writing s the FDA approved LOQTORZI™ for first-line treatment in advanced NPC and as a monotherapy for recurrent or metastatic NPC after platinum-containing chemotherapy.
Intuitive Machines Inc (LUNR) grew over 11.61% at $2.98 in pre-market trading today. The company recently announced that in coordination with SpaceX, liftoff of the IM-1 lunar mission is now targeted for a multi-day launch window which opens January 12, 2024.
Faraday Future Intelligent Electric Inc (FFIE), a Auto Manufacturers company, rose about 4.76% at $1.1 in pre-market trading Monday after announcing its November vehicle delivery plan, including two vehicles in the last week of November.
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Top Upgrades & Downgrades
UBS turned bullish on East West Bancorp, Inc. (EWBC), upgrading the stock to "Buy" and assigning a $61 price target, representing potential upside of 14.02% from Friday's close.
Eastman Chemical Co (EMN) has won the favor of JP Morgan's equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $90, suggesting 24% additional upside for the stock.
PTC Inc (PTC) received an upgrade from analysts at Oppenheimer, who also set their one-year price target on the stock to $165. They changed their rating on PTC to Outperform from Perform in a recently issued research note.
Earlier Monday JP Morgan reduced its rating on Valley National Bancorp (VLY) stock to Neutral from Overweight and assigned the price target to $10.
JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Olin Corp. (OLN) has been changed to Neutral from Overweight and the new price target is set at $48.
Analysts at Raymond James downgraded Cisco Systems, Inc. (CSCO)'s stock to Market Perform from Outperform Monday.
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Latest Insider Activity
Moderna Inc (MRNA) Director AFEYAN NOUBAR announced the sale of shares taking place on Oct 25 at $76.99 for some 10,000 shares. The total came to more than $0.77 million.
Walmart Inc (WMT) President and CEO McMillon C Douglas sold on Oct 26 a total 9,708 shares at $162.99 on average. The insider’s sale generated proceeds of almost $1.58 million.
M & T Bank Corp (MTB) Sr. EVP & CFO Bible Daryl N. declared the purchase of shares taking place on Oct 25 at $111.04 for some 5,000 shares. The transaction amount was around $0.56 million.
Spectaire Holdings Inc (SPEC) Chairman & CEO Semkiw Brian bought on Oct 25 a total 297 shares at $2.23 on average. The purchase cost the insider an estimated $661.
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Important Earnings
Top US earnings releases scheduled for today include Transocean Ltd (NYSE:RIG). It will announce its Sep 2023 financial results. The company is expected to report earnings of -$0.23 per share from revenues of $722.56M in the three-month period.
Analysts expect VF Corp. (NYSE:VFC) to report a net income (adjusted) of $0.66 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2023 is predicted to come in at $3.02B.
Pinterest Inc (PINS), due to announce earnings after the market closes today, is expected to report earnings of $0.2 per share from revenues of $743.44M 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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