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- Oct - 31 - NH - Morning Newsletter (with survey at top and bottom)
Oct - 31 - NH - Morning Newsletter (with survey at top and bottom)
4 Stocks Gearing Up for a Strong Session
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Good Morning!
On the final day of the month, stock futures exhibited mostly positive trends as Wall Street aimed to sustain the positive momentum from the previous session. Dow Jones Industrial Average futures showed a gain of 124 points, equivalent to a 0.4% increase. Simultaneously, S&P 500 futures edged up by 0.2%, while Nasdaq 100 futures remained relatively stable.Additionally, the financial world is closely monitoring the upcoming decision by the Federal Reserve regarding interest rates, set for Wednesday. Current pricing of Fed funds futures implies a roughly 98% likelihood that the central bank will maintain the status quo in terms of interest rates, as indicated by the CME FedWatch Tool.Investors are eagerly awaiting the release of October's payrolls report, scheduled for Friday, hoping for insights into any signs of a slowdown in the labor market. Moreover, traders are focused on earnings reports set to be released on Tuesday, including those from Caterpillar, Pfizer, Caesars Entertainment, and chipmaker Advanced Micro Devices. The tech giant Apple is scheduled to unveil its quarterly earnings after the closing bell on Thursday, a report that is highly anticipated during this earnings season.
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Today Top Movers
Beam Therapeutics Inc (BEAM) stock soared +11.98% to $21.4 in the pre-market trading after announces agreement for lilly to acquire beam's opt-in rights to verve therapeutics' base editing programs for cardiovascular disease. The most recent rating by Leerink Partners, on October 20, 2023, is a Market perform.
TransCode Therapeutics Inc (NASDAQ: RNAZ) shares are trading up +14.45% at $0.4119 at the time of writing. Company’s 52-week ranged between $0.28 to $23.40. TransCode Therapeutics announced that it Withdraws Public Offering.
Pinterest Inc (PINS) grew over +18.33% at $29.7 in pre-market trading today. Pinterest Announces Third Quarter 2023 Results, Delivers Strong Revenue Growth and Continued Margin Expansion.
Wolfspeed Inc (WOLF), a Semiconductors company, rose about +14.65% at $31.78 in pre-market trading Tuesday. Wolfspeed Reports Financial Results for the First Quarter of Fiscal Year 2024.
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Top Upgrades & Downgrades
Jefferies turned bullish on Williams-Sonoma, Inc. (WSM), upgrading the stock to "Hold" and assigning a $$144 price target, representing potential downside of -2.93% from Tuesday's close.
XPO Inc (XPO) has won the favor of Jefferies's equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $95, suggesting 18.44% additional upside for the stock.
L3Harris Technologies Inc (LHX) received an upgrade from analysts at Baird, who also set their one-year price target on the stock to $$216. They changed their rating on LHX to Outperform from Neutral in a recently issued research note.
Earlier Tuesday Baird reduced its rating on ST Microelectronics (STM) stock to Neutral from Outperform and assigned the price target to $35.
Baird analysts reduced their investment ratings, saying in research reports covered by the media that its rating for ON Semiconductor Corp. (ON) has been changed to Neutral from Outperform and the new price target is set at $60.
Analysts at Baird downgraded Diodes, Inc. (DIOD)'s stock to Neutral from Outperform on Tuesday.
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Latest Insider Activity
Nxu Inc (NXU) 10% Owner GEM Global Yield LLC SCS announced the sale of shares taking place on Oct 30 at $0.04 for some 1,919,122 shares. The total came to more than $67937.0.
Alphabet Inc (GOOG) Director ARNOLD FRANCES sold on Oct 30 a total 250 shares at $124.36 on average. The insider’s sale generated proceeds of almost $31090.0.
Keurig Dr Pepper Inc (KDP) Chief R&D Officer Rotem-Wildeman Karin declared the purchase of shares taking place on Oct 27 at $29.95 for some 7,050 shares. The transaction amount was around $0.21 million.
Overstock.com Inc (OSTK) Director LEMONIS MARCUS bought on Oct 27 a total 40,293 shares at $14.79 on average. The purchase cost the insider an estimated $595,933.
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Important Earnings
Top US earnings releases scheduled for today include Big 5 Sporting Goods Corp (NASDAQ:BGFV). It will announce its Sep 2023 financial results. The company is expected to report earnings of $0.16 per share from revenues of $243.62M in the three-month period.
Analysts expect Allegion plc (NYSE:ALLE) to report a net income (adjusted) of $1.73 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Sep 2023 is predicted to come in at $910.41M.
Advanced Energy Industries Inc. (AEIS), due to announce earnings after the market closes today, is expected to report earnings of $1.14 per share from revenues of $417.9M 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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