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- Sep - 19 - NH - Morning Newsletter (with survey at top and bottom)
Sep - 19 - NH - Morning Newsletter (with survey at top and bottom)
Today's Top 4: Stocks Primed for Morning Momentum
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Good Morning!
Early on Tuesday, stock futures saw a slight uptick as Wall Street prepared for the commencement of the Federal Reserve's two-day September policy meeting. Futures linked to the Dow Jones Industrial Average advanced by 45 points, equivalent to 0.13%, while both S&P 500 futures and Nasdaq 100 futures registered gains of 0.15%.In the prior session, the major stock indices experienced relatively little movement, with the S&P 500 showing a modest increase of 0.07%. The Nasdaq Composite managed a marginal gain of 0.01%, while the Dow Jones Industrial Average edged up by 0.02%, equivalent to 6.06 points.Today, Wall Street will closely examine a limited set of economic data, including preliminary building permits for August and housing starts, both scheduled for release before the market's opening. Additionally, AutoZone is set to announce its earnings before the opening bell.
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Today Top Movers
Connexa Sports Technologies Inc. (CNXA) stock soared 60.37% to $0.1214 in the pre-market trading following the filing of 8-K form with the SEC.
Elutia Inc. (NASDAQ: ELUT) shares are trading up 46.77% at $1.82 at the time of writing following the sale of Orthobiologics Business Unit for cash proceeds of up to $35 million.
Galera Therapeutics Inc. (GRTX) grew over 12.27% at $0.2141 in pre-market trading today after announcing that a Type A meeting has been scheduled for September 28, 2023 with the FDA regarding to discuss next steps for Avasopasem.
Avinger Inc. (AVGR), a Medical Instruments & Supplies company, rose about 12.03% at $6.8 in pre-market trading Tuesday after announcing full commercial launch of its Tigereye® ST next generation image-guided chronic total occlusion (CTO) crossing system.
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Top Upgrades & Downgrades
Raymond James turned bullish on Rackspace Technology Inc. (RXT), upgrading the stock to Outperform and assigning a $3.5 price target, representing potential upside of 136.49% from Monday's close.
Rexford Industrial Realty Inc. (REXR) has won the favor of Wolfe Research's equity research team. The firm upgraded the shares from Peer Perform to Outperform and moved their price target to $70, suggesting 35.82% additional upside for the stock.
Dell Technologies Inc. (DELL) received an upgrade from analysts at Daiwa Capital, who also set their one-year price target on the stock to $80. They changed their rating on DELL to Outperform from Neutral in a recently issued research note.
Earlier Tuesday Evercore ISI Group reduced its rating on Deere & Company (DE) stock to In-Line from Outperform and assigned the price target to $424.
Daiwa Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Daqo New Energy Corp. (DQ) has been changed to Neutral from Outperform and the new price target is set at $32.
Analysts at TD Cowen downgraded Starbucks Corporation (SBUX)'s stock to Market Perform from Outperform Tuesday.
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Latest Insider Activity
Flex Ltd. (FLEX) Chief Financial Officer Lundstrom Paul announced the sale of shares taking place on Sep 18 at $25.72 for some 53,517 shares. The total came to more than $1.38 million.
Mister Car Wash Inc. (MCW) Chief Executive Officer Lai John Lo-minn sold on Sep 18 a total 198,200 shares at $6.01 on average. The insider’s sale generated proceeds of almost $1.19 million.
Semtech Corporation (SMTC) Director Walsh Paul V Jr declared the purchase of shares taking place on Sep 18 at $24.83 for some 20,000 shares. The transaction amount was around $0.5 million.
Corteva Inc. (CTVA) EVP, Chief Financial Officer ANDERSON DAVID J bought on Sep 15 a total 2,000 shares at $52.97 on average. The purchase cost the insider an estimated $105,940.
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Important Earnings
Top US earnings releases scheduled for today include Apogee Enterprises Inc. (NASDAQ:APOG). It will announce its Aug 2023 financial results. The company is expected to report earnings of $1.12 per share from revenues of $372.01M in the three-month period.
Analysts expect AutoZone Inc. (NYSE:AZO) to report a net income (adjusted) of $45.12 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2023 is predicted to come in at $5.61B.
Endava plc (DAVA), due to announce earnings before the market opens today, is expected to report earnings of $0.56 per share from revenues of $233.43M 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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