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- Sep - 22 - NH - Morning Newsletter (with survey at top and bottom)
Sep - 22 - NH - Morning Newsletter (with survey at top and bottom)
Morning Market Alert: 4 Stocks Making Early Waves
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Stock futures exhibited minimal changes on Friday, signaling the conclusion of a week marked by substantial market losses. Futures tied to the Dow Jones Industrial Average showed a modest increase of 16 points or 0.1%, while S&P 500 futures and Nasdaq 100 futures saw slight gains of 0.2% and 0.4%, respectively.These movements came on the heels of a three-day downturn across all three stock averages. The market's reaction was prompted by signals from the Federal Reserve indicating its intent to maintain elevated interest rates for an extended period. Such high rate levels may exert pressure on risk assets, including equities.Bond yields surged following the central bank's projection of one more rate hike in 2023. The benchmark 10-year Treasury yield surged by 15 basis points, reaching a peak of 4.498%, a level not seen since 2007. Simultaneously, the 2-year rate surpassed 5.2%, touching its highest point since 2006.Investor concerns were further exacerbated by worries of a potential government shutdown, which could negatively impact consumer confidence and further slow down economic growth. House Republican leaders initiated a recess for the chamber on Thursday, adding to market apprehensions.
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Today Top Movers
ToughBuilt Industries Inc. (TBLT) stock soared +9.42% to $0.259 in the pre-market trading after announcing distribution of Series H Preferred Stock to holders of its common stock.
Alibaba Group Holding Limited (NYSE: BABA) shares are trading up 4.27% at $87.7 at the time of writing on the back of news suggesting China may relax ownership restrictions, igniting investor confidence.
Faraday Future Intelligent Electric Inc. (FFIE) grew over +8.2% at $3.96 in pre-market trading today. The company announced management stock purchase plan.
Activision Blizzard Inc. (ATVI), a Electronic Gaming & Multimedia company, rose about +1.86% at $94.07 in pre-market trading Friday driven by positive signals from British competition regulators regarding Microsoft's proposed $69 billion acquisition of the 'Call of Duty' gaming giant.
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Top Upgrades & Downgrades
Wells Fargo turned bullish on Charter Communications Inc. (CHTR), upgrading the stock to Overweight and assigning a $550 price target, representing potential upside of 23.09% from Thursday's close.
Coeur Mining Inc. (CDE) has won the favor of RBC Capital's equity research team. The firm upgraded the shares from Sector Perform to Outperform and moved their price target to $4, suggesting 88.68% additional upside for the stock.
Wayfair Inc. (W) received an upgrade from analysts at Bernstein, who also set their one-year price target on the stock to $65. They changed their rating on W to Market Perform from Underperform in a recently issued research note.
Earlier Friday Wells Fargo reduced its rating on Travere Therapeutics Inc. (TVTX) stock to Equal-Weight from Overweight and assigned the price target to $8.
Canaccord Genuity analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Deere & Company (DE) has been changed to Hold from Buy and the new price target is set at $400.
Analysts at Needham downgraded Splunk Inc. (SPLK)'s stock to Hold from Buy Friday.
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Latest Insider Activity
Maplebear Inc. (CART) See Explanation of Responses Grosvenor Capital Management, announced the sale of shares taking place on Sep 20 at $32.05 for some 71 shares. The total came to more than $2276.0.
Cloudflare Inc. (NET) President and COO Zatlyn Michelle sold on Sep 21 a total 12,820 shares at $58.28 on average. The insider’s sale generated proceeds of almost $0.75 million.
Synovus Financial Corp. (SNV) 10% Owner Samaha Eli declared the purchase of shares taking place on Sep 21 at $21.25 for some 8,884 shares. The transaction amount was around $0.19 million.
Insulet Corporation (PODD) SVP, Global Operations Singh Prem bought on Sep 19 a total 1 shares at $168.92 on average. The purchase cost the insider an estimated $169.
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Important Earnings
Dynatronics Corporation (NASDAQ:DYNT). It will announce its Jun 2023 financial results. The company is expected to report earnings of -$0.28 per share from revenues of $7.86M in the three-month period.
Analysts expect THOR Industries Inc. (NYSE:THO) to report a net income (adjusted) of $0.95 per share, when the company releases its quarterly results Monday. Revenue for the fiscal quarter ended Jul 2023 is predicted to come in at $2.41B.
Cintas Corporation (CTAS), due to announce earnings before the market opens Tuesday, is expected to report earnings of $3.67 per share from revenues of $2.34B 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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