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- Sep - 26 - NH - Morning Newsletter (with survey at top and bottom)
Sep - 26 - NH - Morning Newsletter (with survey at top and bottom)
Today's 4 Stocks to Watch Closely
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Good Morning!
Stock futures faced a downward trend on Tuesday as Wall Street grappled with the selling pressures that dominated September, despite a previous session of gains. Futures linked to the Dow Jones Industrial Average experienced a 130-point decline, marking a 0.4% drop. Similarly, S&P 500 futures and Nasdaq-100 futures both saw a 0.5% decrease.These declines continued to contribute to the overall market losses for the month. As of Tuesday's session, the Nasdaq Composite had slipped by 5.4% in September, while the S&P 500 and Dow had endured losses of 3.8% and 2.1%, respectively. Among the factors weighing on stocks this month was the Federal Reserve's announcement of fewer anticipated rate cuts in the coming year. This development led to the benchmark 10-year Treasury yield reaching levels not witnessed since 2007.In terms of economic data, investors kept a close watch on Tuesday for the final building permits report for August before the market opened, as well as new home sales data for the previous month later in the morning. Additionally, the Conference Board's consumer confidence report for September was slated for release.
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Today Top Movers
Femasys Inc. (FEMY) price surged 213.63% to $1.04 after receiving U.S. FDA clearance to Market FemaSeed, an Innovative Infertility Treatment Solution,
Immunovant Inc (IMVT) stock soared 43.84% to $29.17 in the pre-market trading after announcing positive initial IMVT-1402 phase 1 SAD and 300 mg Subcutaneous MAD results.
Avalo Therapeutics, Inc. (AVTX) shares are trading up 31.16% at $0.21 at the time of writing after announcing the payoff of the remainder of its $35 million debt owed to Horizon Technology Finance Corporation (HRZN).
Shuttle Pharmaceuticals Holdings Inc (SHPH) grew over 14.38% at $0.68 in pre-market trading today after announcing results of Pre-IND Meeting with FDA for Ropidoxuridine phase II clinical trial for patients with Glioblastoma.
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Top Upgrades & Downgrades
Jefferies turned bullish on Flowserve Corporation (FLS), upgrading the stock to Buy and assigning a $50 price target, representing potential upside of 27.42% from Monday's close.
SiteOne Landscape Supply, Inc. (SITE) has won the favor of UBS' equity research team. The firm upgraded the shares from Neutral to Buy and moved their price target to $200, suggesting 26.91% additional upside for the stock.
DraftKings Inc. (DKNG) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $37. They changed their rating on DKNG to Overweight from Neutral in a recently issued research note.
Earlier Tuesday Baird reduced its rating on Frequency Therapeutics, Inc. (FREQ) stock to Neutral from Outperform and assigned the price target to $0.5.
BMO Capital analysts reduced their investment ratings, saying in research reports covered by the media that its rating for W. P. Carey Inc. (WPC) has been changed to Market Perform from Outperform and the new price target is set at $60.
Analysts at Wells Fargo downgraded Olin Corporation (OLN)'s stock to Equal-Weight from Overweight Tuesday.
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Latest Insider Activity
ChargePoint Holdings Inc (CHPT) Chief Financial Officer JACKSON REX S announced the sale of shares taking place on Sep 21 at $5.03 for some 16,799 shares. The total came to more than $84533.0.
T2 Biosystems Inc (TTOO) 10% Owner CR Group L.P. sold on Sep 21 a total 6,338,211 shares at $0.30 on average. The insider’s sale generated proceeds of almost $1.9 million.
ARS Pharmaceuticals Inc (SPRY) Director RA CAPITAL MANAGEMENT, L.P. declared the purchase of shares taking place on Sep 21 at $3.03 for some 2,700,000 shares. The transaction amount was around $8.18 million.
Precigen Inc (PGEN) Director MITCHELL DEAN J bought on Sep 22 a total 25,000 shares at $1.41 on average. The purchase cost the insider an estimated $35,250.
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Important Earnings
Top US earnings releases scheduled for today include Costco Wholesale Corp (NASDAQ:COST). It will announce its Aug 2023 financial results. The company is expected to report earnings of $4.79 per share from revenues of $77.9B in the three-month period.
Analysts expect MillerKnoll Inc (NASDAQ:MLKN) to report a net income (adjusted) of $0.21 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Aug 2023 is predicted to come in at $899.6M.
Progress Software Corp. (PRGS), due to announce earnings after the market closes today, is expected to report earnings of $1 per share from revenues of $173.57M 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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