Morning Alert: Top Movers, Analyst Ratings & Insider Activity

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On March 2, American stock exchanges closed in the red. The S&P 500 fell 0.81% to 3870 points, the Dow Jones lost 0.46%, the NASDAQ fell 1.69%. The news background remained calm; the indices showed a corrective movement after the rally the day before. The tech sector corrected by 1.63% after yesterday’s gain of 3.18%. The sector of raw materials and materials closed in positive territory (+ 0.58%) thanks to the rebound in quotations of gold and silver.

Company News 

Facebook (FB: -2.2%) again warned investors that its ad revenue growth could slow. 

Target (TGT: -6.8%) exceeded expectations, but management noted the risks of lower margins in 2021.

Fintech Square (SQ: + 4.7%) announced the launch of its own bank, which will allow the company to provide loans and accept deposits.

Today, world stock markets are showing mostly positive dynamics. President Biden announced that the United States will have received enough coronavirus vaccines by the end of May to vaccinate the entire adult population of the country. Earlier it was assumed that this will happen two months later. The outlook update was made possible by pharmaceutical giant Merck (MRK) agreeing to release the Johnson & Johnson (JNJ) vaccine, which was approved by the US regulator on February 27. This is good news: the sooner the collective immunity is formed, the sooner the authorities will be able to lift the antiquated restrictions. Against this background, forecasts of economic growth will have a reason for improvement.

The prospect of the imminent approval of the stimulus package adds to the optimism of the bidders. Senate Democrat Majority Leader Chuck Schumer has expressed confidence that the bill will be passed next week. The senators were left to discuss only minor details.

Futures on American stock indices are growing against this background. Additional support for the “bulls” can be provided by today’s block of macrostatistics.

Technically, the S&P 500 is still in an uptrend. Indicators indicate that consolidation is possible in the short term. The passage of the broad market index above the level of 3925 points will allow the bulls to continue their upward movement. The key support is the 50-day moving average at 3815 points.

Today Top Movers

Heat Biologics Inc. (NASDAQ: HTBX) shares are trading up 37.23% at $10.8 at the time of writing. Company’s 52-week ranged between $2.95 to $30.10. Analysts have a consensus price target of $4.

KemPharm Inc. (KMPH) stock soared 90.88% to $18.0 in the pre-market trading after announcing FDA approval of AZSTARYS™ (serdexmethylphenidate and dexmethylphenidate capsules, for oral use, CII), A New Once-Daily Treatment for ADHD.

SOS Limited (SOS) grew over 18.09% at $8.03 in pre-market trading today.

Canaan Inc. (CAN), a Computer Hardware company, rose about 20.29% at $25.67 in pre-market trading Wednesday.

Top Upgrades & Downgrades

Piper Sandler turned bullish on Rapid7 Inc. (RPD), upgrading the stock to “Overweight” and assigning a $100.0 price target, representing potential upside of 26.6% from Tuesday’s close.

Casa Systems Inc. (CASA) has won the favor of JP Morgan’s equity research team. The firm upgraded the shares from Underweight to Neutral and moved their price target to $10.0, suggesting 24.69% additional upside for the stock.

Sensata Technologies Holding plc (ST) received an upgrade from analysts at JP Morgan, who also set their one-year price target on the stock to $72.0. They changed their rating on ST to Overweight from Neutral in a recently issued research note.

Earlier Tuesday Berenberg reduced its rating on LivaNova PLC (LIVN) stock to Hold from Buy and assigned the price target to $84.

JP Morgan analysts reduced their investment ratings, saying in research reports covered by the media that it’s rating for Prudential Financial Inc. (PRU) has been changed to Neutral from Overweight and the new price target is set at $91.0.

Latest Insider Activity

FuelCell Energy Inc. (FCEL) EVP, Gen. Counsel, CAO, Secy Arasimowicz Jennifer D announced the sale of shares taking place on Mar 02 at $18.69 for some 2,000 shares. The total came to more than $37380. 

Twitter Inc. (TWTR) Director Lane Fox Martha sold on Feb 26 a total of 28,672 shares at $76.93 on average. The insider’s sale generated proceeds of almost $0.1 million. 

Exxon Mobil Corporation (XOM) Director Angelakis Michael J declared the purchase of shares taking place on Mar 01 at $57.16 for some 25,000 shares. The transaction amount was around $1.43 million. 

Lowe’s Companies Inc. (LOW) Director BATCHELDER DAVID H bought on Feb 26 a total 28,250 shares at $159.48 on average. The purchase cost the insider an estimated $996,755.

Important Earnings

Top US earnings releases scheduled for today include Marvell Technology Group Ltd. (NASDAQ: MRVL). It will announce its Jan 2021 financial results. The company is expected to report earnings of $0.29 per share from revenues of $794.32M in the three-month period. 

Analysts expect Trip.com Group Limited (NASDAQ:TCOM) to report a net income (adjusted) of $0.04 per share, when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $763.22M. 

American Eagle Outfitters Inc. (AEO), due to announce earnings after the market closes today, is expected to report earnings of $0.36 per share from revenues of $1.28B recently concluded three-month period.

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