The session on February 8, American stock markets ended in the green zone. The S&P 500 index rose 0.74% to 3916 points, the Dow Jones rose 0.76% and the NASDAQ surged 0.57%. All three indices renewed their all-time highs. The growing prospects for a major economic support package in the US remain in focus. The energy sector climbed 4.17% on the back of an ongoing rally in oil. Increased risk appetite triggered a 0.78% correction in the defensive utility sector.
Company news
Children’s goods maker Hasbro (HAS: -4.3%) beat expectations, but management noted weak holiday sales.
Palantir (PLTR: + 5.9%) announced a partnership with IBM (IBM: + 1.5%) to develop technology products.
Tesla (TSLA: + 1.3%) invested $ 1.5 billion in bitcoin and announced that it will accept cryptocurrency as payment for electric cars.
Today, global stock markets are showing mixed dynamics. Discussions on the fiscal stimulus package remain in the spotlight. The passage of a bill on public spending in the amount of about $ 1.9 trillion threatens to accelerate inflation. Some experts warn about this, in particular, former Treasury Secretary Larry Summers. Investors in the debt market are reacting to this risk, so the day before, the rate on 30-year Treasuries rose above 2% for the first time in a year. Rising bond rates could put pressure on the attractiveness of the stock market, primarily on growth stocks, of which tech companies are prime examples.
The epidemiological situation in the United States continues to improve rapidly, despite the circulation of new strains of coronavirus. The number of hospitalized people dropped to 80 thousand, more than 10% of Americans have already received the first dose of the vaccine. However, the risk of another jump in the incidence remains, so the CDC is not yet recommending state authorities to remove the antiquated restrictions.
Technical picture
Technically, the S&P 500 is still in a medium-term uptrend. The session ended the day before at the upper trend line, which is still a significant obstacle. The S & P500 index recorded growth for the sixth session in a row, so short-term consolidation is likely.
Today Top Movers
Iterum Therapeutics PLC (ITRM) stock ascended 61.69% at $2.04 in the pre-market trading today. Ra Capital Management reportedly disclosed ownership of 13,730,376 shares of Iterum Therapeutics plc by filing a 13G form with the Securities and Exchange Commission.
Assertio Therapeutics Inc (ASRT) gained over 25.24% at $1.29 in pre-market trading on Tuesday. Assertio is a leading commercial pharmaceutical company bringing differentiated products to patients. The Company has a robust portfolio of branded prescription products in three areas: neurology, hospital and pain and inflammation.
Aurora Mobile Ltd (JG) grew over 13.91% at $6.55 in pre-market trading today following the receipt of the InfoQ 2020 Best Technology Community Award at the Developer Ecosystem Co-creation Program virtual conference, hosted by InfoQ.
Marathon Patent Group Inc (MARA) stock moved up 16.93 percent to $37.50 in the pre-market trading. MARA stock is rallying because of the spike in Bitcoin. Marathon Patent Group bills itself as one of the largest Bitcoin self-mining companies.
Top Upgrades & Downgrades
JP Morgan turned bullish on KKR Real Estate Finance Trust Inc. (KREF), upgrading the stock to “Overweight”.
Twilio Inc. (TWLO) has won the favor of JP Morgan’s equity research team. The firm upgraded the shares from Neutral to Overweight and moved their price target to $465.0, suggesting a 1.39% additional upside for the stock.
The Community Financial Corporation (TCFC) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $34.0. They changed their rating on TCFC to Overweight from Neutral in a recently issued research note.
Earlier Tuesday JP Morgan reduced its rating on Ladder Capital Corp (LADR) stock to Underweight from Neutral and assigned the price target to $10.
Needham analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Cubic Corporation (CUB) has been changed to Hold from Buy.
Latest Insider Activity
Advanced Micro Devices Inc. (AMD) EVP, Computing & Graphics Bergman Rick announced the sale of shares taking place on Feb 04 at $88.29 for some 2,000 shares. The total came to more than $0.18 million.
Facebook Inc. (FB) COB and CEO Zuckerberg Mark sold on Feb 05 a total of 44,750 shares at $267.92 on average. The insider’s sale generated proceeds of almost $11.99 million.
Accuray Incorporated (ARAY) Director WHITTERS JOSEPH E declared the purchase of shares taking place on Feb 01 at $5.02 for some 20,000 shares. The transaction amount was around $0.1 million.
Consolidated Edison Inc. (ED) President & CEO CET Nachmias Stuart bought on Jan 31 a total 1,078 shares at $70.78 on average. The purchase cost the insider an estimated $667.
Important Earnings
Top US earnings releases scheduled for today include Cisco Systems Inc. (NASDAQ: CSCO). It will announce its Jan 2021 financial results. The company is expected to report earnings of $0.76 per share from revenues of $11.92B in the three-month period.
Analysts expect Isoray Inc. (AMEX: ISR) to report a net income (adjusted) of -$0.01 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $2.39M.
Twitter Inc. (TWTR), due to announce earnings after the market closes today, is expected to report earnings of $0.31 per share from revenues of $1.19B recently concluded three-month period.
