On February 9, American stock exchanges were trading in narrow ranges. The S&P 500 index fell 0.11% to 3911 points, the Dow Jones lost a symbolic 0.03%, the NASDAQ added 0.14%. The upward movement has stalled due to the lack of new drivers. The energy sector corrected 1.52% after the rally the day before. The strongest was the real estate sector, which added 0.47%.
Company news
Game developer Take-Two Interactive Software (TTWO: -6.1%) beat expectations, but stock corrected due to lack of clarity on its fiscal 2022 release schedule.
Shopify e-commerce platform (SHOP: + 6.5%) announced the integration of the Shop Pay payment method on Facebook and Instagram.
Electronic Arts (EA: + 2.6%) buys mobile game developer Glu Mobile (GLUU: + 35%) for cash. The deal will amount to $ 2.1 billion.
Today, world stock exchanges are showing mostly positive dynamics. The news background is calm. The Biden administration said on Monday that the fiscal stimulus package will likely be passed through a simplified voting procedure requiring only a Democratic majority for approval. However, this was already a highly anticipated scenario, since President Biden, the majority of Democrats, and Treasury Secretary Janet Yellen insist on a significant amount of the anti-crisis program. This positive factor continues to support buyers, but to a large extent it has already been taken into account in the quotes. The only question that remains is what changes the bill will undergo in order to be approved by the centrist democrats.
The Freedom Finance Sentiment Index climbed to 57 out of 100. The index reflects market participants’ hope for a global economic recovery in 2021. Concerns about the negative impact of the coronavirus pandemic are gradually diminishing with the approach of mass vaccinations.
Technical picture
Technically, the S&P 500 is still in a medium-term uptrend. The trading session the day before did not change the overall picture. The upper limit of the trend at 3920 is still a significant obstacle. After the S&P 500 rallied 4% last week, short-term consolidation is likely.
Today Top Movers
Sundial Growers Inc (SNDL), a drug manufacturer company, soared about 18.18% at $1.95 in pre-market trading Wednesday.
Tilray Inc (TLRY) share price jumped 24.53% to $52.74 during the early morning trading session on Wednesday after declaring an agreement with British company Grow Pharma, to export medical marijuana to the U.K.
Gamida Cell Ltd (GMDA) stock ascended 55.01% at $15.33 in the pre-market trading today. The company recently revealed the results of Phase 3 clinical study of omidubicel.
Genfit (GNFT) gained over 29.30% at $6.84 in pre-market trading on Wednesday following the publication of positive results from the phase 2 clinical trial evaluating elafibranor in patients with PBC in the Journal of Hepatology.
Top Upgrades & Downgrades
SVB Leerink turned bullish on Deciphera Pharmaceuticals Inc. (DCPH), upgrading the stock to “Outperform” and assigning a $70.0 price target, representing a potential upside of 44.87% from Tuesday’s close.
Model N Inc. (MODN) 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 $40.
The Hain Celestial Group Inc. (HAIN) received an upgrade from analysts at Piper Sandler, who also set their one-year price target on the stock to $50.0. They changed their rating on HAIN to Overweight from Neutral in a recently issued research note.
Earlier Wednesday Raymond James reduced its rating on Leggett & Platt Incorporated (LEG) stock to Outperform from Strong Buy.
JPMorgan analysts reduced their investment ratings, saying in research reports covered by the media that it’s rating for Change Healthcare Inc. (CHNG) has been changed to Neutral from Overweight and the new price target is set at $25.75.
Analysts at Mizuho downgraded Corvus Pharmaceuticals Inc. (CRVS)’s stock to Neutral from Buy Wednesday.
Latest Insider Activity
Tyme Technologies Inc. (TYME) 10% Owner Demurjian Michael announced the sale of shares taking place on Feb 08 at $2.45 for some 20,000 shares. The total came to more than $49000.
Square Inc. (SQ) Chief Financial Officer Ahuja Amrita sold on Feb 05 a total of 149,866 shares at $240.45 on average. The insider’s sale generated proceeds of almost $1.01 million.
International Business Machines Corporation (IBM) Director HOWARD MICHELLE J declared the purchase of shares taking place on Feb 08 at $123.30 for some 64 shares. The transaction amount was around $7891.
UnitedHealth Group Incorporated (UNH) Director FLYNN TIMOTHY PATRICK bought on Feb 05 a total of 6,972 shares at $332.68 on average. The purchase cost the insider an estimated $499,026.
Important Earnings
Top US earnings releases scheduled for today include Veru Inc. (NASDAQ: VERU). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.06 per share from revenues of $10.57M in the three-month period.
Analysts expect General Motors Company (NYSE: GM) to report a net income (adjusted) of $1.64 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $36.12B.
Uber Technologies Inc. (UBER), due to announce earnings after the market closes today, is expected to report earnings of -$0.55 per share from revenues of $3.58B recently concluded three-month period.
