On February 12, American stock markets closed in the green. The S&P 500 Index climbed 0.47% to 3935 points, the NASDAQ rose 0.50%, and the Dow Jones added a symbolic 0.09%. Prospects for the adoption of another fiscal stimulus program in the States continued to support quotations. The healthcare sector outperformed the market, climbing 0.75% on a positive Illumina report. The finance sector grew 0.95% on the back of rising Treasury yields.
Company news
Illumina (ILMN: + 11.9%) quarterly results exceeded expectations on strong demand for DNA instruments.
PayPal (PYPL: + 4.7%) expects to double the number of users of the payment system by 2025 from its current 377 million, tripling the volume of transactions.
HubSpot (HUBS: + 16.4%), a cloud-based marketing and sales solutions provider, delivered strong reporting on the digitalization trend in small and medium-sized businesses.
Today, global stock markets are showing mixed dynamics. The news background remains quite calm. Market participants’ optimism is boosted by the improved epidemiological situation in Europe and the USA, accelerated vaccination, and the prospects for fiscal stimulus. The seven-day average number of coronavirus cases in the United States for the first time since November fell below 100 thousand, and the number of hospitalized people fell from 80 thousand to 65 thousand in just a week. The situation is improving in all 50 states. Pessimists expect new outbreaks of disease due to the spread of virus mutations, however, if the current positive trends continue, the anticoid restrictions will begin to be lifted everywhere pretty soon.
Joe Biden plans to make his first trip outside Washington as president today. He will deliver a speech in Wisconsin on the fiscal stimulus package. The president is also expected to speak out on the pandemic and its impact on the US economy. The purpose of the speech is ultimately to speed up the negotiating process in Congress. No new information is expected, but the broadcast of the president’s speech may have a positive effect on the sentiment of private investors, whose share in trade turnover continues to increase.
The Freedom Finance Sentiment Index climbed to 71 out of 100. The indicator reflects market participants’ hope for a global economic recovery in 2021. Worries about the negative impact of the coronavirus pandemic continue to ease thanks to the prospect of mass vaccinations.
Technically, the S&P 500 remains in an uptrend. Resistance at its upper boundary is still a significant obstacle. A breakthrough of this resistance at 3950 points will mean an acceleration of growth. However, the RSI indicator is already close to the overbought level, so the positive potential in the short-term is limited.
Today Top Movers
Strongbridge Biopharma plc (SBBP) share price jumped 53.01% to $5.08 during the early morning trading session on Tuesday.
Socket Mobile Inc (SCKT), a Computer Hardware company, soared about 72.44% at $5.59 in pre-market trading Tuesday after the company launched the first enterprise-grade scanners for Apple iPhone 12 series.
Denison Mines Corp (DNN) stock ascended 17.11% at $1.30 in the pre-market trading today.
Sundial Growers Inc (SNDL) gained over 9.13% at $2.27 in pre-market trading on Tuesday.
Top Upgrades & Downgrades
Wells Fargo turned bullish on Extraction Oil & Gas Inc. (XOG), upgrading the stock to “Overweight” and assigning a $38.0 price target, representing a potential upside of 19.5% from Friday’s close.
Anaplan Inc. (PLAN) has won the favor of Morgan Stanley’s equity research team. The firm upgraded the shares from Equal-Weight to Overweight and moved their price target to $100.0, suggesting a 21.49% additional upside for the stock.
Albemarle Corporation (ALB) received an upgrade from analysts at Deutsche Bank, who also set their one-year price target on the stock to $190.0. They changed their rating on ALB to Buy from Hold in a recently issued research note.
Earlier Sunday Baird reduced its rating on American Express Company (AXP) stock to Neutral from Outperform and assigned the price target to $126.
Baird analysts reduced their investment ratings, saying in research reports covered by the media that it’s rating for Republic Services Inc. (RSG) has been changed to Neutral from Outperform and the new price target is set at $96.
Analysts at Baird downgraded Waste Management Inc. (WM)’s stock to Neutral from Outperform Tuesday.
Latest Insider Activity
Iterum Therapeutics plc (ITRM) 10% Owner DENNER ALEXANDER J announced the sale of shares taking place on Feb 12 at $2.27 for some 10,619,949 shares. The total came to more than $24.11 million.
Uber Technologies Inc. (UBER) Hazelbaker Jill sold on Feb 12 a total of 126,953 shares at $60.12 on average. The insider’s sale generated proceeds of almost $1.25 million.
InspireMD Inc. (NSPR) Director Kester Thomas J declared the purchase of shares taking place on Feb 08 at $0.62 for some 120,960 shares. The transaction amount was around $74995.
Dun & Bradstreet Holdings Inc. (DNB) Chief Financial Officer Hipsher Bryan T. bought on Feb 11 a total 9,000 shares at $23.30 on average. The purchase cost the insider an estimated $116,500.
Important Earnings
Top US earnings releases scheduled for today include Sabre Corporation (NASDAQ: SABR). It will announce its Dec 2020 financial results. The company is expected to report earnings of -$0.66 per share from revenues of $328.57M in the three-month period.
Analysts expect Genworth Financial Inc. (NYSE: GNW) to report a net income (adjusted) of $0.22 per share when the company releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $2.06B.
Occidental Petroleum Corporation (OXY), due to announce earnings after the market closes today, is expected to report earnings of -$0.58 per share from revenues of $4.37B recently concluded three-month period.
