04/05/2021 Pre Market Brief
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Published 3:00 AM / Updated 3:00 AM
1) MARKET FUTURES:
- US FUTURES MARKET
- INTERNATIONAL NEWS & MARKETS
- Asia Stocks, U.S. Futures Climb; Yields Steady: Markets Wrap
2) THURSDAY 04/01/2021 MARKET RECAP:
- 01:45 PM US Market Composite PMI Final
- 01:45 PM US Market Services PMI Final
- 01:45 PM US ISM New York Index
- 02:00 PM US ISM Non-Manufacturing PMI
- 02:00 PM US Factory Orders MoM
- 02:00 PM US Factory Orders ex Transportation
- 02:00 PM US ISM Non-Manufacturing Business Activity
- 02:00 PM US ISM Non-Manufacturing Prices
- 02:00 PM US ISM Non-Manufacturing New Orders
- 02:00 PM US ISM Non-Manufacturing Employment
- 03:30 PM US 3-Month Bill Auction
- 03:30 PM US 6-Month Bill Auction
4) OVER THE WEEKEND NEWS HEADING INTO MONDAY 04/04/2021:
(Possible News Yet to be Traded 8:00 PM Friday – 4:00 AM Monday EST)
- NNOX Nanox Announces FDA Clearance of 510(k) for Single Source Nanox.ARC Digital X-Ray
- EYES Second Sight Medical terminates business combination with Pixium Vision
- FB Personal Data Of 533 Million Facebook Users Reportedly Made Available Online For Free
- FB Facebook Faces Internal Criticism Over Promoting China State Propaganda On Uyghurs: WSJ
- ABBV FDA extends review of Abbvie’s sNDA for Rinvoq in atopic dermatitis
- SUPN Supernus Announces FDA Approval of Qelbree™ (SPN-812) for the Treatment of ADHD
- TSLA Tesla more than doubles Q1 sales, delivers 185,000 vehicles
- TSLA Tesla China Demand Fuels ‘Home Run’ Quarter for Deliveries
- TSLA Tesla Appeals Labor Board Ruling Ordering Elon Musk To Delete Anti-Union Tweet
- TSLA Elon Musk Says 1950s-Style Tesla Supercharger Station Is Coming To Santa Monica, California
- AMZN Amazon apologizes for tweet dismissing lawmaker’s claim that workers urinate in bottles
- IMAX Stomps to Biggest Domestic Opening in Over a Year with $4.5 Million for “Godzilla vs. Kong”
- NIO Nio To Show New ET7 at April Shanghai Auto Show, Reveals First Glimpse Of Sedan’s Production Body
- IEP Carl Icahn is hiring former GE executive to be CEO of Icahn Enterprises
- GM unveils electric Hummer SUV topping $110,000
- PINS VSCO Pinterest Reportedly In Talks To Acquire VSCO: NYT
- PXD Pioneer’s $6.4 Billion Deal for Smaller Shale Rival Signals Life in Oil Patch
- TOT Total pulls out of Mozambique gas site after insurgent attacks
- ATVI Form 8-K: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 29, 2021, Activision Blizzar..
- PAYC Paycom Appoints Holly Faurot to Chief Sales Officer and Names Jeff York Leadership Strategist
- UTL Unitil Files for a Change in Electric Distribution Rates for New Hampshire Customers
- ESI Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Retirement of Named Executive Officer…
- PRQR ProQR Announces Virtual Presentation at American Association for Pediatric Ophthalmology and Strabismus 2021
- SNAP Snapchat Risks Apple’s Wrath With Attempts At Skirting New Privacy Rules: FT
- NVTA SoftBank to Lead $1.2 Billion Investment in Genetic-Testing Company Invitae
- ICL ICL Signs Contract to Supply 600,000 Metric Tons of Potash to India During 2021
- EBS Emergent Bio receives modified task order for expansion of JNJ’s COVID-19 vaccine
- AAPL Apple Brings ‘Timeless Classics’ To Arcade As It Looks To Boost Gaming Subscriptions
- LLY Health Canada approves Lilly’s Taltz for plaque psoriasis in pediatric patients
- HTZGQ Hertz Picks Centerbridge-Backed Plan to Exit From Bankruptcy
- AESE Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 29, 2021, the Board of Direc..
- ALNA Transition Agreement, dated March 31, 2021, by and between Allena Pharmaceuticals and Edward Wholihan SIGNATURE
- TRVI Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 29, 2021, Frank P. Muscolo
- Hot Penny Stocks
- DOCN DMS EWTX VRCA PFSI CASI CLI GMS RSG RCUS FRME AVO OHI VZIO Last Week’s Notable Insider Buys: PennyMac Financial, Republic Services And More
- NKLA Nikola Founder Sold 3.5 Million Shares at $13.89 Each
—STOCK UPGRADES & DOWNGRADES
- VST Entry into a Material Definitive Agreement. On March 29, 2021, Vistra Operations Company , an indirect, wholly owned subsidiary of Vistra Corp., entered into a secured, 364-day term loan…
- XPO Form S-3ASR (automatic shelf registration statement of securities of well-known seasoned issuers) filed with the SEC
- TWOA Form 8-K: Entry into a Material Definitive Agreement. On March 29, 2021, two consummated its initial public offering of 20,000,000 Class A ordinary shares, par value of $0.0001 per share
- PLTR Form 8-K: Entry Into Material Definitive Agreement On April 1, 2021, Palantir Technologies and its subsidiary Palantir USG entered into Amendment No. 11 to Revolving Credit Agreement and Increme
- BSQR Entry into a Material Definitive Agreement. On April 2, 2021, Bsquare entered into an At Market Issuance Sales Agreement with B. Riley Securities to sell shares of the Company’s common
- GCEH ENTRY INTO A MATERIAL AGREEMENT. Through its indirect subsidiaries, on May 4, 2020 Global Clean Energy Holdings entered into both that certain Credit Agreement, dated May 4, 2020, with..
- HGEN On March 30, 2021, Humanigen entered into an underwriting agreement with Jefferies, Credit Suisse Securities and Cantor Fitzgerald &, as representatives of the several underwriters
- GBH Entry into a Material Definitive Agreement. On March 31, 2021, GBS entered into a certain Option Agreement with Life Science Biosensor Diagnostics Pty, an Australian company and a share..
- STRO Form S-3ASR (automatic shelf registration statement of securities of well-known seasoned issuers) filed with the SEC
- DY Entry Into a Material Definitive Agreement. Indenture and 4.50% Senior Notes due 2029 On April 1, 2021, Dycom Industries completed its previously announced notes offering of $500 million..
- MSRT Entry into a Material Definitive Agreement. On March 10, 2021, MassRoots entered into a securities purchase agreement with a certain accredited investor for the sale and issuance of 3
- CTXR Form S-3 (registration statement under securities act of 1933) filed with the SEC
- MMC Entry into a Material Definitive Agreement On April 2, 2021, Marsh & McLennan Companies and certain of its foreign subsidiaries entered into a new Amended and Restated 5 Year Credit Agr
5) POSSIBLE DIP BUYING OPPORTUNITIES:
6) OTHER NEWS
- PFE, BNTX, HGEN, ACHL, REGN, SNY, SUPN, GLYC, MTEM, CRDF, IOVA, TCRR, CDAK, ALPN, AGEN, GLSI, ONCY, LLY, ZNTL, ITOS, PIRS, RXDX, LBPH The Week Ahead In Biotech: Regeneron, Supernus FDA Decisions, Cancer Conference Presentations In The Spotlight
- MTZ ACM J PWR VMC ASTE ROAD AQUA GLDD TPIC RUN SEDG NEE AY CWEN Biden Wants to Spend $2 Trillion on Infrastructure. These Stocks Stand to Gain the Most.
- Economy Adds Over 900,000 Jobs Beating the Consensus By a Mile
- GL TNGA 2 Companies That Raised Their Dividends This Week
- World economy risks ‘dangerously diverging’ even as growth booms
- Covid vaccinations hit another record, average now above 3 million daily
- Satellite images show huge Russian military buildup in the Arctic
- India’s factory activity slows to 7-mth low on renewed COVID-19 lockdowns
- PRECIOUS-Gold slips as strong U.S. jobs data lifts yields, stocks
- SoftBank to Lead $1.2 Billion Investment in Genetic-Testing Company Invitae
7) UPCOMING EARNINGS:
- MON 4/5 The International Monetary Fund and World Bank Group hold their 2021 spring meetings, virtually. The event will run through Sunday, April 11.
- MON 4/5 The Institute for Supply Management releases its Services Purchasing Managers’ Index for March. Economists forecast a 58.5 reading, higher than February’s 55.3.
- TUE 4/6 Paychex reports quarterly results.
- TUE 4/6 Applied Materials hosts a virtual investor meeting. Company leadership, including CEO Gary Dickerson, will discuss its technology road map and financial targets, among other topics.
- TUE 4/6 The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey for February. Consensus estimate is for 6.9 million job openings on the last business day of February, close to the January data.
- WED 4/7 Lamb Weston Holdings releases earnings.
- WED 4/7 The Federal Open Market Committee releases the minutes from its mid-March monetary-policy meeting.
- WED 4/7 Costco Wholesale reports sales data for March.
- WED 4/7 Lumen Technologies, formerly known as CenturyLink, holds an analyst day. Lumen’s President and CEO Jeff Storey, among others, will discuss strategies to grow the company.
- WED 4/7 Advanced Micro Devices and Xilinx hold special shareholder meetings to seek approval for their proposed merger, first announced in October. AMD has agreed to buy Xilinx in an all-stock transaction valued at about $35 billion.
- THURS 4/8 Federal Reserve Chairman Jerome Powell and International Monetary Fund Managing Director Kristalina Georgieva discuss the global economy at the 2021 spring meetings of the IMF and World Bank Group.
- THURS 4/8 Conagra Brands, Constellation Brands, and Levi Strauss report quarterly results.
- THURS 4/8 The Department of Labor reports initial jobless claims for the week ending on April 3. The four-week moving average of jobless claims this past week was 719,000, the lowest since March of last year.
- THURS 4/8 The Federal Reserve reports consumer credit data for February. Total outstanding consumer credit stands at $4.18 trillion, slightly lower than the all-time peak of $4.21 trillion set in February of last year. In 2020, consumer credit remained essentially unchanged, the first year that it didn’t expand since 2008.
- FRI 4/9 The BLS reports the producer price index for March. Expectations are for a 0.5% month-over-month rise, matching the February increase.
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- Weekly Preview: Earnings to Watch This Week (BB, FDX, NKE)by Richard Saintvilus on June 20, 2021 at 4:15 pm
Time will tell how realistic growth forecasts will be. But dip-buying investors should see this recent decline as an opportunity to add shares in quality companies ahead of the economic recovery
- Ping Identity: A Cheap Way To Play Cybersecurityby TipRanks on June 20, 2021 at 2:22 pm
It has been a tough week for shareholders of Ping Identity (PING), which operates an identity software platform. The company announced the follow-on offering of 6 million shares from one of its major investors, Vista Equity Partners. The deal was struck at $24 but has swiftly tumbled on the news. Stocks are now fetching $23.70 – which is quite a bit short of the 52-week high — and the market capitalization is $1.9 billion. Ping Identity came public back on September 29. On the debut, the stock price rose by 34%. With so many tech companies coming public, Ping Identity has gotten lost in the noise. Yet this may present an opportunity for investors. (See Ping stock chart on TipRanks) Backgrounder on Ping Identity Ping Identity has actually been around for nearly 20 years, and this is perhaps one of its biggest issues for Wall Street. The company has had to transition its technology to the cloud, which has not been easy or cheap. Nonetheless, the effort is starting to gain traction. Ping Identity now has a comprehensive platform that helps companies achieve zero trust security for the use of corporate IT systems. This can be done either via SaaS (software as a service), mobile, the cloud or on-premise. For the most part, Ping Identity is built for the complex needs of enterprises. Artificial Intelligence (AI) and machine learning (ML) have also been key. These technologies have made it possible to detect unusual activity in real-time. It can do this in a way that does not interfere with a seamless user experience. Significant Tailwinds for Ping No doubt, there are a myriad of tailwinds for Ping Identity’s business. First of all, there is the trend towards digital transformation. This has required tools like identity management to help with the different software systems. Next, with the Covid-19 pandemic, companies have had to deal with remote workforces. But this has added another layer of complexity to IT. Who is really logging on to a system? Well, with Ping Identity, this is much easier to monitor. And finally, the number of cybersecurity threats continues to rise rapidly. It seems that every day there is a new ransomware incident. So yes, cybersecurity protection is a must-have. As CEO Andre Durand noted on the latest earnings call, “With over 3.5 billion connected individuals and more than 350 billion digital identities connected to millions of applications, the challenge for enterprises to connect the right users to the right applications with speed and ease has never been greater.” Wall Street’s Take Turning to the analyst community, Ping Identity stock has 4 Buys and 4 Holds that have been assigned in the past three months. So, the shares are a Moderate Buy. At $31.21, the average analyst Ping Identity price target implies 37% upside potential. Bottom Line On Ping Identity In the latest quarter, Ping Identity posted a 16% increase in revenues to $266.3 million and operating cash flows came to $24.1 million. The dollar-based net retention rate was 109%. True, the top-line is not too impressive. But then again, the past couple of quarters have seen an acceleration and the company has raised its guidance. The fact is that the cloud business is starting to move the needle—and this should allow for stronger long-term growth. The valuation on Ping Identity stock is certainly attractive, at least compared to other enterprise software companies. Currently the shares trade at about 8 times revenues. By comparison, rival Okta (OKTA) is at a hefty 32X. So for investors looking for a way to get exposure to the growth in cybersecurity, Ping Identity does look like an interesting option right now. Disclosure: Tom Taulli does not have a position in Ping Identity stock. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.
- Shopify: A Canadian Stock Worth More than a Browseby TipRanks on June 20, 2021 at 1:59 pm
The bounce back has been tremendous for Shopify. Bottoming out at under C$500 at the start of the stock market crash in March 2020, Shopify (TSE:SHOP) has nearly quadrupled its stock price and still has investors asking how much higher it will climb by the end of the year. One cause for excitement is the recent announcement that Shop Pay, Shopify’s one-click checkout solution, will now be available to merchants selling on Facebook or Google in the U.S. (See Shopify stock chart on TipRanks) Integrating Shopify solutions with a one-click instant check out to non-Shopify stores operating on Facebook and Google will greatly expand Shopify’s reach even further. Quarterly earnings from April 28, 2021 report $2.01 earnings per share for the quarter, beating most analyst forecasts. This household name is one of the most expensive Canadian e-com stocks in the market. With a strong indication of immediate growth, the Shop app has tracked more than 430 million orders year to date, according to a company statement. “Since its launch, Shop Pay has set the standard for the checkout experience facilitating more than $24 billion in orders,” said Carl Rivera, Shopify VP, who heads Shop’s Product for Shop. Expectations Remain High for Investors Shopify’s total revenue in the first quarter was $988.6 million. Subscription and merchant solutions account for nearly all of its revenue. Meanwhile, its growth accelerated 110% year-over-year. The company’s business model is just that, a model for success. Looking at its cost of revenue, Shopify spent $58,382 million on its software subscription solution to make $988.6 million in the first quarter. Driven primarily by the increase in gross merchandise volume (GMS), merchant solutions revenue was $668 million, with growth accelerating 137%. With a long list of first-quarter business highlights, Shopify has begun to harvest success from its recent partnerships, purchases and optimization strategies. Analysts’ View According to TipRanks’ analyst rating, SHOP is a Moderate Buy. From 22 analysts, there are 13 Buy and 9 Hold ratings. The average analyst Shopify price target is C$1,859.19 per share with a high forecast of C$2368.92 and a low forecast of C$1,670.71. Bottom Line Shopify is the standard for e-commerce solutions. As it ramps up its superior solutions, Shopify’s platform is quickly becoming integrated more and more into daily consumer life. Among many key success factors for the company, investors look at Shop Pay as the hope for what the future holds for shareholders. Unmatched solutions such as Shop Pay, which brings a 70% faster checkout experience compared to current e-com, also boasts a 1.72x higher conversion rate, according to Shopify’s analytics. The company will continue growing expeditiously, and its large cash balance will bring new money to invest. Shopify is not cheap to buy, so investors may think twice when pulling the trigger. As the company scales up, buyers will be paying a very high price for a stock that was four times less nearly fifteen months ago. If you think Shopify will continue this type of growth, and consider the stock undervalued, you may not be alone. The most challenging part of 2021 for Shopify is keeping up with expectations from analysts and stock holders. Disclosure: Lukas Brenowitz held no position in any of the stocks mentioned in this article at the time of publication. Disclaimer: The information contained herein is for informational purposes only. Nothing in this article should be taken as a solicitation to purchase or sell securities.
- Is Canoo Stock Worth A Look As Reddit Interest Surges?by Trefis on June 20, 2021 at 1:57 pm
Electric vehicle start-up Canoo (NASDAQ: GOEV) has seen its stock rally by almost 35% over the last month. The recent gains are driven partly by increasing interest from Reddit traders who have been bidding up prices of small and mid-cap stocks with high levels of short interest.
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U.S. inflation has been trending higher, as abundant liquidity, soaring demand following Covid-19 lockdowns, and supply-side constraints are putting pressure on prices. On Wednesday, the Federal Reserve considerably raised its expectations for inflation for 2021, projecting that
- What Will Peloton Stock Look Like In 2025?by Trefis on June 20, 2021 at 1:57 pm
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- Honeywell, Applied Materials: These CapEx Stocks Stand To Gain Well Past The Pandemicby Trefis on June 20, 2021 at 1:57 pm
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- American International Group Stock Is Fully Valuedby Trefis on June 20, 2021 at 1:57 pm
[Updated 06/17/2021] American International Group Update
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Despite rising almost 64% from its March 2020 lows, Philip Morris stock (NYSE: PM) still appears to have some upside remaining. PM stock has rallied from $61 to $100 off its recent bottom as against the S&P 500 which increased close to 90% from its 2020 lows. PM’s sto
- Here’s Why Boston Scientific Is Undervalued At $43 Levelsby Trefis on June 20, 2021 at 1:57 pm
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- Barrick Gold Stock Drops 11% In A Month – What Next?by Trefis on June 20, 2021 at 1:57 pm
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