Futures for major US stock indices are growing rapidly on Monday – on the first day of February, a correction is planned on the American markets after a noticeable decline on Friday, according to trading data.
The dynamics of futures on Monday indicates that stock markets may start February with corrective gains after the major US stock indexes lost around 2% on Friday. The sell-off occurred on fears of abnormal volatility in the prices of individual stocks and some assets.
In general, analysts expect continued growth in the stock markets on optimism with regard to the prospects for the economy.
In this light, traders are waiting for new macro statistics. So, in the first hours of major trading on Monday, the American Institute for Supply Management (ISM) will publish the index of business activity in the US industry (ISM Manufacturing) in January. Experts believe that the figure dropped to 60% against 60.5% in December.
In addition, investors continue to follow the corporate reporting season in the US: 111 companies from the S&P 500 will report this week. In particular, the markets are awaiting with interest the quarterly financial results of such large technology companies as Amazon and Alphabet, which will present their financial results after the closing of Tuesday trading.
Today Top Movers
Tuscan Holdings Corp (THCB) gained over 55.24% at $24.15 in pre-market trading on Monday.
Sos Ltd (SOS) grew over 6.57% at $3.24 in pre-market trading today. The company recently revealed the development of cutting-edge series of security systems based on Blockchain and AI technology competing the initial phase of its Blockchain strategy.
Sundial Growers Inc (SNDL) stock moved up 8.53 percent to $0.88 in the pre-market trading following the declaration of US$100 million registered offering.
Adamas Pharma (ADMS) is up more than 24.37% at $7.35 in pre-market hours Monday February 01, 2021.
Top Upgrades & Downgrades
JP Morgan turned bullish on Anterix Inc. (ATEX), upgrading the stock to “Neutral” and assigning a $40.0 price target, representing potential upside of 10.23% from Friday’s close.
PagSeguro Digital Ltd. (PAGS) 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 $61.0, suggesting 24.62% additional upside for the stock.
Nikola Corporation (NKLA) received an upgrade from analysts at Wedbush, who also set their one-year price target on the stock to $25.0. They changed their rating on NKLA to Neutral from Underperform in a recently issued research note.
Earlier Monday KeyBanc reduced its rating on Lowe’s Companies Inc. (LOW) stock to Sector Weight from Overweight.
KeyBanc analysts reduced their investment ratings, saying in research reports covered by the media that its rating for Heartland Express Inc. (HTLD) has been changed to Sector Weight from Overweight.
Analysts at KeyBanc downgraded Bed Bath & Beyond Inc. (BBBY)’s stock to Underweight from Sector Weight Monday.
Latest Insider Activity
AMC Entertainment Holdings Inc. (AMC) Director Silver Lake Group, L.L.C. announced the sale of shares taking place on Jan 27 at $16.05 for some 33,317,145 shares. The total came to more than $534.75 million.
Gran Tierra Energy Inc. (GTE) 10% Owner GMT CAPITAL CORP sold on Jan 28 a total of 58,808,029 shares at $0.63 on average. The insider’s sale generated proceeds of almost $1.18 million.
FuelCell Energy Inc. (FCEL) CEO Few Jason declared the purchase of shares taking place on Jan 25 at $17.99 for some 11,000 shares. The transaction amount was around $0.2 million.
Intel Corporation (INTC) Chief Financial Officer Davis George S bought on Jan 26 a total 76,823 shares at $55.34 on average. The purchase cost the insider an estimated $503,317.
Top US earnings releases scheduled for today include Otis Worldwide Corporation (NYSE: OTIS). It will announce its Dec 2020 financial results. The company is expected to report earnings of $0.59 per share from revenues of $3.36B in the three-month period.
Analysts expect ON Semiconductor Corporation (NASDAQ: ON) to report a net income (adjusted) of $0.28 per share when the bank releases its quarterly results shortly. Revenue for the fiscal quarter ended Dec 2020 is predicted to come in at $1.36B.
NXP Semiconductors N.V. (NXPI), due to announce earnings after the market closes today, is expected to report earnings of $2.1 per share from revenues of $2.46B recently concluded three-month period.