Trending tickers: Nvidia l Marks & Spencer l Just Group l Taysha Gene Therapies
US software company Nvidia's stock extended gains on Tuesday rising nearly 1% after climbing 7.09% to $437.53 at market close on Monday.
The latest lift for the chipmaker comes after Morgan Stanley analysts said that Nvidia’s stock is the firm’s top pick following its most recent earnings report.
Nvidia, which makes graphics processing units (GPUs) is now valued at over $1tn (£786.9bn). Its shares are up nearly 200% so far this year.
As a key player in the sector, Nvidia is among the stocks that have benefitted from the buzz around artificial intelligence (AI). However, strategists at Morgan Stanley also recently highlighted that the AI bubble could be nearing a peak.
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“Bubbles tend to rally a median 154% in the three years pre-peak,” Morgan Stanley strategist Edward Stanley wrote in a note.
On 23 August, the company will offer investors more insight into its financial health with its second-quarter results.
Marks & Spencer (MKS.L)
The British retailer saw its stock gain nearly 9% on Tuesday after the company raised its outlook for the year.
In an unscheduled trading update, Marks and Spencer said that due to better-than-expected trading, profit for the year is expected to be above its previous guidance.
M&S now expects profit to grow versus last year and the interim results to show a significant improvement against previous expectations.
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Charlie Huggins, manager of the Quality Shares Portfolio at Wealth Club, said: "Following on the heels from Next’s (NXT.L) recent profit upgrade, M&S has also announced that it expects profit for the year to be above expectations. This is evidence that the UK consumer is still spending, despite the gloomy economic headlines.
“The results are also testament to the group’s progress against its strategy, launched last year. This aims to improve brand perception and designs, reduce discounting, and improve the online offering, while taking a knife to costs and instilling a more entrepreneurial culture. Today’s trading update suggests this plan is resonating with consumers with M&S continuing to increase its market share in clothing and home.”
However, M&S cautioned that there are still “considerable uncertainties about the economic outlook”.
Just Group (JUST.L)
Shares in Just Group rose 3.66% on the FTSE 250 (^FTMC) after the British insurer reported a 154% jump in first-half profit on Tuesday, beating market estimates and cheering investors.
Just Group said its underlying operating profit rose to £173m ($219.88m) in the six months to 30 June, from £68m a year earlier.
Bumper sales of its retirement income products and higher new business income helped to boost the company’s balance sheet.
Analysts on average had expected a profit of £162m, according to company-compiled estimates via Reuters news agency.
"Given the very strong profit growth in the first half of 2023, we are highly confident of comfortably exceeding 15% growth in underlying operating profits for the full year," the company said in a statement.
Taysha Gene Therapies (TSHA)
Shares in Taysha Gene Therapies surged 188% at market close on Monday in the US with shares in the company rising a further 2.33% on Tuesday.
The stock surge followed a corporate update from the biotech company along with its second-quarter results.
“We are pleased with the progress we have made this quarter in the clinical evaluation of our two lead investigational programs. For TSHA-102 in Rett syndrome, we believe the initial safety profile and significant clinical improvements seen in the first adult patient with severe disease four weeks post-treatment reinforces the transformative potential of our gene therapy to address the root cause of Rett syndrome,” the company said in a statement.
Rett syndrome is a rare neurodevelopmental disorder, characterised by intellectual disabilities, loss of communication, seizures, slowing and/or regression of development, motor and respiratory impairment, and shortened life expectancy.
The company also said it had received clearance to initiate the clinical development of TSHA-102 (a type of gene therapy) in paediatric patients in the US.
In its corporate update, Taysha Gene Therapies announced it has entered into a securities purchase agreement for a private placement financing (PIPE) that is expected to result in gross proceeds of approximately $150m, led by new investor RA Capital Management.
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