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Upstart Holdings – Shares are set to open at their lowest levels since Mar 2021 in extended trading after AI lending platform’s rev forecast misses consensus. The company said it now expects Q2 rev of $295-$305 mln and FY guide of $1.25 bln below Street view of $334.8 mln / $1.4 bln, per Refinitiv IBES data. UPST did post a Q1 top and bottom line beat as rev grew 156% yr/yr to $310 mln. Bank partners originated 465,537 loans, totaling $4.5 bln across platform in Q1, up 174% from yr-ago period, UPST says.
AMC Entertainment – Reported a narrower than expected loss during the quarter, missed on earnings, but beat on revenue estimates. CEO Adam Aron stated that it was the strongest first quarter for AMC in two years, and the string of blockbuster releases this year have been great for business. As of the end of the quarter, AMC reported that it had $1.3 billion in available liquidity. The most recent blockbuster Marvel’s Doctor Strange in the Multiverse of Madness debuted in US theaters this past weekend and opened to $187 million which is the second best domestic launch of the COVID-19 era.
Peloton Interactive – Posted a 23.6% fall in Q3 revenue to $964.3 mln, hurt by lower demand for its exercise bikes, tread machine and lower subscriptions in the quarter. PTON’s total operating expenses also more than doubled in the quarter, pushing it to larger loss, Q3 net loss attributable to Class A and Class B shareholders was $757.1 mln, or $2.27 per share, compared with a loss of $8.6 mln, or 3 cents per share, a year earlier. The interactive fitness equipment maker’s revenue fell to $964.3 million in the quarter from $1.26 billion a year earlier.
Tesla – Back on watch after yesterday’s steep sell off, the company announced it has halted most of its production at its Shanghai plant due to problems securing parts for its electric vehicles, according to an internal memo seen by Reuters, the latest in a series of difficulties for the factory.
Big Tech – Higher premarket looking to bounce back after back to back steep declines, Meta Platforms shares are up 1%, Monday the social media company criticised a landmark German antitrust order to curb its data collection as ‘clearly flawed’ and which undermines EU data protection rules. Meta’s criticism of the German antitrust watchdog came after the latter in 2019 said the world’s largest social network had abused its market power by collecting users’ data without their consent and ordered it to stop. Meta also announced it will introduce Digital Collectibles to showcase NFTs on Instagram. FB, MSFT, AAPL, NFLX
Rivian Automotive – Already green to red premarket extending losses from Monday’s, post lockup expiration slide. After the close Monday Bloomberg reported Saudi investors headed by Latif Jameel said the group has ‘no plans’ to reduce its current stake in the company.
Vroom Inc – Announced a new “realignment” plan, after hours on Monday appointed COO Tom Shortt as new chief executive, effective immediately. Shortt replaces Paul Hennessy, who has stepped down “to pursue other opportunities”. Separately, VRM also reports better-than-expected Q1 results, boosted by 60% surge in its e-commerce revenue. Total revenue of $923.8 mln tops estimates of $878.1 mln, while adjusted net loss of 71 cents/shr comes in smaller than $1.01 loss expected.
Evaxion Biotech – Announced successful production of its Personalized Cancer Immunotherapies, in a Phase 1/2A clinical trial for Evx-02.
Kaixin Auto – Chinese EV firm announced a new order for 10000 electric trucks.