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Tesla Inc – After closing near the lows of yesterday’s session the stock is lower again premarket, Tuesday’s tumble wiped $199 billion in value off the table during its biggest back-to-back selloff since September 2020 amid a host of negative news. A key note, even with yesterday’s decline Tesla shares are still up 45% this year, and have held above $1 trillion in market value, a key level it hit in late October.
Coinbase Global – After rallying to all-time highs two straight sessions the stocks is lower premarket after the company reported third-quarter profits of $405.3 million, or $1.62 per share, up from $81.3 million in profit in the same quarter a year ago, before the crypto trading platform went public. Total revenue grew from $286.7 million a year ago to $1.31 billion, but declined sequentially from $2.23 billion in the second quarter, while transaction revenue was $1.09 billion, down from $4 billion. 1.93 billion in the second quarter. Analysts on average expected earnings of $1.82 per share on revenue of $1.61 billion, with transaction revenues of $1.31 billion.
Upstart Holdings – Set for worst day since March 2021 despite reporting Q3 revenue $228.45 mln vs. est $214.90 mln; EPS 60 cents vs. est 33 cents. Net income was down 22% vs. previous quarter, led by a 21% fall in income from operations. UPST’s adjusted profit fell 3% from Q2 ending in June 2021, and GAAP EPS was down 23% from previous quarter. For Q4, UPST forecasts revenue of $255-$265 mln vs. est $226.6 mln – Refinitiv data.
Rivian Automotive – The EV maker backed by Amazon and Ford Motor Co is set for highly anticipated debut after IPO sees strong demand. Rivian sold an upsized 153 mln shares at $78, well above an already upwardly revised range, raising $12 bln in IPO ranked among the 10 biggest of all time in the U.S. Shares are set to begin trading Weds on Nasdaq under symbol “RIVN”
Plug Power – The hydrogen fuel-cell focused company reported a wider quarterly loss on sales that also missed expectations. Plug Power lost $107 million, or 19 cents a share, in the third quarter, compared with a loss of $65 million, or 18 cents a share, in the year-ago quarter. Revenue rose to $144 million from $107 million a year ago. Analysts were expecting Plug Power to report a loss of 8 cents a share on sales of $145 million. Separately, Plug Power said it has agreed to buy Frames Group, a Netherlands-based maker of energy equipment.
DoorDash Inc – Sharply higher after announcing plans to expand into Europe with the purchase of Finland-based food delivery firm Wolt in an all-stock deal valued at $8.1 billion (€7bn). The news came the same day that DoorDash reported revenue that grew 45 per cent to $1.3 billion in the recently ended quarter but that its loss more than doubled to $101 million when compared with the same period last year.
NIO Inc – The Chinese EV maker’s forecast disappointed as it said it is still facing supply-chain concerns. The company reported total revenues of $1.52B (+116.6% Y/Y), beating by $0.05B, and adjusted EPS of -$0.06, beats by $0.04. Vehicle sales were $1.34B, up 102.4% from Q3 2020 and up 9.2% from Q2 2021. Deliveries were 24,439, in-line with the company’s guidance, representing an increase of 100.2% from Q3 2020 and an increase of 11.6% from Q2 2021.
Fubotv Inc – The sports-focused streaming video service smashed analyst estimates for new subscribers in the third quarter but the stock is trading lower on a bigger loss than expected. The New York City-based company added 262,884 subscribers in its latest quarter, ending the period with 944,605 total subscribers. Analysts expected FuboTV to add 137,000 new subscribers in the third quarter for a total of 817,000 subscribers. FuboTV lost 74 cents a share on sales of $156.7 million in the third quarter. Wall Street had predicted a loss of 61 cents a share on revenue of $143.5 million.
Dunxin Financial Holdings – Announced the transformation of business into a Metaverse And Blockchain Industry focused company.
Poshmark Inc – Sharply lower after the small cap, online marketplace reported a loss of 9 cents per share on revenue of $79.7 million. Analysts expected a loss of 7 cents per share versus $82.7 million. Poshmark also forecasted weaker-than-expected holiday-quarter revenue.