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Coinbase Global – Trading higher after posting Q2 EPS of $3.45 topping estimates of $2.33, as trading volumes surge through the quarter on growing adoption of digital assets. COIN said it sees lower volumes in Q3 from Q2 as the digital assets sector still remains volatile. The company’s trading volumes rose to $462 billion, from $335 billion in the quarter ended March. Bitcoin trades comprised 24% of Coinbase’s trading volumes for the quarter, down from 39% in the first quarter.
Fubotv Inc – Came out with a narrower quarterly loss of $0.38 per share vs. a loss of $0.54 expected. This compares to loss of $2.82 per share a year ago. The sports-focused virtual pay TV provider, witnessed a 196% rise in second-quarter revenue to $130.9 million versus the same period a year ago. While revenues grew sharply, fuboTV also widened its quarterly net loss — from $73.6 million in the second quarter 2020 to $94.9 million YoY. Subscription revenue also rose sharply by 190% to $114.4 million in the second quarter.
Upstart Holdings Inc – The AI lending platform, announced total revenue in its latest quarter of $194 million, an increase of 1,018% from the second quarter of 2020. Total fee revenue was $187 million, an increase of 1,308% year-over-year. Transaction Volume and Conversion Rates were also both higher. UPST said Bank partners originated 286,864 loans, totaling $2.80 billion up 1,605% from the same quarter of the prior year. Conversion on rate requests was 24% in the second quarter of 2021, up from 9% in the same quarter of the prior year.
Virgin Galactic Holdings Inc – Morgan Stanley cut its rating on the stock to Underweight after having the space tourism stock slotted at Equal-weight, saying it expects SPCE shares to return towards long-term valuation of a $25 PT as the company completes a catalyst rich period and then transitions to a prolonged period of no flights.
WW International – Missed both earnings and revenue expectations reporting quarterly adjusted earnings of 48 cents per share for the quarter vs. 65 cents per share estimates. The company posted revenue that fell 6.7% to $311.38 million from a year ago; analysts expected $337.05 million. Reported EPS for the quarter was 12 cents.
Airlines – Lower as a group after Southwest Airlines warned it may not be profitable in the third quarter, as the more infectious Delta variant of the coronavirus hits bookings, sending its shares down 2% in premarket trading. The airline said cancellations had increased this month due to the variant, becoming the first major U.S. airline to flag a hit from the more infectious strain. The company forecast third-quarter operating revenue to be down 15% to 20% versus 2019, a cut of about three to four points from its prior outlook issued three weeks ago. Southwest said the effects of pandemic on August and September revenue trends would make it difficult for the company to be profitable in the third quarter of 2021. LUV, UAL, AAL, DAL, ALK, SAVE
Mogo Inc – Trading higher premarket after the fintech company boost its guidance for Q4 subscription and services revenue Y/Y growth to 100%-110% from its previous guidance of 80%-100%. The company said it now expects FY2022 total revenue of C$70M-75M (US$56M-60M). MOGO also reported Q2 revenue rose 29% to C$13.7M (US$11M), driven by an 81% increase in subscription and services revenue to C$8.2M.
CohBar Inc – The stock is on track to open at a near six-month high after the biotech company said its drug under development for treating Nonalcoholic Steatohepatitis (NASH) and obesity met the main goal in early-stage study as it was well-tolerated with no serious adverse effects. CWBR said it observed a trend towards lower body weight after four weeks of treatment in study when comparing CB4211 to placebo.
Lightening eMotors – Active for the second straight morning trading lower today after jumping 89% yesterday after entering a $850 million EV partnership with Berkshire Hathaway’s Forest River.
Fulcrum Therapeutics – Up another 10% premarket after yesterday’s impressive rally, both Morgan Stanley and Credit Suisse raised their PT on the stock after the biotech and medical research firm beat expectations for its latest quarter and raised its forecast for the remainder of its year.