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Alibaba Group Holdings – Trading higher for the fifth straight session, last week we learned the Daily Journal Corp, chaired by Berkshire Hathaway Vice Chairman Charlie Munger, boosted its holdings in BABA by 83% during Q3, according to public disclosures. BABA shares have jumped about 16% from a more than 2.5 yr low hit four sessions ago. China’s antitrust regulator also fines delivery giant Meituan 3.4 bln yuan ($527.4 mln), a smaller than expected figure, for abusing what it calls “its dominant market position.”
Netflix Inc – The FT is reporting the video-streaming giant is on track to deliver a “steady pace” of programming up to the end of 2022, citing the company’s global head of television Bela Bajaria. Brokerage Credit Suisse also raised its PT on the stock to $740 from $643; bets on Korean hit show “Squid Game” to boost subscriber growth in Q3 and Q4, including strong upcoming content slate. Separately, U.S retailer Walmart Inc has launched the “Netflix Hub”, a retail shop for Netflix merchandise in the United States.
Energy Stocks – Fresh 7 year highs from crude oil prices this morning has oil stocks all in positive territory an an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers. ExxonMobil announced plans to build its first, large-scale plastic waste advanced recycling facility in Baytown, Texas, and is expected to start operations by year-end 2022. Chevron meanwhile, said Monday it has set a target to cut certain types of upstream gas emissions to net zero by 2050, joining a list of energy companies taking steps to reduce their carbon footprint. Goldman downgrades COP to “neutral”. XOM, CVX, DVN, MRO, COP
Merck & Co – Reversed early declines to trade little changed after officially asking the Food and Drug Administration to grant emergency use authorization to its experimental covid-19 antiviral treatment – an oral medication that could be promising in the global fight against the coronavirus pandemic.
SoFi Technologies – Higher after Morgan Stanley initiated coverage with an “overweight” rating, pointing to a “powerful revenue growth story”.
Robinhood Markets Inc – Trading lower after an SEC filing detailed higher risks of increased regulation on cryptocurrency trading as well as possible new rules for payment for order flow.
Protagonist Therapeutics – Announced the removal of FDA Clinical Hold on its Rusfertide Clinical Development Program.
Southwest Airlines – Sharply lower after cancelling as many as 1,800 flights over the weekend, citing bad weather, air traffic control issues and staff shortages. Southwest disputed speculation that its high level of cancellations compared to other airlines was due to employee protests of a Covid-19 vaccine mandate.