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Johnson & Johnson – Announced plans to split into two companies, separating the division that sells Band-Aids and Listerine, from its medical device and prescription drug business. The company selling prescription drugs and medical devices will keep Johnson & Johnson as its name while the new consumer health company will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnson’s, and Band-Aid. A name was not disclosed for the new company. Details are sparse, but the company expect the split to occur in the next two years.
Rivian Automotive – Trading higher for the 3rd straight session after a successful debut this week, Tesla CEO Elon Musk says high production and breakeven cash flow will be the “true test” for RIVN. Shares of the EV truck maker surged as much as 53% on Wednesday and close 22% higher on Thursday. RIVN raised about $12 bln in world’s biggest IPO in 2021 and is valued at over $100 bln.
Tesla Inc – Back on watch trading higher this morning, in an additional SEC filing after the close yesterday the company disclosed CEO Elon Musk sold an additional 600000+ shares of the company Thursday or roughly $690m worth. The move followed a first round of share sale after twitter poll, filings show Musk’s trust sold nearly 3.6 mln shares, worth about $4 bln, and another 934,000 shares for $1.1 bln to cover for tax obligations.
Paysafe Ltd – Actively traded for the second straight session, shares fell sharply yesterday following an earnings miss and guidance cut from the payment processor. There are multiple negative analyst moves on the stock today.
Xpeng Inc – In a move to continue its positive momentum and capture more market share in the Chinese EV market the company teased a new sports utility vehicle on Friday with the launch scheduled for next week. The car is likely to be the successor to Xpeng’s current SUV the G3 and G3i. It will be launched at the Guangzhou auto show on Nov. 19.
Lordstown Motors Corp – Multiple headlines, the company said the Endurance electric pickup truck commercial production and deliveries to begin in Q3 of 2022 instead of Q2 of 2022 due to part shortages, delayed semiconductor shipments and other supply chain disruptions. Separately, RIDE, Cox Automotive have signed a MoU to provide fleet customer services, deliveries, maintenance. The company also faces probes by federal prosecutors in Manhattan and the SEC related to vehicle pre-orders, SPAC deal to go public. RIDE posted a loss per share of 54 cents in Q3 compared to analyst estimates of 59 cents loss per share.
Astrazeneca PLC – The company who has long said it will not make a profit on its cheap and easy-to-use COVID vaccine during the pandemic, showed some signs that might be changing in its latest earnings report with the vaccine making a small contribution to earnings in the drugmaker’s third quarter. The Anglo-Swedish company now projects the shot will move to ‘modest profitability’ on new orders. AstraZeneca said that would make up for other costs related to developing COVID treatments. Sales of a Covid vaccine have proven highly profitable for rival Pfizer. The U.S. drugmaker forecast sales of at least $65 billion overall for 2021 and 2022. AstraZeneca’s total product sales jumped 47% to almost $10 billion during the three months to September. Sales of the vaccine reached just over $1 billion during that time.
Coinbase Global – Retraced more than 50% of its post-earnings selloff in 3 sessions, trading higher again premarket. One catalyst that seemed to get investors excited was a generous price upgrade from Piper Sandler on Thursday. The investment firm upped its target to a whopping $440.00 per share, from its previous target of $360.00, while also reiterating its overweight rating for the stock. Piper Sandler is shrugging off the recent earnings miss from Coinbase, and has faith that the popularity of crypto trading will remain high. For this to happen, the firm also likely presumes that benchmark cryptos like Ethereum and Bitcoin will continue to gain as well.
Nuzee Inc – Shares of micro cap single-serve coffee filter maker NuZee Inc. leaped 180% to $5.62 in midday trading on Thursday after its partner, specialty coffee roaster Cuvee Coffee, said it will sell its product in 3,000 Walmarts in the U.S.
Sundial Growers – The Canada-based pot producer and retailer is among the most actively traded stocks premarket, the company reported Q3 results – first positive EBIDTA and net earnings in co’s publicly-traded history, according to Refinitiv data. SNDL also said its board has approved a share repurchase program worth up to C$100 mln ($79.43 mln); program will begin on Nov. 19.
RLX Technologies – Chinese based, mid cap vape product maker on watch trading higher after BofA initiates coverage on the stock with a $6 PT.