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Delta Airlines – Trading up 6% after reporting an adjusted Q1 loss of $1.23 per share, smaller than Refinitiv IBES est of loss for $1.27 per share, helped by stronger demand for travel. The company reported Quarterly rev of $9.35 bln compared to $10.47 bln in 2019, abd sees a return to profit in current qtr as airline travel demand reaches record heights. DAL’s rev in qtr through June is projected to recover to 93% to 97% of the pre-pandemic levels. AAL is also up 4.5 on the news
PayPal Holdings – Down almost 4% as CFO John Rainey is leaving the payments company and landing at Walmart in the same role. The Change will be effective June 6th.
Bed Bath and Beyond – Shares are tumbling premarket after reporting a adjusted loss of 0.92 cents pre share vs an expected profit of 3 cents. Revenues also came up short of expectations of $2.07B weighing in at $2.05B a fall of 22%. Quarterly comparable sales fell 12% impacted by ongoing supply chain and inventory availability challenges.
Big tech will again be on watch after yesterdays large reversal in the NASDAQ early in the morning. Specifically Alphabet plans to invest about $9.5 billion in U.S. offices and data centers this year, up from $7 billion in 2021, as it opens new branches and expands existing facilities. Alphabet along with Amazon will be doing a 20-1 split later this year which has speculation of it being added to the Dow.
JP Morgan – Trading lower premarket after they reported a fall in first-quarter earnings hurt by a slowdown in dealmaking brought on by the Ukraine conflict and a decline in trading revenue. Deal revenue was the lowest since the 2nd quarter of 2020. JPM said its board approved a share buyback plan of $30 billion. The largest U.S. lender, posted a profit of $8.28 billion, or $2.63 per share, in the quarter ended March 31, compared with $14.3 billion, or $4.50 per share, a year earlier. Analysts on average had expected earnings of $2.69 per share, according to Refinitiv. It was not immediately clear if the reported numbers were comparable to estimates.
Longeveron – The low float (4.6m) name adds the Miami Veterans Affairs site to its ongoing Mid-stage ALzheimers trial. This is the 3rd such agreement between the VA and LVGN.
Nanostring Technologies Inc – Down 35% premarket after the Medical equipment maker reported preliminary product and service revenue of $31 million for Q1, but says it “fell short of our expectation”. CEO Brad Gray says Q1 revenue may have been hit by “uneven sales execution” and “impact of changes made to re-align our expanded commercial team early in the year”. Five of six brokerages rate the stock “buy” or higher, one “hold”; their median PT is $51.
Briacell – Recieves FDA Fast Track approval for targeted Breast Cancer Immunotherapy. Trades with a 12 million sh are float.