Morning Movers
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TWTR.NY -11.87%
Twitter Inc – Elon Musk tweeted early Friday that his $44 billion bid to buy Twitter was temporarily on hold as he examined the number of spam accounts on the site, sending the company’s stocks nearly 20 percent lower in pre-market trading. It was not immediately clear how the Tesla CEO would pause the deal or how serious the threat was. Musk is prone to brash statements on Twitter, something that has drawn scrutiny by the Securities and Exchange Commission. The terms of the deal require a $1 billion breakup fee. TSLA higher on the news.

HOOD.NQ 24.65%
Robinhood Markets – Sharply higher following an SEC disclosure after the close Thursday showing CEO and Founder of cryptocurrency exchange FTX, Sam Bankman-Fried revealed a 7.6% stake in the company.

AFRM.NQ 39.63%
Affirm Holdings – The buy now, pay later firm’s shares are higher after it raised its annual revenue forecast and said it has extended a multi-year partnership with Shopify in the United States. AFRM forecasts achieving adjusted operating profitability by 2023, Affirm’s active merchants on its platform grew to 207,000 from 12,000 last year, while active consumers increased 137% to 12.7 million. The company raised its full-year revenue forecast to between $1.33 billion and $1.34 billion, up from $1.29 billion to $1.31 billion earlier, also narrowed its loss to $54.7 million, or 19 cents a share, from $287 million, or $1.23 a share, a year ago, as it recognized a $136.2 million gain in the third quarter.

COIN.NQ 15.79%
Coinbase Global – Up 10% premarket after yesterday’s tumble as BTC climbs back above $30000 after falling to its lowest levels in 16 months. CEO Brian Armstrong has scrambled to alleviate fears that customers storing cryptocurrencies at the digital cash exchange will lose everything if the biz goes under. This concern stemmed from Coinbase’s quarterly 10-Q report [PDF] filed this month to the SEC. It disclosed that customers who kept their cryptocurrencies at the exchange could see their assets seized in the event the business went bankrupt. Armstrong insisted “your funds are safe at Coinbase, just as they’ve always been.”

Meme Stocks – Back in action in early trading, higher as a group after yesterday’s brief but violent morning short squeeze. AMC and GME shares seemed to lead the short lived rally despite no new announcements on their websites Thursday. AMC, GME

RIVN.NQ 6.17%
Rivian Automotive – Active again trading higher premarket following yesterday’s post earnings rally. Multiple negative analyst moves on the stock this morning including PT cuts from JP Morgan, Barclays and DB. The company also announced a small recall of its R1T model due to a faulty airbag sensor.

Chinese ADRs – Higher for the third straight session after Shanghai’s deputy mayor, Wu Qing, said in conference “victory” against COVID-19 outbreak was getting closer. BABA, PDD, JD, BILI, NIO, LI

MULN.NQ 20.06%
Mullen Automotive – Back above $1 after updating its current quarter financials to the upside ahead of earnings due May 16th.

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