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Twitter – Shares are sharply higher after Elon Musk offers to buy the social media company for 54.20 a share saying it needs to be “transformed” privately. Musk goes on to say this represents his best and final offer and if not accepted he would need to reconsider his position as a shareholder. Shares of Tesla fell premarket on the news.
Wells Fargo – Down after reporting earnings of $0.88 a share vs $0.80. Revnue also came below expectations of $17.8b with $17.59B reported. $1.1 Billion was set asside to account for loan losses in the 1st Quarter with the CEO anticipating an increase in credit losses while also stating they wil benefit from rising rates.
Morgan Stanley – Trading higher early after reporting an EPS beat of $2.02 per share vs $1.68 estimates. Revnue also beat expectations as Trading Revenues came in at $3.2B vs 2.7 expected. Fixed income also beat estimates by 0.7B. Wealth Management and investment banking numbers did dissapoint coming in flat and down 37% from a year ago respectively.
Goldman Sachs – up 1% early premarket after like MS beating top and bottom lines lead by strong trading desk revenues. Earnings came in $10.76 per share beating estimates of $8.89. Revenue beat by over 1 billion coming in at $12.93. Goldman will also be advising Twtr on the non binding offer recieved from Musk in other news.
Rite Aid – Shares of the drugstore chain before the bell after they report Q4 revenue from continuing operations of $6.07B, beating analysts’ expectations of $5.95B. The expect fiscal 2023 adjusted net loss per share between $1.06 and $0.53, compared with analysts’ estimates of a loss of $1.37 per share. This marked the first revenue beat for the company in 4 quarters
Alibaba – Trading lower after breaking the $100 barrier again. The CCP’s anti-corruption watchdog was among the agencies involved in a recent inquiry into links between billionaire Jack Ma’s Ant Group and state-owned Chinese companies. In addition, Alibaba cloud is undergoing a leadership Shuffle where the President of Alibaba Cloud has resigned and the Vice president overseeing its sales and ecosystem division has also resigned.
Veru Inc – Shares are up again on high premarket volume after earlier in the week announcing positive results from a phase 3 trial of its Covid-19 treatment, sabizabulin. This resulted in the company halting late stage tests due to the quality of those results. Shares spike in late day trade yesterday.
Clarus Therapeudics – Up 33% on increased premarket volume. The nano-cap clinical stage pharma company was on a list of Pharma names with increased short interest by Cantor earlier this week. It trades with a 14% float and has seen increased social media chatter.
Dolphin Entertainment – Up 29% after they reported a quarterly adjusted loss of 35 cents per share for the quarter ended in December. The mean expectation of two analysts for the quarter was for a loss of 2 cents per share. Revenue rose 80% to $10.51 million from a year ago; analysts expected $11.19 million. The revenue figure did respresnt a record total and up from $6.7 the previous quarter. The company trades with a 7.65 million share float.