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Alibaba Group Holdings – WSJ reporting the company is considering a move that would see it and Tencent Music “open up ecosystems to one another”.
Apple Inc – Set to open at a fresh record high following a Bloomberg report late yesterday suggesting it will partner with Goldman Sachs for a new service that will allow users to repay Apple Pay purchases in installments. Apple did not respond to requests for comment on the story.
American Airlines – The stock is set to post its biggest one-day gain since July 9, AAL said after the close yesterday it now expects to be cash flow positive in Q2 for the first time since the pandemic began. AAL said it flew more than 44 mln passengers in Q2, which is over five times higher than last year, and forecasts a daily cash build of $1 mln for the period. Expects Q2 net loss to be between $1.1 bln and $1.2 bln, excluding net special items, below analysts’ estimated loss of $1.53 bln.
Bank of America – Reported a 173% jump in second-quarter profit as it released reserves it had set aside last year at the height of the pandemic, but revenues remained weak and the bank flagged high expenses to come. The bank’s net income applicable to common shareholders rose to $8.96 billion, or $1.03 per share, from $3.28 billion, or 37 cents per share, a year earlier. Analysts on average had expected a profit of 77 cents per share, according to IBES estimate from Refinitiv. Overall revenue, net of interest expense, dropped 4% to $21.5 billion.
Wells Fargo & Co – Swung to a profit in the second quarter, as it released funds set aside to cover soured loans, while costs tied to its years-old sales practices scandal stabilized. Wells Fargo has been operating under penalties from regulators since 2016 when details of a sales scandal emerged and led to the departure of two chief executives and billions of dollars in litigation and remediation costs. The fourth-largest U.S. lender reported a profit of $6 billion, or $1.38 per share, compared with a net loss of $3.85 billion, or $1.01 per share, a year earlier. Analysts on average had expected a profit of 95 cents per share, according to estimates from Refinitiv. Total revenue rose 11% to $20.27 billion.
Exela Technologies – The online retail favorite is active again premarket and set to climb for a fourth straight day, the company announced yesterday it has expanded its offering in AI-enabled automation in the BPA space with Intelligent Document Processing (“IDP”) combined with its robotic process automation platform (“EON”).
Clovis Oncology – The ever evolving group of tickers with high volume mentions on social media sites remains in focus, Clovis Oncology shares were up as much as 10% premarket to a fresh one-week high, CLVS was the top trending ticker on online trading forum Stocktwits; sentiment appears to be largely bullish with comments encouraging traders to hold.
Delta Air Lines – Reported quarterly revenue above estimates and said it expected to remain profitable for the rest of the fiscal year. Delta said it expects adjusted operating revenue for the September quarter to be between 30% and 35% from two years ago, with the midpoint at $8.47 billion, above a Refinitiv-IBES estimate of $8.23 billion. That would be a marked improvement from the 60.4% slump in operating revenue in the first quarter. Delta’s second-quarter adjusted operating revenue fell 49% to $6.35 billion from 2019, but was above analysts’ average estimate of $6.22 billion. Net income fell to $652 million, or $1.02 per share, in the three months to June 30 from $1.44 billion, or $2.21 per share, a year earlier.
Velodyne Lidar – Shares are higher premarket after the sensor maker announced a new partnership with NVIDIA Metropolis, Nvidia’s cloud platform for smart cities. VLDY says it has joined NVIDIA Metropolis program to use VLDR’s intelligent infrastructure solutions for traffic monitoring. The project is set to deploy in Austin, Texas to assess traffic conditions in the city.
Oxbridge Re Holdings – Tuesday after markets closed, investment fund Custodian Ventures LLC, led by David Lazar, disclosed a ~9.9% ownership interest in company. Custodian Ventures says it purchased OXBR shares based on the belief that the shares, when purchased, were undervalued and represented an “attractive investment opportunity”.
Minim Inc – Small-cap wireless tech company trading higher on increased volume with little news catalyst. The stock has a 12.6m share free float. Filed SEC schedule 14a form indicating a shareholder vote.