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Coinbase Global Inc – After a rocky debut yesterday its shares are higher in the premarket this morning with multiple analysts initiating coverage or increasing PT on the stock. We learned after the close Ark Invest’s Cathie Wood cashed in some of her TSLA position in order to invest in COIN. Ark Funds bought $246 mln worth of COIN shares on Weds, according to the firm’s daily trade summary.
Dell Technologies – Has announced it will spin out VMware – a move that will generate more than USD 9 billion for the company that acquired VMware as part of the USD 58 billion EMC acquisition (announced as USD 67 billion) in 2015. Dell plans to offer VMware shareholders a special dividend of between USD 11.5 and USD 12 billion. Since it owns approximately 81 per cent of those shares, Dell will generate around USD 9.3-9.7 billion. DELL, VMW
Bank of America – Reported a jump in first-quarter profit on Thursday as it released reserves it had set aside to cover potential coronavirus loan losses. Net income rose to $7.56 billion, or 86 cents per share, from $3.54 billion, or 40 cents per share, a year earlier. Analysts on average had expected a profit of 66 cents per share.
Citigroup Inc – Easily topped analysts’ first-quarter profit estimates on Thursday as its outlook for an economic recovery driven by vaccinations and government stimulus allowed it to release reserves set aside for loan losses from the pandemic. The bank also said it would exit its consumer businesses in 13 markets across the Asia and EMEA regions. Net income tripled to $7.94 billion, or $3.62 per share, from $2.54 billion, or $1.06 per share, a year earlier. Analysts on average had expected a profit of $2.60 per share.
PepsiCo Inc – Said on Thursday it expects organic revenue growth to pick up pace in the second quarter, betting on higher soda sales from restaurants that are gradually reopening following the speedy rollout of coronavirus vaccines. The company reported sales of snacks under its Frito-Lay North America unit rose 4% in the quarter while those of sodas and other beverages rose 5% in North America, its biggest market. Net revenue rose 6.8% to $14.82 billion, above analysts’ average estimate of $14.55 billion, net income attributable to the company rose to $1.71 billion, or $1.24 per share, from $1.34 billion, or 96 cents per share, a year earlier.
TuSimple Holdings Inc – Raised more than $1 billion through an initial public offering (IPO), valuing the autonomous tech, self-driving truck startup at nearly $8.5 billion. The San Diego, California-based company sold around 27 million shares in its IPO, while some stockholders sold about 6.8 million shares priced at $40 apiece. Backed by Volkswagen’s commercial trucking unit, TRATON SE, and and United Parcel Service Inc, TuSimple is developing self-driving trucks with Navistar International Corp whose production is slated to start in 2024.
Nvidia Corp – Back on watch trading higher in the premarket after making new all-time highs two sessions ago, Raymond James analysts upgrade the stock to “Strong Buy” this morning up from “Outperform” with a $750PT.
Kaixin Auto Holdings – Chinese based online used car dealer announced the Nasdaq has granted its approval to the company’s acquisition of EV focused competitor Haitaoche Ltd.
GlaxoSmithKline PLC – Up sharply in premarket trading on a Financial Times report suggesting hedge fund Elliott Management has taken a “multi-billion pound” stake in the company.
Bit Digital Inc – Looking to extend a two session rally on the back of record highs for BTC, the stock rallied more than 16% yesterday and has been rallying since it announced earlier this month it purchased 4,871 bitcoin miners representing a total hash rate of around 324 Ph/s in the first quarter of 2021.
Virgin Galactic Holdings – Shares are lower premarket for the third straight session on news the company’s founder Richard Branson sold about $150 million (Dh550 million) in shares of his space tourism company Virgin Galactic Holdings Inc., cutting his stake by about 9 per cent. Branson, remains the company’s largest holder with a stake of about 24 per cent through an investment vehicle, according to data compiled by Bloomberg. This is his first sale since the middle of 2020, when he offloaded more than $400 million-worth to raise funds for his ailing travel business.
Inpixon – Higher for the second session in the premarket after the company announced it has converted notes receivable to equity in an Ethereum mining company.