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Cloud Stocks – On watch after sharp declines posted in the group yesterday, in a 2022 outlook report on software technology, JPMorgan analysts lowered their ratings on 13 companies, while upgrading just five. Among notable moves yesterday, Adobe’s stock had its second-worst day of the year along with other cloud software companies like Cloudflare and Zscaler that also both plunged after JPMorgan analysts issued a series of downgrades, citing high valuations. ADBE, NET, ZS
Microsoft Corp – Shares tumbled more than 4% at its low yesterday shaving more than $100b in market cap from the world’s second most valuable company. All eyes will be on the U.S. central bank today who is likely to a signal faster wind-down of asset purchases, and thus, a quicker start to interest rate hikes to contain rapid rise in prices.
CF Acquisition Corp – The Rumble SPAC is trading higher after Trump Media and Digital World Acquisition Corp officially announced a wide-ranging technology and cloud services agreement with Rumble. As part of the partnership, Rumble will deliver video and streaming for TRUTH Social.
Ocugen Inc – Trading higher premarket after a third-party study shows co’s vaccine candidate, Covaxin, to generate a robust immune memory to COVID-19 and variants of concern for at least six months after vaccination. OCGN is currently testing Covaxin against the Omicron variant and plans to share the data as soon as they are available. Last month, U.S. FDA issued clinical hold on its application seeking clearance to begin clinical trial of Covaxin.
Nucor Corp – Lower premarket after the company updated its Q4 forecast, saying its raw materials segment earnings are expected to decrease because of lower volumes and end of year seasonality.
Apple Inc – Red to green premarket ahead of the FED, shares were lower for the second straight day yesterday, there is an updated rendering of the new Apple car circulating with the drawing based off patent filings.
SeaChange International – The micro cap software company that has gained attention of late on rumors of merger talks with video sharing platform Triller, is active again premarket as the company reported better than expected earnings topping estimates with both EPS and revenue numbers.
Gemini Therapeutics – Wainwright analysts initiates coverage with a “Buy” rating and a $20 PT.
Galera Therapeutics – Announced primary endpoint met statistical significance in corrected topline efficacy data of phase 3 ROMAN Trial of Avasopasem.