Watch us on YouTube Live at 8:30AM EST
AliBaba Group – Trading higher premarket for the second straight morning after a Wall Street Journal report earlier in the week suggested the company is considering opening its ecosystem to Tencent Music. Multiple positive analyst comments on the stock for the second straight day as well.
Netflix Inc – Trading higher for the 6th straight session this morning after UBS increased its PT on the stock to $620, the company also announced it has hired a former Facebook Exec to lead its video game unit.
Morgan Stanley – Reported a big jump in quarterly profit comfortably beating Wall Street expectations, as its investment banking business benefited from record levels of activity in deal making and capital markets. The Wall Street bank said its net income applicable to common shareholders rose to $3.4 billion, or $1.85 per share, in the second quarter ended June 30 from $3.05 billion, or $1.96 per share, a year earlier. Analysts on average were expecting the bank to report a profit of $1.65 per share, according to IBES data from Refinitiv. Net revenue rose to $14.8 billion in the quarter, compared with $13.7 billion a year ago.
Virgin Galactic – Continuing its multi-session decent following the successful weekend test flight that included founder Richard Branson, the stock is now down more than 25% from where it closed Friday.
Meme Stocks – The unwinding of both AMC Entertainment and Gamestop shares continues, both down another 6% and 4% respectively in premarket trading. As of yesterday’s close AMC shares have now lost more than 50% from all-time record highs of $72.62 reached in early June. Both stocks – which have been at the center of epic rallies in so-called meme stocks that have captivated Wall Street, hurt bearish hedge funds and raised the profile of retail investors -are still sitting on big year-to-date gains. Recent movers XELA, MOXC, WISH and BLIN are also all set to open lower this morning.
Ocugen Inc – Announced it has initiated a rolling submission to Health Canada for COVAXIN™, the company’s candidate vaccine against COVID-19, which it is co-developing with Bharat Biotech International Ltd. for the U.S. and Canadian markets.
Datasea Inc – Back on watch after yesterday’s impressive gain that followed news through its Chinese subsidiary the company had signed six purchase-and-distribution agreements to provide 5G message-marketing Cloud Platform Version 3.0 in China by adding new district partners.
Cinedigm Corp – Shares are higher after an earnings beat, the now media company’s streaming channel revenue rose 197% y-o-y; total Q4 revenue up 6.9% at $8.3 mln. CIDM said streaming/digital revenue accounts for 75% of company’s total revenue vs 48% a year earlier. CEO said “We have now successfully completed the transition of Cinedigm from its legacy digital cinema equipment business to a high-growth, independent streaming entertainment channel and content company”
Verb Technology – Higher for the second straight session after launching a customized, live-streaming channel in partnership with global e-commerce and product brokerage company Market America Worldwide. SHOP LIVE will be unique to each of Market America Worldwide’s global distributors, known as UnFranchise Owners ((UFOs)), allowing each UFO to host their own live broadcast to showcase and sell products. The channel is powered by VERB’s interactive livestream ecommerce application, verbLIVE.