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Crypto Stocks – Down between 2%-8% premarket on another overnight sell off in BTC, prices fell to their lowest level since December 2020 tumbling for a ninth straight day and down more than 8% holding above $20k; BTC has lost around 24% so far this week and more than half of its value this year. COIN, MSTR, BTBT, MARA, RIOT, SI
Chinese ADRs – Back on watch trading higher for a second straight day premarket on continued reopening talk coming from the Chinese government, the group held early gains yesterday despite an overall weak environment. Separately, more than 100 US CEOs continue to urge U.S. Congress to pass a China competition bill. Chief executives from Alphabet, Amazon.com and Microsoft called on Congress again yesterday to pass legislation aimed at boosting U.S. economic competitiveness against China, including in chip manufacturing. BIDU, China’s internet search engine giant is in talks to sell its controlling stake in iQIYI, China’s answer to Netflix, in a deal that could value all of iQIYI at about $7 billion. BABA, BIDU, JD, PDD, NIO, XPEV, LI
Boeing Co – Higher premarket extending gains from Tuesday’s session on solid delivery numbers, China Southern Airlines this week conducted test flights with a Boeing 737 MAX plane for the first time since March, flight tracking websites showed, in a sign the jet’s return in China could be nearing as demand rebounds.
Ford Motor Co – Back on watch after yesterday’s rally, the company announced will recall more than 3m US vehicles over safety concerns. The recall includes nearly 50k Mach E EVs after the company said yesterday it will halt sales of the model going forward.
Chip Stocks – Showing relative strength premarket after fifth straight down day yesterday, QCOM shares are active after chipmaker won its fight against a $1.05 billion fine imposed by EU antitrust regulators four years ago for paying Apple to use only its chips and blocking out rivals such as Intel. The European Commission in its 2018 decision said the anti-competitive practice took place from 2011 to 2016, with Qualcomm paying billions of dollars to Apple to use its chips in all its iPhones and iPads. AMD, NVDA, INTC, QCOM, MU
Snowflake Inc – Multiple analyst moves on the stock this morning including an upgrade from Canaccord to “Buy”. JPM meanwhile cut its PT to $165 from $200.
Big Tech – Back on watch ahead of the FED this afternoon trading mostly higher as a group premarket. Multiple positive notes again on AAPL shares including a second straight from JPM analysts. AAPL, MSFT, AMZN, GOOGL
Hertz Global – up more than 5% premarket after announcing a $2b share buyback program.
Revlon Inc – Highly shorted name continues to top many stock focused social media boards after declaring bankruptcy last week.