Morning Movers
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Oil Stocks – Down more than 3% across the group this morning on a sharp pull back in crude prices, U.S. President Joe Biden is set to announce plans for a fuel tax holiday today in a continued effort to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which is also weighing on equities. Biden is expected to ask Congress to consider a three-month suspension of the 18.4 cents per gallon federal tax on gasoline and call on states to suspend their fuel taxes, a senior administration official said. XOM, CVX, OXY, MRO, DVN
Big Tech – Back on watch lower as a group premarket, META shares stood out yesterday as relatively weak and are gapping down another 1.2%, the DOJ announced late yesterday it had settled a lawsuit over a housing advertising system that illegally discriminated against Facebook users based on race and other characteristics, separately an internal message from CEO Mark Zuckerberg suggested META would hold off on further monetization models until 2024. JPM meanwhile out with a note on Chinese shipments of Apple’s iPhone suggesting tracked units topped 4.2 mln in May, above the historical average of 3.6 mln units for the month. AAPL, META, AMZN, GOOGL, MSFT
Crypto Stocks – Remain on watch with continued pressure on BTC prices, impressive rally in the group yesterday lead by Coinbase Global shares that rallied more than 15%, their biggest one-day gain in over a month as high-growth companies rebounded. Multiple negative notes and downgrades in the sector this morning. COIN, BTBT, MSTR, MARA, RIOT, SI
NIO.NY -1.46%
Nio Inc – Active again premarket, little changed after yesterday’s rally the broke above multi-week resistance. Citigroup cut its PT on the stock today from $87 to $41.
BA.NY -1.35%
Boeing Co – Lower with the overall market this morning after yesterday’s reversal, the company said it expects supply chain problems to persist almost until the end of 2023, due to labor shortages at mid-tier and smaller suppliers, faster-than-expected return of demand. BA last month said that production of 737 jet had been slowed by shortages of a single type of wiring connector.
REV.NY 30.03%
Revlon Inc – Back on watch higher again premarket, the stock has tripled in value in the last two sessions as retail investors bought $8.3 mln worth of REV shares on Tuesday – highest ever recorded for the stock by VandaTrack flows. Shares plunged by as much as 75% last week after media reports said Revlon was nearing a bankruptcy filing; Rev filed for bankruptcy last Wednesday.
CLVS.NQ 4.27%
Clovis Oncology – Higher premarket for the third straight session as the highly shorted (27%) cancer focused biotech continues to gain retail interest. The company released positive data last week on a recent solid tumor study it conducted.
DTIL.NQ 12.95%
Precision Bio – Sharply higher in early trading after announcing a new R&D collaboration and license pact with Novartis.
CRSP.NQ -2.20%
CRISPR Therapeutics – Fell more than 8% late Tuesday after its “innovation day” presentation failed to impress investors, the company reported new data from an early-stage trial of its CAR-T therapy candidate, CTX130, for patients with a type of cancer which starts in the kidney. Only one patient with renal cell carcinoma in the trial experienced cancer shrinkage.

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