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Chinese Stocks – Monster gains across the board premarket after China’s top regulator said the country would roll out measures to boost the economy and keep its capital markets stable. Separately, China’s securities regulator said it would continue to communicate with U.S. regulators and strive to reach an agreement on China-U.S. audit supervision cooperation as soon as possible. BABA, JD, BIDU, DIDI, NIO, KWEB, EDU, GOTU, XPEV, LI, TME
Chip Makers – Rallying premarket after impressive late session moves yesterday, the group had been under pressure on worries of surging COVID-19 cases in key electronics hub Shenzhen in China and related shutdowns raised fears of another round of chip shortages and supply constraints. Wells Fargo added NVDA to its “signature picks” list. MU, AVGO, INTC, AMD, NVDA, QCOM all up between 1-4%
Oil Stocks – Remain on watch after another volatile session yesterday, WTI reversed early gains Wednesday to trade little changed on hopes of momentum toward peace talks between Russia and Ukraine. Prices have also continued their downward trend as investors focused on the sweeping lockdowns announced in China in possible easing of demand. XOM, OXY, CVX, DVN, MRO
Tesla Inc – Up more than 2% in early trading after yesterday’s late rally. The company company announced a second round of price increases to US models in a week yesterday and also said after the close it will suspend production at its Shanghai factory for two days, according to a notice sent internally and to suppliers, as China tightens COVID restrictions to curb the country’s latest outbreak.
Starbucks Corp – Higher after JP Morgan upgrades the stock to “overweight” from “neutral”, maintaining a PT of $101. Separately, announced a new partnership with Grab Holdings to enhance the Starbucks experience for customers in Southeast Asia. The company also announced CEO Kevin Johnson will leave the company effective April 4, will advise company through September.
AMC Entertainment – Along with newly formed gold mining partner HYMC back on watch after yesterday’s news. The movie theatre operator announced it had acquired a 22% stake in Hycroft capitalizing on its popularity with retail investors to provide a financial lifeline to the troubled gold and silver mine operator that is yet to produce any precious metal. HYMC
Sonnet Biotherapeutics – Said the FDA has cleared it’s Investigational New Drug Application for SON-1010, a treatment for solid tumors.