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Rivian Automotive – Continues to impress, up 45% from its debut price after a successful IPO last week on the Nasdaq. Chinese based car parts manufacturer Tianjin Motor Dies has said it has signed a total of $11.8m worth of orders from Rivian between 2019 and 2021 that are still in production. Despite just having started selling vehicles and having little revenue to report RIVN’S market cap has surpassed GM’s GM.N ~$92 bln current market value and Ford’s F.N ~$79 bln, per Refinitiv data. Ford owns roughly 12% stake in Rivian
Lucid Group – Trading higher after reporting reservations rose to 13,000 in Q3, reflecting order book of about $1.3 billion and have since increased beyond 17,000. The company said “Lucid Air remains in demand and reservations are increasing as production ramps up at its Arizona plant.” Lucid now plans to produce 20,000 units in 2022, it reported a smaller-than-expected loss of 21 cents/share, compared with estimate of 25 cents.
Clover Health Investments – Announced that it has commenced an underwritten public offering of 35,000,000 shares of its Class A Common Stock. All of the shares are being offered by Clover Health. In conjunction with the offering, Clover Health intends to grant to the underwriters a 30-day option to purchase up to 5,250,000 additional shares of its Class A Common Stock.
Home Depot Inc – Beat quarterly sales estimates by nearly $2 billion late Tuesday as Americans, buoyed by a strong housing market, hired more builders and handymen to complete large home improvement projects, boosting demand for tools and materials. Said, same-store sales rose 6.1% in the third quarter ended Oct. 31, beating analysts’ estimates of a 1.4% increase, according to IBES data from Refinitiv. Home Depot said the average price paid per transaction rose nearly 13% in the quarter, overall net sales rose nearly 10% to $36.82 billion, beating estimates of $35.01 billion. The company’s net earnings rose 20.3% to $4.13 billion, or $3.92 on a per share basis.
Tesla Inc – Shares are set for further declines premarket, CEO Elon Musk sells $930 mln in shares to cover tax obligations related to the exercise of stock options, Musk sold 6.36 mln Tesla shares last week after floating the idea on Twitter; shares are down 17% or nearly $207 bln since Musk’s No.v 6 Twitter poll about selling 10% of his stake. CNBC is reporting that JP Morgan Chase filed suit against electric vehicle maker Tesla in a dispute over warrants, according to court filings out Monday. The bank is seeking $162.2 million plus interest, attorneys’ fees and expenses. JP Morgan alleges that Tesla has breached the terms of a contract that the companies signed pertaining to re-pricing the warrants.
Peloton Interactive – Announced it has commenced an underwritten public offering of $1 billion of shares of its Class A common stock. In addition, Peloton is expected to grant the underwriters of the offering a 30-day option to purchase up to an additional $150 million of shares of Class A common stock at the public offering price.
Walmart Inc – Raised its FY EPS forecast saying it will be around $6.40 versus its prior expectations of between $6.20 and $6.35. Reported earnings per share $1.45 adjusted vs. $1.40 expected. Revenue $140.53 billion vs. $135.60 billion expected. Net income fell to $3.11 billion, or $1.11 per share, from $5.14 billion, or $1.80 per share, a year earlier. Excluding items, the company earned $1.45 per share. Analysts were expecting Walmart would earn $1.40 per share, according to Refinitiv.
Kezar Life Sciences – Shares are higher after the company’s release of interim results from a clinical trial of its KZR-616 in patients with active, proliferative lupus nephritis, a condition that can impair kidney function came out better than expected.
Created Inc – Reported a smaller-than-expected loss of $9.8 million in its third quarter. The Fort Lee, New Jersey-based company said it had a loss of 71 cents per share. The company posted revenue of $1.2 million in the period. Creatd expects full-year revenue in the range of $4.5 billion to $4.7 billion.
BIMI International Medical – Small cap healthcare products and services provider, reported better than expected Q3 results. Revenues for the three months ended September 30, 2021 increased to $13,777,494 from $3,091,071 in the comparable period in 2020, an increase of $10,686,423, or 345.7%. Gross profit. Gross profit for the three months ended September 30, 2021 increased to $2,029,109 from $257,278 in the comparable period in 2020, an increase of $1,771,831, or 688.7%.