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Home Depot Inc – Shares of the home improvement chain are lower to start this morning after the company missed estimates for U.S. quarterly same-store sales, as the pandemic-driven surge in demand for do-it-yourself home-improvement products tapered in Q2 with people increasingly venturing outside. The company said U.S. same-store sales rose just 3.4% in Q2, compared with a 25% jump a year earlier; analysts had expected U.S. same-store sales to rise 4.9%. HD, however, beats estimates for Q2 sales. The company reported profits of $4.53 per share vs. estimates of $4.44 per share, revenue of $41.12 billion, was in line with the estimated.
Tesla Inc – Back on watch this morning trading lower after we learned yesterday the U.S. government had opened a formal investigation into Tesla’s Autopilot partially automated driving system after a series of collisions with parked emergency vehicles. There was an additional report late yesterday of a crash involving a model 3 in a school car park in Southern England, reports suggest as many as 7 were injured.
Chinese Stocks – New York-listed shares of Chinese tech firms are tumbling again further moves by Beijing to tighten control of its tech sector with detailed rules aimed at tackling unfair competition and handling of critical data. Alibaba Group, Tencent Holdings Ltd are among firms slapped with hefty fines; BABA is down 3% in early trading. Tencent-backed companies are also under pressure including online brokerage Futu Holdings FUTU.O, e-commerce firm JD.com, Nio Inc, Huya Inc down in the range of 2%-7%. Private education firms TAL Education, Gaotu Techedu, New Oriental Education, 17 Education & Tech are off by 4% and 5.5%. BABA, BIDU, JD, TME, DIDI, FUTU, GOTU, TAL, NIO, LI, XPEV
Tencent Music Entertainment – Down on China news but also reported earnings, second-quarter profit beat Wall Street expectations as its advertising business rebounded and more people subscribed to its music streaming platform. TME said paid subscribers for the company’s online music service grew 41% to 66.2 million, a record high, boosted by investments in long-form audio and a refreshed music library expanded by licensing deals with Universal Music Group, Sony Music and other labels.
Roblox Corp – Shares of the U.S. gaming company are lower to start after multiple brokerages lowered their PT on the stock, after co’s Q2 bookings missed estimates. RBLX reported Q2 bookings rose just 35% to $665.5 mln, compared with a 161% surge in bookings during Q1; analysts had expected $683.3 mln. The metaverse platform was a social utility during the pandemic, in our view, which could unwind as social restrictions are removed, schools reopen and parental spend allocates. Net loss attributable to common stockholders widened to $140.13 mln from $71.5 mln, though on a per share basis it narrowed to 25 cents per share from 40 cents per share because of big change in the number of shares
Walmart Inc – Raised its annual U.S. same-store sales forecast after beating estimates with its latest results, WMT said sales at U.S. stores open at least a year rose 5.2%, excluding fuel, in the second quarter vs estimated growth of 3.69%. Operating income rose 21.4% to $7.35 billion, while Walmart reported adjusted earnings per share of $1.78. Total revenue rose 2.4% to $141.05 billion, ahead of expectations of $137.17 billion.
LM Funding America – Micro-cap financial services company trading higher after posting a quarterly profit vs a year ago loss. Q2 GAAP EPS was $2.05 on revenue of $0.33M.
Powerbridge Technologies – China-based co says it struck deal with Cryptodigital Holdings to buy bitcoin BTC-BTSP and ethereum ETH= miners, and to develop and manage mining operations in Asia and North America.
Nanovibronix Inc – The healthcare device company that produces the UroShield® and PainShield® Surface Acoustic Wave Portable Ultrasonic Therapeutic Devices, today reported better than expected quarterly results posting a net loss of $216,000, or $(0.01) per basic and diluted share, compared with a loss of $1.5 million or $(0.20) per basic and diluted share for the previous quarter. Second quarter 2021 results include a change in fair value of derivative liabilities resulting in a non-cash gain of $706,000.