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Coinbase Global Inc – Under pressure in early trading along with the rest of the group with ties to crypto markets. Coming off another volatile weekend for the digital currency that saw Elon Musk at it again, clarifying that “Tesla has not sold any of its Bitcoin.” BTC prices boke multiple key support areas over the weekend and are currently trading just below the $45000 level. Coinbase also announced Friday it will list the widely speculative Dogecoin within the next 6-8wks.
Discovery Inc – U.S. telecoms giant AT&T Inc announced a deal to combine its media empire, including CNN and HBO, with DISCA, the owner of lifestyle TV networks such as HGTV and TLC. The deal will see Discovery’s current multiple classes of shares be consolidated to one class including 1 vote per share. The new combined co’s board will consist of 13 members, 7 initially appointed by AT&T. DISCA, DISCK, T
Quantumscape – Back on watch after a volatile session Friday, QS and Volkswagen announced they have agreed to select a location for a battery pilot-line facility by the end of 2021. The companies are currently contemplating setting up the pilot QS-1 facility in Salzgitter, Germany QS-1 will initially be a 1-gigawatt hour battery cell commercial production plant for electric vehicle batteries. QuantumScape and Volkswagen intend to expand production capacity by a further 20 GWh at the same location.
ViacomCBS – Trading higher premarket on reports billionaire George Soros’s investment firm bought stocks linked to Archegos meltdown as they were being sold off, Bloomberg reported over the weekend that Soros Fund Management bought shares of ViacomCBS Inc, Discovery Inc and Baidu Inc as they were being sold off during the meltdown of Bill Hwang’s Archegos Capital Management. The fund bought $194 million of ViacomCBS, Baidu stock valued at $77 million, as well $46 million of Vipshop Holdings Ltd and $34 million of Tencent Music Entertainment Group during the first quarter.
Tencent Music Entertainment – Up sharply premarket ahead of earnings coming aftermarket tonight. Another stock that was caught up in the Archegos unwinding has fallen sharply over the first quarter of the year. Multiple analysts providing Q1 estimates for the company this morning, all Chinese related names were lower Friday heading into the weekend.
PLBY Group Inc – Shares are looking to extend gains from Friday’s session coming off multiple analyst initiations and upgrades signaling the arrival of NFT stocks. Craig Hallum analysts were the latest to raise their price target on the stock from $35.00 to $50.00, maintaining a “buy” rating on the stock.
Palantir Technologies Inc – Lower in the premarket after Friday’s impressive rally, the decline in the BTC prices over the weekend has also pressured PLTR’s stock, the company announced during its latest earnings report it plans to accept and hold the currency on its balance sheet.
Marathon Petroleum Corp – We learned Friday that The Federal Trade Commission was looking into Marathon Petroleum’s sale of Speedway gas stations to the parent of the 7-11 chain saying the deal may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate, the company also announced a Dutch auction tender offer to purchase $4b of its common stock.
AMC Entertainment – Back on watch following a 3 day move last week, shares sold off sharply following Thursday’s rally that came on renewed WSB Reddit interest.
Digital Brands Group Inc – The US based, micro-cap, direct-to-consumer apparel retailer came to market Friday with its IPO. Active in the premarket this on no additional news.
Mind Medicine Inc – Announced this morning it has received an FDA Type C meeting response for its Project Lucy Phase 2b Clinical Trial.
Clover Health Investments – Reported better than expected Q1 results premarket, the recent SPAC conversion beat on revenue estimates while EPS was inline with estimates. The company also issued positive current quarter guidance.