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Nvidia Corp – Slightly higher to start after forecasting Q3 sales above expectations as it benefits from a surge in chip demand, however, NVDA said talks with regulators to clear its $40 bln proposed acquisition of British semiconductor technology firm Arm Ltd are taking longer than expected. Q2 revenue jumped 68% to $6.51 bln and beat estimates of $6.33 bln, according to Refinitiv data.
Robinhood Markets – Sharply lower to start after warning that the trading frenzy among small-time investors that boosted its second-quarter revenue would slow down in the coming months. The company said more than $4 of every $10 it made in revenue came just from customers trading dogecoin, bitcoin and other cryptocurrencies. The company posted a loss of $501.7 million, or $2.16 per share, compared with a profit of $57.6 million, or 9 cents per share, in last year’s second quarter. Most of the loss was due to accounting changes related to a fundraising round it undertook early this year.
Chinese Stocks – Back under pressure as a group this morning as state media in that country is reporting on the latest clamp down measures from the Chinese government to be released, reports suggest internet platforms will be forced to crack down on the spread of online rumours while also having to guard their “fields of responsibility”, the comments come amid an ongoing regulatory tightening on technology companies. FUTU, JD, NIO, TME, PDD, BILI, TAL, GOTU, EDU
Macy’s Inc – Raised its full-year sales and profit forecasts on Thursday, as vaccinations encourage more U.S. shoppers to return to its department stores to buy apparel and footwear. Reported a 62.2% jump in comparable sales in the second quarter vs 41.1% expected. The U.S. department store chain said it expects full-year net sales of $23.55 billion to $23.95 billion, compared with a previous forecast of $21.73 billion to $22.23 billion. The company also said it expects 2021 adjusted earnings per share of $3.41 to $3.75, compared to a prior forecast of $1.71 to $2.12. Macy’s also reinstated its quarterly dividend at $0.15 and approved a $500M buyback.
Tesla Inc – Trading lower ahead of the company’s second “AI Day”, at the first in April 2019, CEO Elon Musk said that by mid-2020 the company would have over a million self-driving vehicles where riders “could go to sleep” during a trip. Tesla has not achieved that goal and on Thursday Musk is staging another event, called “AI Day,” to promote his electric car company as the place to work for the engineers he needs to make good on his promises for autonomous vehicles. Musk has walked back some of his claims for Tesla “Full Self-Driving” (FSD) system in recent months, saying Tesla cars are “not fully-self driving yet.”
Kohls Corp – Reported quarterly adjusted earnings of $2.48 per share for the quarter vs $1.21 per share estimates. Revenue rose 31.4% to $4.22 billion from a year ago; analysts expected $4.02 billion. The mean earnings estimate of analysts had risen by about 21% in the last three months. FY forecast was inline with expectations
Sonnet Biotherapeutics – Provided a business update earlier this week including earnings and FY forecast that were better than expected. The nano-cap stocks has also gained social media interest this week with a sizable, short interest of about 17% according to a Bloomberg report citing S3 data.
Sonoma Pharmaceuticals – Announced expanded Dental Care Line with a New Product for Professional Care in the U.S. and a New Product for Professional and Consumer Care in Switzerland.