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Crypto Stocks – The group down sharply premarket after BTC slipped below the $40000 level in overnight trading, the move followed news that China is set to impose fresh curbs on transactions involving cryptocurrencies. China, a major hub for crypto mining, bans financial institutions, payment firms from providing services related to crypto transactions; also warns investors against speculative trading. US listed shares of companies with ties to the crypto markets are tumbling in early trading along with BTC prices, SI, SOS, MSTR, RIOT, MARA, FTFT, BTBT, are all down between 4%-10%.
Target Corp – Beat estimates for quarterly same-store sales on Wednesday as a strong vaccination drive across the country encouraged shoppers to return to the stores and spend their stimulus checks on home goods, clothes and other items. Comparable sales at stores rose 18% in the first quarter due to a rise in outlet traffic, while digital sales rose 50%, driven largely by same-day delivery services such as Drive up, Shipt and in-store pick ups. Target’s total revenue rose 23% to $23.88 billion, beating estimates of $21.81 billion. Net earnings surged to $2.10 billion. Excluding items, it earned $3.69 per share.
Big Tech – We’re seeing the overall FAANG group sharply lower premarket as U.S. Treasury yields near one-week highs this morning, Facebook Inc, Amazon.com Inc, Apple Inc, Netflix and Alphabet Inc fall between 0.11% and 1.5% premarket. U.S. stock index futures are down for a third session, Microsoft Corp and Tesla Inc are also lower by about 2% each along with chipmakers, including Intel, Qualcomm and Nvidia are both off more than 1% each.
Lowe’s Corp – Shares in the home-improvement chain are lower premarket after it posted Q1 same-store sales growth of 25.9% falling behind its rival Home Depot’s better-than-expected 31% jump. Total net sales rose 24.1% to $24.42 billion in the first quarter beating estimates of $23.86 billion, while net earnings rose to $2.32 billion, or $3.21 per share, from $1.34 billion, or $1.76 per share, a year earlier.
JD.com Inc – The Chinese e-commerce company posted revenue in Q1 that rose 39% to 203.2 billion yuan ($31.57 billion) beating estimates, aided by an expanded product line-up that helped lure in more users. Popular brands like Starbucks and sports-retailer Decathlon, along with luxury fashion brands all launched flagship stores on JD.com’s website during the quarter.
Coinbase Global – Down more than 4% at record lows below $230 premarket after the crypto-exchange operator raises capital, the company early Wednesday priced its $1.25 bln 0.50% convertible senior notes due 2026. Conversion price of $370.45 represents 55% premium to stock’s last sale of $239. Coinbase is also now looking to start its own media operations according to multiple reports, to aid in its growth, the company is looking at hiring an editor from one of the top media houses. Rivals such as The Block, CoinDesk and Blockworks already have their own media operations with journalists from top media houses leading the charge.
AMC Entertainment – Active premarket for the fourth straight session coming off a choppy session Tuesday despite continued online interest and the WSB forum. We learned today shares of the company are likely to get included in FTSE global indices during their quarterly rebalancing set of the end of this week.
Take-Two Interactive – Reported a quarterly profit and sales on Tuesday that beat analysts’ estimates, as stay-at-home gamers during the pandemic boosted demand for the video game maker’s popular franchises such as “Grand Theft Auto” and “NBA 2K”. Take-Two, however, forecast full-year adjusted revenue below analysts’ estimates, as rapid vaccinations and easing of pandemic-related curbs is likely to encourage people to venture outdoors for entertainment and social interaction. The company sees full-year adjusted sales between $3.2 billion and $3.3 billion, while analysts expect $3.51 billion.
Macy’s Inc – Upgraded to “tactical outperform” at Evercore, which notes the retailer’s outperformance in its first-quarter earnings report and what it calls a “healthier” business structure. Retail has outperformed the market by a wide margin so far this week.
Futu Holdings Ltd – Posted a fifth straight quarter of triple digit growth beating estimates on both the top and bottom lines, the Chinese fintech reported 273000 net paying clients in Q1 a 7x increase QoQ.
LightPath Technologies – The U.S. industrial lens maker’s shares are higher premarket after NASA confirmed optical elements made by its unit are supporting Mars exploration program.