Watch us on YouTube Live at 8:30AM EST
GameStop Corp – Says it will seek shareholder approval for a stock split looking to increase its number of outstanding Class A common shares to 1 bln from 300 mln. The company says it will also ask shareholders to vote on a incentive plan “to support future compensatory equity issuances”. Earlier this month, GME’s Chairman Ryan Cohen disclosed that his investment company purchased 100,000 shares taking total ownership to about 12%.
Chinese EVs – NIO, XPEV and LI all post triple digit percent YoY gains in monthly deliveries for March. NIO delivered 9,985 vehicles in March 2022, increasing by 37.6% year-over-year, NIO delivered 25,768 vehicles in the three months ended March 2022, increasing by 28.5% year-over-year. Cumulative deliveries of vehicles as of March 31, 2022 reached 192,838. XPEV reported 15,414 vehicles delivered in March a 202% increase year-over-year and a 148% increase month-over-month. LI said March deliveries of its Li ONEs rose 125.2% to 11,034 vehicles, a slight deceleration in growth from recent months as first-quarter deliveries grew 152.1% to 31,716 vehicles.
China ADRs – Higher across the board following reports Beijing is considering to give U.S. full access to audits of most firms, while a weak factory data number in that country also fanned hopes of more economic stimulus. Bloomberg news reported Chinese authorities are preparing to provide full access to auditing reports of the majority of the 200-plus companies listed in New York as soon as mid-this year. BABA, JD, DIDI, PDD, BILI, FUTU
Tesla Inc – Holding late session support from Thursday premarket, minor headline shows the company has started a robo taxi service in Las Vegas through The Boring Company. Also moving off China EV delivery numbers.
Apple Inc – Lower premarket after J.P. Morgan Securities removed the stock from its “Analyst Focus List,” saying a moderation in consumer spending may limit benefits from the iPhone SE launch and the potential for upside in services revenue.
Hycroft Mining – On watch after reporting a smaller-than-expected quarterly loss after the close yesterday. The recent AMC Entertainment investment has become a new favorite for retail traders.
Blackboxstocks Inc – Reported a quarterly adjusted loss of 19 cents per share for the quarter ended in December. The lone analyst forecast for the quarter was for a loss of 5 cents per share. Revenue was $1.69 million; analysts expected $1.54 million beating estimates. In the last 30 days there have been no earnings estimate revisions by analysts covering the company.
Hudson Capital – Nano cap Chinese fintech trading higher after saying it will divest its Hong Kong Internet Financial Services business and instead focus on current U.S. operations. $7m market cap, 1.8m float.