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AMC Entertainment – Actively traded premarket again this morning as the “Meme” stock rally continues, AMC said separately it issued 8.5 mln of its Class A stock to Mudrick Capital Management for $230.5 mln; proceeds to go for acquisition of theater assets, other investments as well de-leveraging opportunities. Other meme stocks including GameStop, BlackBerry, Sundial Growers are also all trading higher heavy volumes.
Nio Inc – The Chinese EV maker said it delivered 6,711 vehicles in May, up 95.3% Y/Y and down 5.5% M/M from April delivery of 7,102 vehicles. NIO said in May, the Company’s vehicle delivery was adversely impacted for several days due to the volatility of semiconductor supply and certain logistical adjustments. The company plans to accelerate the delivery in June to make up for the delays from May based on the current production and delivery plan.
Xpeng Inc – Also actively traded this morning after posting its monthly delivery numbers, the company said it delivered 5686 vehicles in the month of May up 483% YoY.
Alibaba Group Holdings – Up more than 4% in early trading on high volume, China’s market regulator fined 15 private tutoring firms for combined 36.5 million yuan ($5.73 million) for false advertising and pricing frauds, state media the People’s Daily reported on Tuesday. The 15 companies include Tencent-backed Yuanfudao, Alibaba-backed Zuoyebang, New Oriental Education & Technology Group but the report did not mention BABA.
Cloudera Inc – Entered a definitive agreement to be acquired by Clayton, Dubilier & Rice and KKR for $5.3b in an all-cash deal. Shareholders will receive $16/share for every CLDR shares held.
Canopy Growth Corp – Reported a smaller adjusted loss for the fourth quarter on Tuesday as the pot producer benefited from cost-cutting measures and a pandemic-driven jump in demand for cannabis products. The company, which sells a range of products from dried flowers to gummies, chocolates and drinks mixed with weed, slashed total operating expenses by 73% to C$243 million ($201.76 million) in the period. Revenue surged 38% to C$148.4 million as demand rose for weed from customers staying at home during lockdowns.
Energy Stocks – Crude up $2/barrel to start the week has the group gapping higher in premarket trading. The IEA said it will stick to its “supply and demand” strategy for June remaining unchanged on output forecasts from May buy cautioned the gap between demand and supply may continue to rise. OXY, XOM, CVX
Boeing Co – Back on watch trading higher in the premarket looking to extend its current multi-week rally. Cowen analysts upgraded the stock this morning to “Outperform” from “Market Perform” and also increased PT to $290 from $245.
Roblox Corp – Off its premarket highs but still in positive territory this morning after catching a Truist Securities upgrade and PT increase to $103 from $83.
Vertex Energy Inc – Looking to extend a 3 session rally after announcing last week it had acquired Shell’s Mobile Alabama refinery for $75m.
Paratek Pharmaceuticals – Announced FDA approval of Nuzyra (Omadacycline) oral only dosing regimen for the treatment of community-acquired bacterial pneumonia.