Watch us on YouTube Live at 8:30AM EST
Salesforce Inc – Raised its full-year adjusted profit forecast and said it did not see any material impact from the uncertain broader economic environment going forward. Multiple positive analysts moves on the stock this morning after even as it said foreign exchange headwinds forced it to marginally lower its revenue forecast for the year to $31.7 billion to $31.8 billion, from its earlier forecast of $32 billion to $32.1 billion. Revenue in the first quarter ending April 30 rose 24% to $7.41 billion from a year earlier, above analysts’ average estimate of $7.38 billion, according to IBES data from Refinitiv. Net income fell to $28 million from $469 million.
Chinese EV Stocks – Monthly delivery numbers out overnight from the two major companies, NIO reported May vehicle deliveries hit 7.0K v 6.7K YoY with YTD deliveries now at 37.9K, +11.8% YoY. XPEV reported May deliveries hit 10.1K, +78% YoY with the company’s YTD vehicle deliveries now at 53.7K, +122% YoY.
Meta Platforms – The company said on Tuesday its Class A common stock will begin trading on the Nasdaq under the ticker symbol ‘META’ prior to market open on June 9, replacing its current ticker symbol ‘FB’. The company changed its name from Facebook Inc to Meta Platform Inc in October last year in a rebrand that focuses on building the “metaverse,” a shared virtual environment that it bets will be the successor to the mobile internet. The current ticker ‘FB’ has been in use since the company’s initial public offering in 2012.
Meme Stocks – Back on watch with GME shares lower premarket, the company is set to report earnings after the close tonight. AMC also down sharply in early trading after yesterday’s “Top Gun” rally was faded throughout the session. Separately, Cinemark Holdings Inc has said it has now signed up 1 million paying subscribers to its Movie Club monthly subscription plan, the company said on Wednesday, hailing a rebound in moviegoing after disruptions from the coronavirus pandemic.
Mullen Automotive – Adding to an impressive 44% move on Tuesday after the company successfully tested a new battery cell chemistry for its solid state batteries. MULN said that with this technology, when scaled to the vehicle pack level, a 150-kilowatt hour solid-state battery could deliver over 600 miles of range on full charge for the Mullen FIVE EV Crossover. MULN still anticipates delivery of first EV cargo van fleet to come in Q2 2022.
Cassava Sciences – The highly shorted (30%) alzheimer’s focused biotech is back on watch after yesterday’s brief short squeeze. No apparent news catalyst to mention, the shares gained significant social media interest throughout the session on Tuesday.
vTv Therapeutics – Entered into agreements with G42 Investments AI Holding related to, which VTVT is developing as an adjunct therapy to insulin in patients with type 1 diabetes. Under terms of agreements, G42 will make a $25 mln investment in VTVT, collaborate on and fund certain clinical trials involving TTP399, and receive exclusive license for products containing TTP399 in certain territories outside of U.S. and EU.
Tonix Pharmaceuticals – Higher after announcing it has been granted a U.S. Patent for TNX-801 Smallpox and Monkeypox Vaccine and Recombinant Pox Virus Platform Technology.