Morning Movers
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IBM.NY 2.80%
IBM – Reported its highest quarterly sales growth in more two years along with quarterlies results that topped estimates. The company was boosted by its bets in the high-margin cloud computing business. Sales from its cloud computing services jumped 21% to $6.5 billion in the quarter. The 109-year-old firm is preparing to split itself into two public companies, with the namesake firm narrowing its focus on the so-called hybrid cloud, where it sees a $1 trillion market opportunity. IBM’s total revenue rose nearly 1% to $17.73 billion in the quarter, beating analysts’ average estimate of $17.35 billion, net income fell to $955m, or $1.06 per share, in the quarter ended March 31, from $1.18 billion, or $1.31 per share, a year earlier.

TSLA.NQ -0.42%
Tesla Inc – In a Tweet aftermarket yesterday Elon Musk said log files from the vehicle involved in a deadly weekend crash in Texas showed autopilot was not engaged. Local police say they will investigate further with warrants to view the log files from the car.

FSR.NY 8.65%
Fisker Inc – Up nearly 5% premarket after Bank of America initiated coverage on the stock with a “Buy” rating saying “its positive view rating on Fisker is predicated on conviction that the electric vehicle maker is a beneficiary of the automotive industry evolution towards electrification. Fisker ranks fairly well in its AutoTech entrant/SPAC analysis, meeting +6 of the 10 outlined criteria.” “More specifically, we believe that certain aspects of its go-to-market and commercialization strategy have merits and its product is relatively compelling,” updates BofA.

SPCE.NY -8.59%
Virgin Galactic Holdings – Down another 7% premarket on top of the 5.4% of market capitalization it shed through 11a.m. Monday morning — partly due to left over investor backlash after founder Sir Richard Branson sold the majority of his shares last week. Virgin suspended test flights until May. Cathie Wood’s ARK Invest has also sold over 590,000 shares of Virgin Galactic on Monday.

XXII.AM 9.86%
22nd Century Group Inc – While shares in traditional tobaco companies slid late yesterday XXII rallied sharply following a WSJ report suggesting the Biden administration is looking into recommending a cut to nicotine levels in cigarettes and/or menthol bans. 22nd Century Group is an environmental services and biotech firm focused on growing tobacco plants with reduced levels of nicotine. Shares in MO, PM, BTI are all lower to start.

JNJ.NY -0.47%
Johnson & Johnson – Reported $100 million in sales from the COVID-19 vaccine that was put on hold due to reports of rare blood clots last week. The company said first-quarter net income of $6.2 billion, or $2.32 per share. Excluding one-time events, the company had per-share earnings of $2.59, far exceeding Wall Street projections of $2.31. Revenue was $22.32 billion, also surpassing expectations. The world’s biggest maker of health care products expects full-year earnings in the range of $9.42 to $9.57 per share, with revenue in the range of $90.6 billion to $91.6 billion.

PLUG.NQ -0.67%
Plug Power Inc – While most clean energy and EV stocks remain under pressure PLUG has been initiated at Wells Fargo with an “Underweight” rating, analysts at Evercore have also initiated coverage on the stock with an “Outperform” rating and a $42PT.

AAPL.NQ -0.04%
Apple Inc – Set for its “Spring Loaded” event at the Steve Jobs Theater on its Apple Park campus. The US-based tech giant is expected to make several announcements about upcoming products. These include the new iMacs with a revamped design, and perhaps other products like a new mini-LED display bearing iPad Pro and AirPods 3. The event will be streamed live at 12:30pm EST.

UAL.NQ -3.07%
United Airlines – Announced a net loss of 1.4 billion dollars in the first quarter of 2021. The U.S. airline’s total operating revenue in the first quarter was 3.2 billion, down 66 percent year-on-year; while operating expenses also fell 49 percent; the company reported first-quarter ending available liquidity of 21 billion dollars; and the first-quarter capacity dropped 54 percent year-on-year. Based on current trends, the company expects second-quarter total revenue per available seat mile to drop approximately 20 percent year-on-year, the capacity to be down around 45 percent. UAL expects its second-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin at around 20 percent.

MYMD.NQ 43.34%
Akers Bioscience Inc – Debut as a new company on the Nasdaq yesterday after merging with MYMD Pharmaceuticals, up sharply in the premarket after a negative showing in first session.

BAOS.NQ -2.85%
Baosheng Media Group – Reversed early strong gains to trade slightly lower, the Chinese small-cap marketing firm announced it has purchased 1000 mining machines and plans to start a blockchain and crypto mining business.

NKE.NY -1.64%
Nike Inc – Citigroup has lowered its rating on footwear maker’s shares to “neutral” from “buy” with a PT of $140, a 6% upside to stock’s last closing price; median PT is $165. The note points to a near-term slowdown in demand in China related to the Xinjiang cotton issue could potentially pressure NKE’s sales or margin.

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