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NIO Inc – Up sharply premarket after the company made a positive debut overnight on the Singapore Exchange. Separately, Nio’s Hong Kong-listed shares are set to be added to the Hang Seng Tech index .HSTECH, joining companies like Alibaba and peers Li Auto and Xpeng.
Tesla Inc – Trading higher premarket, late Thursday CEO Elon Musk said in a tweet that “wild accusations” against him are not true. He did not explain what those accusations were. But his response came after a Business Insider report on Thursday said the aerospace company had paid $250,000 in severance to a flight attendant who accused the billionaire of sexual misconduct. Separately, the EV carmaker has officially lost its top weighting position on popular stock picker Cathie Woods’ ARK Innovation fund to Roku Inc.
Chip Stocks – The group on watch trading higher premarket, Wells Fargo cut its PT on NVDA shares to $250 from $370, highlighting increased competition in the PC gaming and cloud data center markets, ahead of the company’s first-quarter results next week. AMD has remained relatively strong vs the market all week and is trading just below the $100 psychological level again. AMAT is trading lower after Piper Sandler cut its target price to $132 from $153, after the company reported second-quarter results that missed analyst estimates, weighed on by supply chain issues worsened due to COVID-19 in China. AMD, NVDA, INTC, AMAT, MU
Foot Locker Inc – Higher after saying it expects to achieve the upper end of its sales and profit outlook for FY 2022 after topping Q1 earnings estimates. The sporting apparel retailer reported adjusted profit of $1.60 per share comes above Refinitiv estimates of $1.55, even as it grapples with higher supply chain costs and markdowns. Sales of $2.18 bln, however, missed estimates of $2.21 bln. The company said it sees FY adjusted EPS at the higher end of $4.25-$4.60; projects same-store sales to be at upper end of an 8%-10% fall.
Apple Inc – Multiple positive analyst notes on the iphone maker’s stock this morning, Wedbush saying investors should own Apple Inc stock to ride out the market selloff, pointing to demand holding up better than expected even with continued supply issues.
Lucid Group Inc – Looking to extend gains from Thursday’s session trading higher again premarket, late Wednesday we learned the company had struck a deal to build a new electric car factory in Saudi Arabia — one with the capacity to churn out 155,000 EVs per year, contributing to what will eventually be a global production capacity of 500,000 EVs per year for the company. The Saudi government meanwhile will also provide Lucid with $3.4 billion in financial assistance to get the factory project off the ground.
Ross Stores – Another retailer getting hit premarket after missing estimates with its latest quarterly results. The company reported profits of 91 cents per share, 43 cents lower than the same quarter last year when the company reported EPS of $1.34. Profits of $1.00 per share were anticipated by the nineteen analysts providing estimates for the quarter. Wall Street expected results to range from 96 cents to $1.05 per share, with a forecasted mean of $1.00 per share. The company reported revenue of $4.33 billion, which is lower than the estimated $4.53 billion.
Neurometrix – Active again premarket, earlier this week the company said its Quell Wearable Neuromodulation Device had received FDA De Novo Authorization as First Non-Pharmacological Treatment for Fibromyalgia.