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Squeeze Stocks – Mostly positive in early trading with Torchlight Energy shares up 36%, the stock more than doubled last week after company announced special dividend, gaining favor with small-time investors on online discussion forums. TRCH was also featured on popular list of “top growing stocks of the week” on Reddit. Meanwhile, long-term meme stocks: Cinema operator AMC Entertainment and video game retailer GameStop Corp are up just 3.3% and 2.2%, respectively. The overall rally in AMC, GME has slowed since last week after another bout of frenzied trading in May. Others to watch this morning include, Clover Health Investments Corp, Koss Corp KOSS.O and Corsair Gaming Inc all active in early trading. AMC, GME, CLOV, TRCH, KOSS, BB, CRSR, WISH
Crypto Stocks – Set to open sharply lower as a group following further negativity surrounding BTC over the weekend, Reuters reported that China’s crackdown on cryptocurrency mining had expanded as authorities in the southwest province of Sichuan late Friday ordered bitcoin mining projects to close. Although data on mining is scarce production of bitcoin in China accounted last year for about 65% of global production, according to data from the University of Cambridge, with Sichuan its second-biggest producer. MSTR, SOS, SI, MARA, RIOT, COIN, CLNE
Travel Stocks – Little changed this morning after a choppy session Friday, Cruise Operators in focus after Carnival Corp. said late last week that a data breach in March might have exposed personal information about customers and employees on Carnival Cruise Line, Holland America Line and Princess Cruises. Meanwhile, Airlines are coming off a strong week as data showed nearly 50M U.S. airport passengers were registered in May – up 19% from April – and so far in June, the TSA has recorded nearly 35M travelers with travel returning to pre-pandemic levels. CCL, RCL, NCLH, UAL, AAL, DAL, LUV, SAVE
Orphazyme AS – Actively traded again this morning looking to extend declines from Friday’s session after the U.S. FDA issued a Complete Response Letter requesting additional evidence for effectiveness of the company’s lead drug candidate arimoclomol.
Nike Inc – On watch after a downgrade from Telsey Advisory Group who said Nike Inc will likely face a “mixed” Q4 environment, cuts PT to $160 from $175 ahead of results, NKE will report its latest quarterly results on Thursday this week.
MediciNova Inc – Announced positive results from a phase 2 Trial of MN-166 (ibudilast) in Alcohol Use Disorder published in Nature’s Translational Psychiatry Journal.
Enochain Biosciences – Announced the acquisition of exclusive license for a potential pan-coronavirus and pan-influenza inhaled treatment and prevention technology.
Hennessy Capital Investment – Amazon said to buy 1K truck systems from autonomous Trucking Technology Company Plus, AMZN reportedly to have option to acquire 20% stake via warrant.