Big Tech – Set to bounce back as a group this morning after being among the worst off last week after widespread selloff on recession fears. U.S. Federal Reserve on Thursday announced the largest interest rate hike since 1994, raising fears that aggressive tightening could tip the economy into recession. All major names in the group were down between 2.7% and 8.5% in as of end of week Friday. AAPL, MSFT, META, AMZN, GOOGL, NVDA, AMD
Crypto Stocks – Set to bounce back this morning after another weekend selloff for BTC prices, ProShares announced today it will launch a bitcoin-linked ETF aimed at shorting the world’s largest cryptocurrency. Bitcoin BTC steadied at $21,291 after falling to as much as $17,592 over the long weekend, lowest since Dec. 2021. Last week, digital asset investment products saw outflows totaling $39 mln with total assets under management now at their lowest point since Feb. 2021 at $36 bln, down 59% from the Nov. 2021 peak, according to CoinShares Research. COIN, SI, MSTR, MARA, RIOT, BTBT, SQ
NIO Inc – Set for a fourth positive opening in five sessions, BofA with a positive note on the stock this morning raising its PT from $26 to $31.
Kellogg – Up sharply after announcing it will be splitting itself into three separate companies, with a focus on snacking, North American cereal and plant-based businesses. Kellogg said its U.S., Canadian, and Caribbean cereal and plant-based divisions collectively represented about 20% of its net sales in 2021, while the remaining business accounted for about 80% of sales.
Chinese ADRs – Back on watch active premarket after a steep decline Friday. JD shares are lower however after the Chinese e-commerce giant said total sales rose 10.3% over the 18 days to Sunday during the first major shopping festival since a recent COVID-19 outbreak, the company said, sharply down from the 2021 event’s growth of 27.7%. BABA, BIDU, JD, PDD, XPEV, GOTU, BEKE
Tesla Inc – Up more than 3% in early trading, over the weekend the CEO Elon Musk clarified prior headcount comments by saying a 10% cut in salaried staff at the electric car maker will happen over three months, as the world’s richest man predicted a U.S. recession was more likely than not. Speaking at the Qatar Economic Forum organised by Bloomberg, Musk said the cuts would apply only to salaried workers, meaning a 3.5% reduction in total headcount, changes he described as “not super material”. But he expressed concern about the prospect of a U.S. recession. “It’s not a certainty, but it appears more likely than not,”
Advent Technologies – Micro cap clean energy company back on watch after big moves Thursday and Friday of last week, the company announced it had received new funding in the form of 782m Euro from Greece for a new project within the country.
Sidus Space Inc – Active again premarket after securing a $3.5b NASA contract last week.