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Digital Wold Acquisition Corp – Shares of Digital World Acquisition Corp, the blank-check company behind former U.S. President Donald Trump’s new social media venture, Truth Social, surged nearly 30% in premarket trading on Tuesday as the app climbed the charts after its debut on Apple’s App Store. Truth Social was launched on Sunday, potentially marking Trump’s return to social media after he was banned from Twitter Inc, Facebook and Google following an attack on the U.S. Capitol by his supporters last year. Truth Social was the top free available app on the App Store on Tuesday. PHUN, CFVI also both higher on the news while TWTR shares are lower to start.
Macy’s Inc – Holiday quarter and FY sales beat expectations, the company also raised its div 5%. Non-GAAP EPS of $2.45 beats by $0.46, revenue of $8.67B beats by $220M.
SoFi Technologies – Announced an agreement to buy digital banking platform Technisys in $1.1 bln deal, saying “The deal will strengthen SOFI’s aim to build a “one-stop-shop” experience for customers.”
Oil Stocks – Higher as a group on a sharp jump in crude prices as Russian-Ukraine tensions continue to rise. Oil touched its highest level since 2014 and is nearing $100/bbl late to start the new week, the United States and its European allies are set to announce new sanctions against Russia after Moscow ordered troops into two breakaway regions in eastern Ukraine. The news worsened oil supply concerns, pushing Brent crude LCOc1 up 3.9% to $99.16/barrel and WTI crude CLc1 up 4.9% to $95.50/barrel. MRO, COP, BP XOM, OXY, CVX, FANG, DVN, HAL
Chip Stocks – Lower as a group on worries of potential supply disruptions as Western sanctions on Russia seem imminent. The United States and its allies are coordinating new sanctions on Russia after Moscow recognised two regions in eastern Ukraine as independent. The White House had warned last week that the chip industry could be hit if Russia retaliates against threatened U.S. export curbs by blocking access to key materials. Over 90% of U.S. semiconductor-grade neon supplies come from Ukraine, and 35% of U.S. palladium is sourced from Russia, according to research firm Techcet. AMD, NVDA, INTC, AMAT, TSM
DraftKings – Shares are set for a fourth straight session of declines after multiple analyst PT cuts, DraftKings said on Friday it expects 2022 adjusted loss before interest, taxes, depreciation and amortization between $825 mln and $925 mln vs estimated loss of $550.1 mln.
Alibaba Group Holdings – Investor worries over the potential for a fresh wave of regulatory crackdowns by Beijing set off steep drops in Chinese tech shares on Tuesday. Chinese authorities have told state-owned firms and banks to launch a fresh round of checks on their financial exposure and other links to Alibaba’s financial affiliate, Ant Group Co Ltd, raising concerns that the worst is not yet over for the companies after more than a year of scrutiny. Some of the worst tech sector performance was in shares of ‘metaverse’ virtual internet stocks, following the CBIRC’s warning against illegal fundraising, fraud, and virtual real estate speculation last Friday.
Ocugen Inc – Higher premarket after the FDA lifts hold on study for COVID-19 vaccine.