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Travel Stocks – Back on watch as the group continues its rebound from Monday’s steep, covid driven selloff. American Airlines posted a quarterly profit compared with a year-ago loss on the back of a recovery in travel demand, as more Americans gear up for flights after getting vaccinated. The U.S airline posted a net income of $19 million, or 3 cents per share, in the quarter ended June 30, compared with a loss of $2.07 billion, or $4.82 per share, a year earlier. SouthWest also out this morning reported a loss that narrowed in its second quarter compared to last year, EPS missed by $0.12, beats on revenue. Cruise operators were among the strongest in the group on the day yesterday. AAL, LUV, UAL, DAL, ALK, SAVE, RCL, CCL, NCLH
Social Mentions – Shares of infectious disease detection specialist Chembio Diagnostics are active in the premarket after yesterday’s rally that saw the stock jump more than 150%. Health insurance firm Clover Health shares are also rising for the second straight day up more than 5% premarket. CEMI top trending on trading forum Stocktwits after Wednesday’s session, which was spurred by CEMI receiving a $28.3 mln order for COVID-19 rapid antigen detection tests from Brazilian drugmaker Bio-Manguinhos. PainReform Ltd along with crypto mining focused Chinese firm SOS Ltd were also among the top mentions. CEMI, CLOV, SOS, PRFX
DiDi Global – Bloomberg is reporting this morning that Chinese regulators are said to be considering serious, perhaps unprecedented, penalties for Didi Global Inc. after its controversial initial public offering last month.
Crocs Inc – Reported record Q2 revenue of $640.8M (+93.3% Y/Y) easily topping estimates by $78.19M. The company also said it expects Q3 revenue growth between 60% and 70% vs. consensus growth of 41% and FY2021 revenue growth between 60% and 65% vs. consensus growth of 47.5%.
Nvidia Corp – CitiGroup PT increase, trading higher premarket after back-to-back red days following its 4-1 split.
Microsoft Corp – Higher premarket, back to ATH territory after Citigroup analysts hiked their PT on the stock ahead of earnings, MSFT is set to report after the bell on Tuesday.
India Globalization Capital – Announced the issuance of a patent for the treatment of Alzheimer’s Disease using Ultra-Low dose THC as a potential therapeutic and prophylactic agent.
Texas Instruments – Multiple analyst moves on the stock after the companies conservative Q3 forecast. TXN said it now sees revenue slightly below Wall Street estimates leaving investors concerned about the chip maker’s ability to meet searing demand in the face of a global shortage. Reported EPS that beat by $0.14, also beat on revenue.
Second Sight Medical – Higher premarket looking to extend a 14% rally from Wednesday. The company announced the European Patent Office had granted it’s patent application covering field focusing and mapping in an electrode array. The company is developing the Orion Visual Cortical Prosthesis System, designed to provide artificial vision to blind individuals due to glaucoma, diabetic retinopathy, optic nerve injury or disease, or forms of cancer and trauma.
Summit Wireless Technologies – Announced plans to build a WiSA Certified Category with new store on Amazon featuring WiSA Products and Retailer Bundles Available Across Amazon’s Vast Platform.
Neurometrix Inc – Reported revenue of $2.2 million in its latest quarter up 63% from $1.4 million in Q2 2020. The Q2 2020 results were adversely affected by a pandemic-related decline in customer orders. Gross margin on revenue was $1.7 million or 74.8%, an increase of 11.2 percentage points from the 63.6% gross margin rate in Q2 2020. Net loss for the quarter was $0.5 million in comparison to a net loss of $0.8 million in Q2 2020. The domestic Medicare Advantage business was the primary contributor to DPNCheck® revenue during the quarter.