Morning Movers
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BABA.NY 8.52%
Alibaba Group – Higher after plans for its biggest ever share buyback program of $25 billion. The Chinese e-commerce company said the plan will be valid for two years until March 2024. The company had previously raised its buyback program to $15 billion last year in August, up from $10 billion. Chinese regulators have asked some of the country’s U.S.-listed firms, including Alibaba, Baidu and, to prepare for more audit disclosures, sources said, as Beijing steps up efforts to ensure domestic companies remain listed in New York.

NKE.NY 5.54%
Nike Inc – Quarterly results beat analysts’ expectations, showing the world’s largest athletic-wear retailer is overcoming struggles with its supply chain and weakness in China. Global sales rose 5% to $10.9 billion for the third quarter, above estimates. Revenue outpaced expectations in all regions, including Greater China, where sales fell less than predicted. It maintained its full-year outlook of revenue growth in the mid-single digits. The company also said revenue in its direct business grew 17%, excluding currency swings, to $4.6 billion and accounted for about 42% of total sales.

Oil Stocks – Red to green in early trading after yesterday’s 7% rally, the EU said it is considering following the US in banning Russian oil imports. Reports suggest however that European Union foreign ministers are split on whether to join the United States in banning Russian oil. Some countries, including Germany, say the bloc is too dependent on Russia’s fossil fuels to withstand such a step. CVX, OXY, MRO, XOM, DVN

UPST.NQ -4.83%
Upstart Holdings – The cloud-based AI lending platform’s shares are lower premarket after brokerage Wedbush downgrades to “Underperform” from “Neutral” based on weakening delinquency trends, lowers PT to $75 from $110. The note pointed to weakening delinquency trends combined with macro and geopolitical risks could lead to waning appetite from UPST’s credit buyers and the securitization market.

TSLA.NQ 0.88%
Tesla Inc – The company will on Tuesday deliver to customers the first 30 Model Y cars made at its 5 billion euro Gruenheide plant, launching its first European production hub that is the biggest investment in a German car factory in recent history. At full capacity, the plant will produce 500,000 cars annually – more than the 450,000 battery-electric vehicles that German rival Volkswagen sold globally in 2021. It will also generate 50 gigawatt hours (GWh) of battery power, surpassing all other plants Germany.

AAPL.NQ 0.05%
Apple Inc – A federal judge on Monday said Apple must face a Silicon Valley company’s claims it illegally monopolized the U.S. market for heart rate monitoring apps for its Apple Watch. U.S. District Judge Jeffrey White said AliveCor Inc, who’s SmartRhythm app alerts users to irregular heartbeats, could try to prove that Apple violated federal antitrust law based on its alleged “complete control” over the market for such apps. Separately, reports late yesterday are now suggesting Apple hired the former vice president of Porsche chassis development, Manfred Harrer, to help develop the on-again/off-again Apple Car set to begin production in 2025.

CCL.NY 0.63%
Carnival Corp – Set to report earnings before the market opens this morning.

DPRO.NQ 87.43%
Dragonfly Inc – The drone maker announced it has received an order for the Company’s Medical Response and Search and Rescue Drones from Coldchain Delivery Systems, for immediate deployment with Revived Soldiers Ukraine (“RSU”). Draganfly will provide an immediate combined total of 10 North American-made Medical Response and Search and Rescue Drones. In addition, Draganfly will be donating three drone systems to RSU. The total initial order size (subject to conditions) is up to 200 units.

MULN.NQ -3.74%
Mullen Automotive – Back on watch after another very active session Monday, the stock traded more than 500m shares to start the week and continues to be among the most popular symbols with retail investors currently.

KXIN.NQ 15.38%
Kaixin Auto Holdings – Has signed a sales order for 5,000 new energy logistics vehicles with Beijing Bujia Technology Co Ltd worth a total of 1 billion yuan ($157.24 million). The sales order is the initial implementation of the 10,000-unit intentional order reached between Kaixin and Bujia in 2021. Vehicles are set to delivered starting Q3 this year.

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