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Digital World Acquisition Corp – Shares of the blank-check firm that plans to publicly list former U.S. President Donald Trump’s new social media company are soaring again this morning, as retail investors talked up the stock on message boards. DWAC shares are up about 60% trading above $71.00, with more than 3.8 million shares changing hands by 6:30 a.m. The stock soared nearly five times in value in the previous session on the news that Digital World would merge with Trump’s media company to create a social media app called TRUTH Social.
Snap Inc – Shares tumbled as much as 27% after the owner of the Snapchat app warned that changes to Apple Inc.’s data collection rules and global supply chain issues are weighing on advertising spending, tempering its earnings forecast for the fourth quarter. The company said it expects revenue of as much as $1.21 billion in the final three months of the year, less than the $1.35 billion that analysts were projecting. It also said adjusted earnings before interest, taxes, depreciation and amortization will be $135 million to $175 million in the period, much lower than the $299.3-million forecast from Wall Street.
Phunware Inc – Shares are up another 300% premarket on top of a similar sized move yesterday. The company acquired privately held high-performance computer company Lyte Technology for about $10.98 mln on Wednesday; stock has gained 45.7% since. Additionally, trading focused online forums late yesterday reports of the a possible connection with Trump Media Amid DWAC SPAC craze circulated. PHUN provided software support for the 2020 Trump Presidential Campaign.
Intel Corp – Shares in one of the world’s largest chipmakers Intel Corp are sharply lower after the company post adjusted sales for Q3 of $18.1 bln, missing estimates of $18.24 bln, as it trails behind rivals with faster chips to meet demand for computing devices for hybrid work. Intel also says Chief Financial Officer George Davis announced plans to retire in May 2022 and also pushed back its annual investor day event.
American Express – Reported third-quarter revenue of $10.9 billion and earnings per share of $2.27 topping estimates. AXP said its Global Consumer Services Group reported third-quarter pretax income of $1.5 billion, compared with $1.1 billion a year ago. QRTLY global consumer services group total revenues net of interest expense were $6.4 billion, up 21 percent.
Creatd Inc – A blockchain and NFT focused company sharply higher on social media hype surrounding possible ties to DWAC and a possible Trump NFT.
Mattel – Higher on light volume in early trading after the toy maker said supply chain disruptions would not prevent it from having a strong holiday season. Mattel also beat estimates on the top and bottom lines, reporting an adjusted quarterly profit of 84 cents per share compared to a 74 cent consensus estimate.