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Chip Stocks – Among the most actively traded groups premarket, higher after showing relative strength in yesterday’s sell off. Concerns over possible Russian sanctions effects on the industry seemed to be shrugged off Tuesday as major manufacturers get a large percent of the material used to make semiconductors from Russia. AMD, NVDA, INTC, AMAT, TSM
Tesla Inc – Solidly higher in early trading after bouncing off $800 yesterday, last week, the National Highway Traffic Safety Administration in the US launched its second probe into a potential Autopilot fault after users complained of “phantom braking” at high speeds. This morning, German regulators have announced a similar prob into the EV maker.
Chinese EV Makers – Actively traded premarket after recording sharp declines Tuesday as the Russian/Ukraine situation intensified. China and Chinese-based companies find themselves in an awkward position after aligning themselves closer to Russian President Vladimir Putin earlier this year. Nio could receive some backlash, particularly as a company that has its production facility in the hands of a state-run organization. NIO, XPEV, LI
Virgin Galactic – Posted a smaller-than-expected quarterly loss and said its cash position had improved, sending its shares 5% higher in extended trading. The company founded by billionaire Richard Branson held about $931 million in cash as of Dec. 31, compared with $679 million a year earlier. The figure excludes the $425 million it raised last month through a debt offering to help fund the launch of its commercial service, which is set to start later this year.
Lowe’s Companies – Reported fiscal fourth-quarter earnings that topped analysts’ estimates and raised guidance for the next fiscal year. Revenue in the quarter of $21.34 billion and same-store sales growth of 5% also beat Wall Street’s expectations. U.S. same-store sales growth of 5.1% at Lowe’s topped forecasts of 4.1%. Gross margin in the quarter was 32.9% vs. 31.8% a year earlier. Lowe’s said it expects earnings for the fiscal year $13.10 to $13.60 a share,higher than forecasts of $12.93, and above its prior guidance of $12.25 to $13 a share. The company said it sees sales at $97 billion to $99 billion vs. expectations of $97.14 billion, and comparable sales ranging from a decline of 1% to an increase of 1%. Gross margins are expected up slightly from the prior year.
Ford Motor Co – Filed to recall ~330K vehicles to repair an issue with rear camera, Wells Fargo meanwhile out with a report on the potential implications of the company separating its battery electric vehicle business from the legacy ICE business. Saying the automaker’s ICE business could be focused on driving cash flow to fund the growing BEV business, while the BEV business would need to focus on growth to get needed scale and focus on getting vehicles to be incrementally profitable, not necessarily covering the high upfront R&D costs. The firm said it favored a partial spin of the battery electric business into a small tracking stock of which Ford maintained majority control.
Teledoc Health – Little changed as investors look past a smaller quarterly loss and focus on sales that were above expectations. Teladoc said it lost $11 million, or 7 cents a share, in the fourth quarter, compared with a loss of $394 million, or $3.07 a share, in the year-ago period. Revenue rose 45% to $554.2 million. The telemedicine company said it saw “meaningful growth and penetration across several key areas of our business,” including mental health and primary care.
Imperial Petroleum – Diversified energy and mineral mining company extending an impressive rally from Tuesday’s session, key $1 level in play this morning. Micro cap $11.5m, 13.5m free float.
Revelation Bioscience – Sharply higher on no apparent news but increased social media chatter over the past week.