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Meme Stocks – GameStop shares lead the most recent come back for the group yesterday rallying after chairman Ryan Cohen bought an additional 100,000 shares as per a regulatory filing on Tuesday. The stock purchase takes up Cohen’s stake in co to 11.9%. Shares of the heavily shorted co rallied during trading hours on Tuesday, closing up 30.7%, registering their biggest one-day percentage gain since March 25, 2021. AMC, KOSS, TLRY, BB, HYMC also all on watch.
Cannabis – The group rallying on more m&a activity as this time as US producer Cresco Labs Inc. is set to buy Columbia Care Inc. for about $2 billion in one of the largest cannabis industry mergers yet. The deal will combine Cresco’s well-recognized marijuana brands with New York-based Columbia Care’s retail footprint to create the largest U.S. multi-state operator by revenue, Cresco Chief Executive Officer Charles Bachtell said in an interview. TLRY, CRON, CGC
Adobe Inc – Lower after misses expectations with forward guidance, reported Q1 revenue and profit meanwhile that both topped Wall Street’s expectations, but an outlook that was below as the company halted sales to Russia. For the current quarter, the company sees revenue of approximately $4.34 billion, and EPS of approximately $3.30, excluding some costs. That compares to consensus for $4.398 billion and a $3.35 profit per share. Adobe said its revenue this year will be reduced by $75 million because it has halted sales of products to Russia amidst the ongoing war in Ukraine.
Tesla Inc – Impressive move Tuesday as the stock’s 5 day rally continued, Elon Musk delivered the first 30 Model Y vehicles made from its new Berlin gigafactory. $1000 watch on for today’s session.
Oil Stocks – Strong for a second straight session as WTI prices extend recent gains up more than 2% in early trading. Russian related supply concerns continue to be the main driver of the rally, Monday the EU announced it would consider joining the US in banning the imports of Russian oil. CVX, XOM, OXY, DVN, MRO
Alibaba Group – Back on watch looking to extend gains from Tuesday’s session after the company announced it would once again increase its current share buyback program to $25b from $15b. Chinese stocks meanwhile continue to be under a microscope as Chinese regulators have asked some of the country’s U.S.-listed firms to prepare for more audit disclosures. This comes as Beijing steps up efforts to ensure domestic companies remain listed in New York, with China’s regulators considering a proposal to allow their U.S. counterparts to inspect audit working papers of some Chinese firms that do not gather sensitive data.
Boeing Co – On watch as news this morning suggests one of the two black boxes containing data from Monday’s China Eastern Airlines plane crash has been found, Chinese state media said Wednesday.
Creative Realities – Micro cap online marketing firm higher after reporting better than expected earnings.
4D Pharma – Stock soars as drug combo meets efficacy goals early in kidney cancer group study.