Morning Movers
Watch us on YouTube Live at 8:30AM EST

BIG Tech – Strong move into the close Friday, AAPL and MSFT leading premarket. The WSJ is reporting that AAPL has told some of its contract manufacturers that it wants to increase production outside China, India and Vietnam, which are already sites of Apple production, are among the countries short-listed by the company as alternatives, the report added. The report said that Apple is citing China’s strict anti-Covid policy and other reasons for its decision. AAPL, MSFT, FB, GOOGL, AMZN

Chip Makers – Relatively weak late Friday will look to rebound this morning, NVDA is set to report later in the week has said it plans to slow hiring to control costs in the current inflationary environment. AMD meanwhile launched its new generation flagship Ryzen processor series, multiple analysts with recent positive notes on the group. VMW and AVGO active premarket on reports Broadcom said to be in talks to acquire the co. in a cash and stock deal worth upwards of $50B. NVDA, AMD, INTC, MU, AMAT, AVGO, VMW

TSLA.NQ -1.43%
Tesla inc – Little changed in early trading after last week’s sharp sell off, the company has said this morning it plans to return to pre-lockdown output at its Shanghai plant by Tuesday, May 24th noting that this plan represents a day’s delay in hitting Shanghai output recovery targets.

Chinese ADRs – Showing signs of strength after comments from President Joe Biden suggested the White House was considering reducing tariffs on some products imported from China. “I am considering it,” Biden said. “We did not impose any of those tariffs. They were imposed by the last administration and they’re under consideration.” BABA, JD, BIDU, NIO, DIDI

XPEV.NY 0.17%
Xpeng Inc – Red to Green premarket even as the Chinese electric-vehicle maker reports a wider-than-expected quarterly loss as supply-chain snarls and surging materials costs squeeze, reported Q1 total revenue of 7.45 bln yuan ($1.12 billion), up 153% from a year earlier while posting a Q1 net loss of 1.7 bln yuan, wider than 786.6 mln yuan a year earlier and est. of 1.45 bln yuan. XPEV said it expects to deliver between 31,000 and 34,000 vehicles in Q2, down from 34,561 units in the first quarter.

GME.NY 3.48%
GameStop Corp – Higher on light volume premarket after officially launching its digital wallet to store, send and receive cryptocurrencies and non-fungible tokens (NFTs) across decentralized apps. The wallet extension can be added from the Chrome Web store and will also allow transactions on GME’s NFT marketplace, expected to launch in co’s fiscal Q2 this year.

Monkeypox Stocks – Active again premarket trading higher after Belgium on the weekend became the first country to introduce a mandatory 21-day quarantine for monkeypox patients as cases spread globally. The U.K. has also urged close contacts of monkeypox patients to self-isolate to stem a recent mysterious outbreak of the disease, which is typically endemic to Africa. The WHO has so far confirmed 92 cases of the disease in 12 countries, with a further 28 suspected cases under review. SIGA, GOVX, INO, EBS

Leave a Reply

Your email address will not be published.