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Crypto Stocks – Down between 3.5 – 6.5% as a group this morning after the People’s Bank of China said in a Q&A that all crypto-related activities are illegal. Further, saying “Overseas based crypto exchanges providing services to mainland China are also illegal.” COIN, RIOT, MARA, MSTR, SOS, SI, SQ, BTBT, HUT
Nike Inc – JPM and Cowen both out cutting PTs on the stock this morning after NKE cut its fiscal 2022 sales expectations and said it expects delays during the holiday shopping season, blaming a supply chain crunch that has left it with soaring freight costs and products stuck in transit. Reported revenue in its latest quarter that rose to $12.25 billion from $10.59 billion while analysts on average had expected $12.46 billion. Nike’s net income rose 23 per cent to $1.87 billion, or $1.16 per share, in the first quarter.
Chinese Stocks – Back on watch as Chinese regulators clamp down further on crypto and tech related companies. Markets are still awaiting news on whether China’s Evergrande, the failing developer at the center of the property crisis in the country, will pay $83 million in interest on a U.S. dollar-denominated bond that was due Thursday. BIDU shares uder pressure separately as China’s antitrust regulator is unlikely to approve BIDU’s $3.6 bln acquisition of JOYY Inc’s YY.O video-based domestic live streaming business YY Live. BABA, PDD, JD, BIDU, YY, TEDU, GOTU
Costco – Reported quarterly adjusted earnings of $3.90 per share for the quarter topping estimates of $3.57 per share. Revenue rose 17.4% to $62.68 billion from a year ago; analysts expected $61.30 billion. Costco Wholesale Corp’s reported EPS for the quarter was $3.76. The company reported quarterly net income of $1.67 billion.
Affirm Holdings – Adding to a late session surge yesterday after the company launched its new Adaptive Checkout™ product. This latest product enables Affirm merchants to seamlessly offer customers even more choice and flexibility at checkout while increasing sales.
Marin Software – Back on watch after a late session rally Thursday, the company on Tuesday announced it had renewed a Google revenue share agreement.
AEHR Test Systems – Small cap manufacturer of semiconductor testing equipment reported record bookings in first quarter, beat estimates with its latest results and also raised its annual guidance approximately 80% on strength of semiconductor test and burn-in sales for Electric Vehicles.
VTV Therapeutics – Thursday after market close said its experimental treatment for psoriasis, HPP737, was safe and well-tolerated in an early-stage trial. The treatment showed improvement in proportion to dosage; no serious side effects or participant dropouts due to the treatment took place during the trial, even for the higher dose.
ZIVO Biosciences – Micro cap, low float(6.8m) biotech company rallying on no apparent news catalyst.