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Cruise Operators – Trading higher as a group in the premarket after a steep selloff late in the session yesterday, the CDC said on Wednesday it would keep its stringent framework for the resumption of cruise ship operations through Nov. 1 of this year, rebuffing an industry body’s push to lift the order early. Earlier in the day the Cruise Lines International Association had urged the CDC to allow for a return to sailing from U.S. ports by early July, arguing that the health agency’s stance did not reflect the accelerated roll out of vaccines or cruise operators’ safety advancements. CCL, RCL, NCLH
TECH – The selloff resumed yesterday with big named tech stocks falling 2 plus percent across the board, the declines came even as the US10YR yield dropped to 1.61% after hitting a 14 month high last week. Apple, Facebook and Netflix shares all ended the session down more than 2%, while Tesla fell 4.8%. Apple was also under pressure as rival Samsung unveiled its latest, updated smartphone offerings. AAPL, NFLX, FB, TSLA
Quantumscape Corp – Back on watch this morning after a 15% slide in Wednesday trading, shares of the EV battery maker have struggled to find traction this week since the company announced Monday it plans to raise more capital through a share offering. In its last earnings report QS said it has successfully built its first multilayer battery cell with four layers. This helps confirm the technology is feasible. It has plans to scale up the technology to have an eight- to 10-layer cell by the end of this year.
Energy Stocks – Recorded solid gains on Wednesday as oil prices rallied nearly 6% on news of the Suez Canal blockage. The latest reports this morning suggest the container ship currently sideways across the canal may take weeks to remove possibly disrupting global supply chains for same period. The latest crude oil inventory data in the US also showed a much larger than expected increase in crude supplies last week as many continue to the work from home. XOM, CVX, COP, OXY, BP
Nike Inc – Down 4% premarket after the company was heavily criticized on Chinese social media late Wednesday after a statement from the sporting goods giant was found stating it was “concerned” about reports of forced labour in Xinjiang and that it does not use cotton from the region. The fallout comes as relations between the US and China have deteriorated in recent years. In the latest development, the United States, the European Union, Britain and Canada on Monday imposed sanctions on Chinese officials for alleged human rights abuses in Xinjiang. China retaliated with sanctions on European lawmakers and institutions.
NFT Stocks – Continue to be the latest trading craze as NFTs explode in popularity, according to Nonfungible.com the total value of NFT transactions quadrupled to $250 million in 2020, while in the past month alone overall NFT sales volumes exceeded $220 million. Its estimated $90m has been poured into NFT related stocks so far in 2021. WKEY, TKAT, OCG, CSCW, CIDM, DLPN, HOFV, YVR
Bionano Genomics – The recent high flying genome analysis company is lower this morning after reporting earnings on Tuesday, BNGO announced plans for a $350m share offering after market yesterday. BNGO said it plans to use net offering proceeds to support its growth strategy, for working capital and general corp purposes, including R&D and capex, and may pay down debt.
GameStop Corp – Higher premarket after tumbling more than 18% on Wednesday, the company announced plans for a share offering in an effort to fund its transition to an e-commerce company. The company said on Tuesday after reporting quarterly results that it has been considering since January whether to increase the size of the $100 million share sale that it originally announced in December.
Rite Aid Corp – Fell 20% aftermarket yesterday after the company cut its FY forecast pointing to fewer people getting cold and coughs during the traditional cold and flu season. The revised expected full-year earnings before interest, taxes and depreciation now sees between $425 million and $435 million, from a prior forecast of between $490-520 million.
Immutep Ltd – The cancer immunotherapy company is trading higher on heavy volume in sympathy to positive cancer study data released by Bristol Myers.
Enochian Biosciences – Trading up 29% on a case report of complete remission in a brain tumor patient utilizing the company’s innovative glioblastoma therapy.