Morning Movers
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WDCMU.STOCKS 0.45%
Western Digital/Micron – Both back on watch after popping yesterday afternoon following a Wall Street Journal report indicating Western Digital is in advanced talks to merge with Japan’s Kioxia Holdings Corp in a deal that could be valued at more than $20 billion. The Wall Street Journal reported in March that Western Digital and Micron Technology were examining potential deals with Kioxia, which makes NAND flash-memory chips used in smartphones, computer servers and other devices. Micron’s interest has since cooled and Kioxia has been focused on discussions with Western Digital, which already has deep existing ties with the Japanese company.

XPEV.NY -1.40%
Xpeng Inc – Topped Q2 estimates reporting deliveries that were up 439% YoY, the company also guided Q3 revenue above consensus estimates. The company said it delivered 17,398 units in the quarter including P7 deliveries that rose 44.5% QoQ to 11,522 units, of which 97% can support XPILOT 2.5 or XPILOT 3.0. Revenues from vehicle sales increased 562.4% to $555.1M, mainly due to higher vehicle delivery, especially for the P7.

CRM.NY 2.86%
Salesforce.com – Trading higher after the enterprise software maker reported fiscal second-quarter earnings and forward guidance that exceeded analysts’ estimates. Revenue increased 23% year over year in the quarter to $6.34 billion surpassing estimates of $6.24 billion. Excluding items, the company earned $1.48 per share versus estimates of 92 cents.

WSM.NY 14.79%
William-Sonoma Inc – Trading sharply higher premarket after the retailer topped Wall Street expectations for its second quarter, raised its outlook, and increased its dividend by 20%, saying people continued to focus on their home and home decor in the pandemic. Williams-Sonoma said it earned $246 million, or $3.21 a share, in the quarter, compared with $135 million, or $1.70 a share, in the year-ago period. Adjusted for one-time items, Williams-Sonoma earned $3.24 a share. Sales rose to $1.95 billion from $1.49 billion a year ago.

SNOW.NY 4.13%
Snowflake Inc – Delivered better-than-expected results and a positive forecast for the current quarter. SNOW said product sales, which make up more than 90% of Snowflake’s revenue, will reach $280 million to $285 million this quarter, analysts expected an average of $271.4 million. Sales also exceeded projections in the second quarter and Snowflake posted a smaller loss than forecast. Reported a loss of 64 cents a share, less than the expected 70 cents.

KXIN.NQ 15.69%
Kaixin Auto Holdings – Signed a binding term sheet to acquire EV Manufacturer Henan Yuji, the company said it will negotiate further details of an acquisition agreement with yujie consistent with term sheet.

TSM.NY 0.83%
Taiwan Semiconductor – The WSJ is reporting the chipmaker plans to increase the price of its most advanced chips by roughly 10% – less advanced chips used by customers like automakers will cost about 20% more.

GSMG.NQ 40.65%
Glory Star New Media Group – Launched a subscription agreement to purchase up to $10 million shares and warrants at fixed combined purchase price of $3.50.

YY.NQ 13.76%
JOYY Inc – The company’s top two shareholders announced a plan to take the Nasdaq-listed company private in a deal that could value it at up to $8 billion.

RIDE.NQ 13.61%
Lordstown Motors Corp – RIDE says it had appointed Daniel Ninivaggi as its chief executive officer with immediate effect.

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