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Microsoft Corp – After an early sell off following the cloud revenue numbers the stock rallied back to end the post market positive after the company reassured investors that its enterprise internet cloud business category has plenty of room to grow. The company forecast revenue for Microsoft Intelligent Cloud unit of $18.75 billion-$19 billion for the third quarter, compared with a Wall Street consensus of $18.15 billion, according to Refinitiv data. Both EPS and Revenue numbers overall for the quarter topped estimates.
Boeinc Co – Said it incurred a $3.5 billion charge in the fourth quarter due to longer-than-expected delivery delays of its problem-plagued 787 widebody jet. Still, Boeing generated positive cash flow in the fourth quarter, representing its first positive cash quarter since early 2019, fueled by 737 MAX deliveries as air travel rebounds from the pandemic. The company also said it nows sees 787 related abnormal costs rising to about $2 Billion. EPS of -$7.69 misses by $7.50, revenue of $14.79B misses by $1.87B –
Chip Stocks – Higher as a group looking to add to yesterday afternoon’s rally, INTC shares in focus ahead of earnings from the company after market tonight. The company also scored a major win today as an appeals court has scrapped a $1.2 bln EU antitrust fine against the company. AMD, NVDA, INTC, AMAT, TSM
Tesla Inc – Higher premarket ahead of earnings after the close, analysts expect revenue of $16.4 bln. Ahead of earnings, CEO Elon Musk tweets that he has been driving a prototype of the Cybertruck electric pickup truck around Giga Texas; Musk says “It’s awesome.” The billionaire has said he will provide an updated product road map on the earnings call. Earlier, Reuters reported that the Cybertruck would be delayed to 2023 than the earlier planned 2022.
EV Stocks – Higher has a group, NIO shares are rallying after the media reports are suggesting the company is said to be exploring a secondary listing in Singapore, instead of Hong Kong, where they are facing regulatory scrutiny. LCID, NIO, RIVN, RIDE, XPEV, NKLA
Mattel Inc – Said on Wednesday it had won a license to make toys based on Walt Disney Co’s “Frozen” franchise and princess lineup, years after losing the license to rival Hasbro Inc. A deal would reunite the popular Disney characters with Mattel. The company will start selling new Disney toys in 2023.
DraftKings – Morgan Stanley Upgrades to Overweight from Equalweight – PT $31.
Vinco Ventures – The highly shorted, retail favorite is higher premarket on heavy volume. No significant news.