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M.NY 13.64%
Macy’s Inc – Higher after raising its FY 2022 profit forecast, saying it now expects adj EPS between $4.53 and $4.95, up from previous view of $4.13-$4.52. The company’s net sales rose to $5.35 billion in the first quarter ended April 30, from $4.71 billion a year earlier. Analysts had expected sales of $5.33 billion. Non-GAAP EPS of $1.08 beats by $0.25, revenue of $5.35B beats by $20M.

NVDA.NQ -4.26%
Nvidia Corp – Trading lower after forecasting its sales of video game chips would decline in the current quarter, and startled some analysts by laying out new supply-chain issues resulting from China’s COVID-19 lockdowns. Nvidia forecast second-quarter revenue of $8.10 billion, plus or minus 2%. Analysts on average expected $8.45 billion, according to IBES data from Refinitiv. Positive, data center client demand remained strong as more firms shift to the cloud and incorporate artificial intelligence in their operations. That and automotive sales helped offset the decline in gaming. Data center revenue for the first quarter marked a record $3.75 billion, up 83% year on year. Gaming revenue in the first quarter was also a record $3.62 billion, up 31% year on year. Revenue for the first quarter ended May 1 rose 46% to a record $8.29 billion. Excluding items, the company earned $1.36 per share, beating estimates of $1.29

SNOW.NY -11.58%
Snowflake Inc – Reported quarterly adjusted earnings of 8 cents​​ per share for most recent quarter, revenue rose 84.5% to $422.37 million from a year ago; analysts expected $412.76 million. EPS for the quarter was a loss of 53 cents​ or $165.8 million both higher than expected. The mean earnings estimate of analysts had risen by about 142.2% in the last three months.​ The company also said continued macro issues are impacting some customer activity. Guidance was at the low end of prior range.

GME.NY -0.24%
GameStop Corp – Along with fellow original meme stocks AMC back on watch this morning after impressive moves yesterday, new data from analytics firm ORTEX showed the cost of borrows for GME shares at almost 27% a sharp month over month increase sparking fresh social media “short squeeze” speculation. AMC

BABA.NY 4.34%
Alibaba Group Holdings – Beat market expectations for fourth-quarter revenue, powered by demand for its ecommerce and cloud services as lockdowns in the country’s biggest cities forced offices to shift to remote work. Demand for online services ranging from shopping to cloud-based products has skyrocketed in China as strict lockdowns prompt people to work, shop and keep themselves entertained from homes. Revenue in the cloud computing division rose 12% to 18.97 billion yuan in the reported quarter. At the core commerce unit, its largest, revenue rose 8% to 140.33 billion yuan. Overall, revenue rose 9% to 204.05 billion yuan ($30.35 billion) in the quarter. Analysts on average had expected revenue of 199.25 billion yuan, according to Refinitiv data.

DOLLAR.STOCKS 12.50%
Dollar Earnings – Both DG and DLTR higher premarket after topping estimates with latest results, DG raised FY sales forecast as more Americans turn to discount store shopping with inflation at a four-decade high. DG reaffirmed forecast for FY2022 EPS, as sales of consumables with low gross margins such as paper, food and cleaning products have increased. DLTR meanwhile forecast fiscal 2022 net sales to be in the range of $27.76 billion to $28.14 billion, compared with its prior forecast of $27.22 billion to $27.85 billion. Analysts on average expect $27.95 billion. The company reported GAAP EPS of $2.37 beating by $0.36, revenue of $6.9B beat by $130M.

GME.NY -1.45%
GameStop Corp – Along with fellow original meme stocks AMC back on watch this morning after impressive moves yesterday, new data from analytics firm ORTEX showed the cost of borrows for GME shares at almost 27% a sharp month over month increase sparking fresh social media “short squeeze” speculation. AMC

WSM.NY 8.87%
William-Sonoma Inc – Pottery Barn owner Williams-Sonoma is higher after the co’s results topped estimates on strong demand for its furniture and home improvement goods. Q1 revenue and profit estimates both beat, helped by strong demand for its furniture and home improvement goods as consumers indulge in do-it-yourself (DIY) home projects that became popular during lockdowns. WSM’s Q1 net revenue up 8.1% at $1.89 bln vs estimates of $1.81 bln.

AAPL.NQ -1.17%
Apple Inc – Shares are lower to start on a Bloomberg report suggesting the company plans to keep iPhone production for 2022 roughly flat at about 220 million units, the report pointed to China’s COVID-19 curbs, global supply chain issues, and cooling demand continue to hurt smartphone makers.

TWTR.NY 5.60%
Twitter Inc – Up sharply premarket on reports Tesla boss Elon Musk has lined up additional $6.25 billion in equity financing to fund his $44-billion deal to buy the platform. Musk’s latest move signals his intent to close the deal, after he had said earlier this month that the acquisition was “on hold” pending review of fake and spam accounts.

RDBX.NQ 9.16%
Redbox Entertainment – Continues to gather social media interest as a potential “short squeeze” stock, 10m float that is 8% shorted.

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