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Peloton Interactive Inc – Said on Friday the U.S. Department of Justice and the Department of Homeland Security had subpoenaed the company for documents and information related to injuries associated with its exercise machines. In May PTON decided to recall its treadmills, after multiple reports of injuries and death of a child in an accident. PTON also lowered the price of its exercise bike and said its near-term profitability would take a hit due to the pricing change and higher costs. It posted a 54% jump in fourth-quarter revenue, beating estimates, but reported a net loss of $313.2 million, or $1.05 per share, and vs a year-ago profit of 27 cents.
Gap Inc – Shares are set for their best day in nearly six months after the company raised its full-year net sales forecast for the second time, betting on hot demand for its Old Navy and Athleta clothing brands. GPS also raised its annual profit forecast, after reporting its highest second-quarter sales in over a decade. The retailer reported sales of $4 billion and said it made $258 million or 67 cents a share in the quarter.
Workday Inc – Set to open at multi-month highs after saying Q2 sales jumped ~19% to $1.26 bln and beat estimates of $1.24 bln, WDAY’s subscription revenue also rose 19.5%. Total revenues were $1.26 billion, an increase of 18.7%, the company reported an operating loss of $1.1 million with basic and diluted net income per share of $0.43.
Chinese Stocks – Back under pressure as a group led by tech stocks, China has issued draft guidelines on regulating the algorithms used by internet service providers to make recommendations to users, as part of its efforts to protect users’ privacy and data. This morning we also learned regulators are expected to ban data-tech heavy companies from U.S. IPOs. BABA, BIDU, JD, PDD, DIDI, NIO, IQ, TME, BILI
Marvell Technology Inc – The chip maker’s shares are trading lower premarket after it’s outlook range fell below the Wall Street consensus amid a global chip shortage. Marvell forecast adjusted third-quarter earnings of 35 cents to 41 cents a share on revenue of $1.11 billion to $1.18 billion. Analysts expect 37 cents a share on revenue of $1.13 billion. Meanwhile, the company reported a fiscal second-quarter loss of $276.4 million, or 34 cents a share, compared with a loss of $88.2 million, or 13 cents a share, in the year-ago period.
HP Inc – Missed Q3 revenue estimates due to persistent supply constraints, including parts shortage. HPQ posted Q3 revenue of $15.3 bln compared with analysts’ avg. estimate of $15.92 bln. Q3 revenue from segment including PCs was $10.4 bln, flat y/y. JP Morgan cuts PT to $35 from $38.
Support.com – Among the most actively traded stocks premarket for the third straight session, the small-cap online-services company’s stock has a 25.5% short interest and a 15m share free float.
NeuroMetrix Inc – Saw a significant decrease in short interest during the month of August according. As of August 13th, there was short interest totalling 423,400 shares, a decrease of 66.9% from the July 29th total of 1,280,000 shares.
Painreform Ltd – Micro-cap pharma company reported posted a smaller loss than expected in its latest quarter.