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Nvidia Corp – Forecast Q2 revenue above estimates during its Q1 earnings report aftermarket yesterday, the company pointed to strong demand for its flagship gaming and artificial intelligence chips for data centers. The chipmaker reported both EPS and revenue for the quarter that topped estimates, total revenue was $5.66 billion during the first quarter, beating estimates of $5.41 billion. The company also said it is benefiting from a boom in cryptocurrency mining, though the company has tried to use technical changes to steer miners away from its gaming chips and toward purpose-built chips for mining.
Snowflake Inc – Lower in premarket trading after the company reported losses that continue to grow on pace with its booming sales totals. SNOW reported first-quarter loss of $203.2 million, or 70 cents a share, more than doubling the loss of $93.6 million from a year ago. Sales also more than doubled, coming in at $228.9 million after reporting sales of $109 million a year ago. Snowflake does not provide adjusted per-share earnings information.
MEME Stocks – Back on watch this morning trading lower as a group after three straight days of gains on increased online interest in the stocks again. CFRA analysts upgrade AMC shares from a “sell” to “hold”, no PT given. AMC shares are up nearly 40% since Friday’s $12.06 closing price while GME has gained 30% in the same period. AMC, GME, KOSS, BB, MVIS
Crypto Stocks – Higher this morning along with BTC prices, former Bitcoin skeptic and famed billionaire investor Carl Icahn commented on crypto markets recent volatility yesterday saying he’s looking to get into cryptocurrencies “in a big way.” He told Bloomberg he may invest more than $1 billion into digital assets. BTC is holding steady near $40000 this morning. SOS, BTBT, MSTR, MARA, RIOT, EBON, SI
Ford Motor Co – Up another 2% premarket off investor day optimism yesterday. Multiple analyst upgrades on the stock today including Wells Fargo, Deutsche Bank, RBC and others. Ford outlined plans to boost spending on its electrification efforts by more than a third yesterday saying it aims to have 40 percent of its global sales volume be all electric by 2030. Under the plan dubbed “Ford+”, meant to have investors value it more like a technology company, the No. 2 U.S. automaker said it now expects to spend more than US$30 billion on electrification, including battery development, by 2030, up from its prior target of US$22 billion.
Best Buy – Higher on light volume premarket after the electronic retailer raised its FY comparable sales forecast, as fresh stimulus checks helped boost spending at its stores. BBY said it now expects FY comparable sales to rise 3%-6%, compared to a previous forecast range of a fall of 2% to a rise of 1%. BBY posted profits of $2.23 per share vs $1.39 estimates for the quarter. Wall Street expected results to range from 96 cents to $1.76 per share, with a forecasted mean of $1.39 per share. The company reported revenue of $11.64 billion , which is in line with the estimated revenue.
Boeing Co – Trading higher in the premarket near one-month highs and set for a sixth straight day of gains, BA’s European rival Airbus the world’s largest planemaker, outlined an almost two-fold increase in production plan, citing a strong recovery in aviation from the COVID-19 pandemic. BA also upbeat over demand for freighter plane sales in China, as ecommerce booms in the wake of the pandemic. Boeing said this morning it will pay a $17m settlement over productions lapses related to the 737 MAX aircraft.
Ocugen Inc – Trading higher premarket following an update from the company on its covid-19 vaccine progress. Earlier in the week we learned the FDA would not hear any further EUA applications for a covid vaccine, OCGN said this morning it began talks with the FDA late last year and as a part of its recent Master File submission to the FDA will look for EUA authorization for its COVAXIN covid-19 vaccine.
Moxian Inc – China based, small-cap cloud computing company extending its recent gains in early trading this morning. No apparent or recent news catalyst.
Vertex Energy Inc – Small-cap oil and gas refiner trading sharply higher after announcing it has purchased Royal Dutch Shell’s 90,000 barrel-per-day refinery in Mobile, Alabama for $75 mln plus cost of hydrocarbon inventory.
Tellurian Inc – U.S liquified natural gas developer signed a 10-year agreement with commodity trader Gunvor Singapore Pte Ltd for 3 million tonnes per annum (mtpa) of LNG.