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Meme Stocks – AMC traded North of 3m shares before 7am EST this morning and is up more than 20% premarket coming off a day that saw nearly 700m shares exchange hands, AMC has now more than doubled in the last 4 trading sessions, meanwhile the company’s market cap soared past 10b yesterday and sits just above the 14b level this morning. Others in the group rallied yesterday as well GME shares gained 12% while BB added 10%. BYND meat shares have been included with these most recently, BYND has a 22.3% short interest and has gained 30% in five days. AMC, GME, KOSS, BB, BYND, EXPR, MVIS
Salesforce.Com – Delivered first quarter results, posting a record quarter on strong Customer 360 results. Salesforce posted $5.96 billion in revenue, a 23% increase year-over-year. Subscription and support revenue accounted for $5.54 billion of that, an increase of 21%, with the professional services and other revenue sources making up $0.43 billion, an increase of 47%. Salesforce issued stronger guidance than analysts were expecting, predicting $0.91 to $0.92 per share for the second quarter, on $6.22 billion to $6.23 billion.
HP Inc – Down 5% premarket after the company warned that the ongoing computer chip shortage could impact their ability to meet demand for laptops this year. However, HP posted upbeat Q2 revenue of $15.9 bln with its PC-related sales rising 27%, while notebook sales surged 47% from a year ago. J.P. Morgan is incrementally constructive on HPQ, on rebounding printing demand and margins, and continued strength in personal systems. Adds $1 bln in quarterly share buybacks should provide support near term; raised PT by $2 to $38, implying an upside of ~18.4% as of stock’s last close.
Palantir Technologies Inc – Announced a new $111m contract to provide mission command platform for the United States Special Operations Command. The contract is valued at a total of $111 million, inclusive of options, with $52.5 million executed upon award. The total contract includes a base year and one option year.
Boeing Co – Trading lower premarket after Thursday’s rally, the plane maker said on Friday it was providing the U.S Federal Aviation Administration with more information on its undelivered 787 Dreamliners, after a report it was again halting deliveries of the troubled plane. issues since late last year, and it only resumed deliveries of the bigger planes in March after a five-month hiatus.
Crypto Stocks – Under pressure with BTC prices down 8% this morning, taking losses sparked by a growing crackdown in China and environmental concerns to almost 40% so far this month. The group down between 3-5% premarket. MARA, RIOT, SOS, MSTR, SI, BTBT
Ford Motor Co – Back on watch looking to extend a two session rally that was kicked off by the company’s investor day earlier this week. The stock has climbed to its highest level since October 2015 after the automaker revealed plans to boost its bet on electric vehicles to $30 billion and pledged that 40% of vehicles sold would be battery powered by the end of the decade.
Vertex Energy Inc – Up another 40% in early trading adding to yesterday’s gains with multiple analyst upgrades on the stock this morning. The company announced it purchased Shell’s Alabama refinery for $75m.
Moxian Inc – The Chinese firm that describes itself as an offline-to-online social media services and Internet media marketing services provider is higher again in early trading. It is unclear why traders have been bidding it up without much in the way of operating results to latch on to justify the valuation. Moxian is not considered a meme stock, but could be benefiting from some crowdsourced enthusiasm of its own on a smaller scale.
Iterum Therapeutics – The Dublin-based drug developer is rallying after it said on Thursday the U.S. FDA does not see need for an independent advisory to the agency currently to discuss its drug to treat uncomplicated urinary tract infections.