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Paypal Holdings Inc – Reported second-quarter earnings and total payment volume that topped estimates. The stock is lower after revenue missed targets amid former parent eBay’s phase-out of an e-commerce partnership. PayPal’s revenue guidance for the third-quarter also missed analyst estimates. Earnings came in at $1.15 per share, up 7% from a year earlier. San Jose, Calif.-based PayPal said revenue rose 17% to $6.24 billion, including the acquisition of Honey Science. Analysts expected PayPal earnings of $1.13 a share on revenue of $6.27 billion. A year earlier, PayPal earned 1.07 a share on sales of $5.26 billion.
Facebook Inc – Facebook saw its fastest growth this quarter since 2016, despite regulatory concerns and criticisms surrounding misinformation on the platform. The social media company’s overall revenue hit $29bn, above forecasts of $27.89bn, and its profits doubled from a year earlier to $10.39bn thanks to a boom in online advertising. However, the stock is lower after it warned of a potential slowdown in the second half of the year.
Ford Motor Co – Reported a surprise profit for the second quarter and raised earnings and cash flow guidance for the full year despite the global chip shortage. Wall Street expected Ford to narrow net loss per share to 3 cents from 35 cents a year ago. Ford raised its full-year operating profit estimate by about $3.5 billion, to between $9 billion and $10 billion. The company reported an operating profit of $1.1 billion, and boosted its full-year forecast for adjusted earnings before interest and taxes to between $9 billion and $10 billion. Net income dropped to $561 million from $1.1 billion in the year-ago quarter. Revenue climbed to $26.8 billion from $19.4 billion over the same period. Automotive revenue in North America jumped 37% to $15 billion. Revenue in Europe climbed 55% to $5.6 billion, but fell 31% to $600 million in China.
Robinhood Markets Inc – Robinhood is set to make its debut on the Nasdaq today under the symbol HOOD. Through its app, Robinhood has introduced millions to investing and reshaped the brokerage industry, all while racking up a long list of controversies in less than eight years. Robinhood Markets and three of its executives are selling up to 60.5 million shares of its stock in an initial public offering that was priced late Wednesday at $38 a share, the low end of its expected range of $38 to $42, indicating tepid investor interest.
DiDi Global Inc – Up 15% premarket on heavy volume after the WSJ reported that Didi was considering going private to ease investor concerns as Chinese crackdown widens. The company’s shares have lost as much as 37% in value from their IPO price of $14 after Beijing launched an investigation days after its hotly anticipated U.S. market debut last month. The ride-hailing giant later said a “rumour” that it could go private was not true.
Uber Technologies Inc – Down sharply in early trading on a Reuters report suggesting SoftBank is said to be selling about 45 million of its shares in Uber. The report also suggested any buyer will have a 30-day lockup period. The report added that the Japanese investment giant’s motive was unrelated to the performance of Didi Global and Alibaba and SoftBank just thought it was a good time to cash out partially on its Uber stake and take some profit.
Tilray Inc – Active premarket for the second straight session after the Canadian cannabis producer posted better than expected fourth-quarter income of $0.18 per share on revenue of $142.2 million yesterday. The stock added nearly 15% yesterday following the glowing, post Aphria merger results.
LendingClub Corp – The profits announced in the second quarter were higher than estimates of losses. The company reported profits of 9 cents per share, 69 cents higher than the same quarter last year when the company reported EPS of -60 cents. Losses of -43 cents per share were anticipated by the four analysts providing estimates for the quarter. Wall Street expected results to range from -55 cents to -35 cents per share, with a forecasted mean of -43 cents per share. The company reported revenue of $204.38 million, which is in line with the estimated revenue.
Flora Growth Corp – The leading all-outdoor cultivator and manufacturer of global cannabis products and brands, announced that it has entered into a non-binding Letter of Intent (“LOI”) with Evergreen Pharmacare Pty Ltd. a licensed Australian importer and distributor of medical cannabis products, to supply its premium dried flower and derivative products. The Company expects to ship its medical-grade cannabis products upon completion of its first commercial harvest and obtaining necessary export licenses. Data firm, FreshLeaf Analytics, forecasts the Australian medical cannabis market to surpass AU$200 million in 2021.
Nanovibronix Inc – Remains on watch after another big rally Wednesday, the company announced earlier in the week it had shipped its first order of Painshield Plus.
Cocrystal Pharma Inc – Cocrystal Pharma’s SARS-CoV-2 3CL Protease Lead CDI-45205 demonstrates broad-spectrum activity against the SARS-CoV-2 Delta and Gamma Variants.