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Micron Technology Inc – Shares of memory chip maker are lower premarket after the company said it now sees Q1 earnings below analyst expectations, with chip shipments set to fall due to lower PC making demand stemming from a parts shortage. Co sees Q1 rev at $7.65 bln, plus or minus $200 mln, below estimates of $8.57 bln; Expects EPS at $2.10, plus or minus 10 cents, below estimates of $2.33. One of Apple Inc’s major suppliers also said it is experiencing shortages within its own supply chain; Recent power outages in China have caused widespread disruption in tech supply chains.
Boeing Co – Bernstein analysts say the time to party for commercial aircraft is “not there quite yet, but the path now looks secure”, as it points to the rapid acceleration in vaccine penetration. “We are finally at a point where we see most major markets falling into place over the next six months.” The broker upgrades Airbus, Boeing and Spirit AeroSystems Holdings to “outperform” while raising its traffic and capacity forecast and delivery outlooks.
Lucid Group Inc – In a general corporate update the company’s CEO said it plans to start delivering luxury electric sedans with a Tesla-beating driving range in late-October, ahead of schedule. The company also said ’22 and ’23 production targets are also ahead of schedule. The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles.
Affirm Holdings – Shares of “buy now, pay later” firm are higher premarket after brokerage Jefferies raised its PT to $110 from $82. AFRM plans to debut a debit card and allow customers to trade cryptocurrencies on its app, among other product developments, it said on Tuesday in an investor presentation.
Amc Entertainment – Shares are lower for the third straight session after the company announced COO Ed Carroll plans to step down.
SOFI Technologies – Announced proposed convertible senior notes offering due 2026. The fintech company will raise $750M through the convertible debt offering.
Applied UV Inc – Announced the acquisition of assets of KES Science & Technology. Developed for NASA as a patented pathogen killing technology; patents were originally obtained by KES. Expands access to food distribution, grocery chains, and fast-growing cannabis market. Proprietary photocatalytic oxidation process thoroughly destroys viruses (including COVID-19), bacteria, spores, and fungi. KES is expected to contribute significantly to revenues in 2022 and be immediately accretive to Applied UV’s earnings per share.
Geovax Labs Inc – Shares are set to open near one-month high after the company announced it has entered into a license agreement with PNP Therapeutics to acquire the exclusive rights to develop and commercialize Gedeptin, a treatment of solid cancer tumors.
Fortress Biotech – Rallying on the news of the impending acquisition of Caelum Biosciences, a clinical-stage biotechnology company it founded. According to a press release from Fortress and Caelum, Alexion, now owned by AstraZeneca has exercised its option to acquire Caelum in line with a Development, Option and Stock Purchase Agreement between Fortress, Caelum, Alexion, and several other parties.