Morning Movers
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AAPL.NQ -2.55%
Apple Inc – Down 2% premarket after a Bloomberg report suggests that the company has told its suppliers demand for the iPhone 13 lineup has slowed. Citing people familiar with the matter, signaling that some consumers have decided against acquiring the hard-to-find item. The company had cut production of iPhone 13 by as many as 10 million units, down from a target of 90 million, due to a global chip shortage, but now it has informed vendors that even those orders may not materialize, the report said.

DWAC.NQ 23.31%
Digital World Acquisition Corp – Media reports late yesterday that former President Donald Trump’s new social media venture is seeking to raise up to $1 billion in additional funding, boosted shares of stocks tied the media company’s impressive initial rally. Shares of Phunware Inc, Remark Holdings, Benessere Capital BENE.O are all trading sharply higher in premarket trading. A surge in DWAC shares in Oct on plans to publicly list the social media venture prompted a sharp rise in MARK, PHUN, BENE, evocative of this year’s meme-stock frenzy. DWAC, PHUN, MARK, BENE

BA.NY 5.21%
Boeing Co – Higher after China’s aviation regulator cleared the Boeing 737 Max on Thursday to return to flying with technical upgrades more than two years after the plane was grounded worldwide following two fatal crashes. Chinese pilots will need to complete new training before commercial flights can begin, China Aviation Daily said, citing the Civil Aviation Administration of China.

SQ.NY -0.19%
Square Inc (Block) – Announced today it will change its corporate name to Block Inc., signaling a push beyond the company’s main sales and payments products into businesses like music, cash transfers and the blockchain. The company, co-founded and run by cryptocurrency enthusiast Jack Dorsey, said it will continue to call its seller product Square, and the new corporate identity won’t lead to any organizational changes. The company’s stock ticker — SQ — will also stay the same.

SNOW.NY 13.77%
Snowflake Inc – The data warehouse firm’s shares are sharply higher premarket after it reported Q3 revenue that jumped about 110% to $334.4 mln, beating analysts’ estimates of $305.6 mln. While the bigger than expected beat was driven by strong consumption from some of SNOW’s larger customers, the upbeat guide for Q4 product revenue helps illustrate that the trends in the business are durable and why Snowflake remains one of the really unique hyper-growth stories in software. The company also increased its FY sales forecast.

CRWD.NQ 2.23%
CrowdStrike Holdings – The company reported profits of 17 cents per share, 9 cents higher than the same quarter last year when the company reported EPS of 8 cents and also topped expectations. Revenue of $380.05 million also beat estimates of $363.53 million. CRWD also increased its FY ’22 guidance.

VIR.NQ 14.65%
Vir Biotech – Higher for the second straight day after VIR’s British partner GlaxoSmithKline said a lab analysis of their antibody-based COVID-19 therapy on hamsters has shown the drug is effective against the Omicron coronavirus variant.

RLX.NY 9.73%
RLX Technology – China’s tobacco regulator issued on Thursday draft rules governing e-cigarettes, moving the product away from a regulatory grey area and under the oversight of the state. The State Tobacco Monopoly Administration’s draft rules follow China’s cabinet last week amending its tobacco monopoly law to include e-cigarettes. According to the draft rules, companies selling e-cigarettes in China must meet national standards in order to register with the tobacco authority and do business legally.

ABUS.NQ 6.51%
Arbutus Biopharma – Higher for the second straight day after a federal appeals court on Wednesday rejected Moderna Inc’s bid to invalidate patents belonging to ABUS that could be crucial in development of future vaccines.

CFVI.NQ 24.04%
CF Acquisition Corp – Higher on news Canadian based, Youtube alternative Rumble Inc will go public in a $2.1b deal.

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