Morning Movers
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AMC.NY 22.16%
AMC Entertainment – The “meme” stock rally continues, the stock hit a premarket high of nearly $44 this morning and are set to open at fresh record highs again after closing above $32 yesterday. Individual retail traders on social media forums seemed unfazed by a hedge fund flipping its stake in AMC, calling it overvalued. Hedge fund Mudrick Capital Management reportedly sold 8.5 million freshly issued AMC shares at a profit on Tuesday, according to sources, immediately after buying them. AMC had earlier said it was prepared to make acquisitions with the new issuance, worth about $230.5 million. AMC, GME, KOSS, BB, EXPR, MVIS

ZM.NQ 1.02%
Zoom Video Communications – Trading higher this morning after forecasting current-quarter revenue above estimates, as increased adoption of hybrid work models by companies is expected to drive steady demand for its video conferencing tools. Zoom became a household name and investor favorite in the past year, as businesses and schools switched to its services for virtual classes, office meetings and socializing. The company posted adjusted profit of $1.32 per share on revenue that nearly tripled to $956.2 million in the quarter, compared with estimates of a profit of 99 cents and $906 million in revenue.

TSLA.NQ -0.36%
Tesla Inc – Reversed an early decline in premarket trading after the company announced plans to spend more than $1B a year on sourcing battery raw materials from Australia. TeslaChair Robyn Denholm said “We expect our spend on Australian minerals to increase to more than $1 billion per annum for the next few years,” the company already sources three-quarters of its lithium feedstock and over one-third of its nickel from Australia.

ENERGY.STOCKS 0.80%
Energy Stocks – The group back on watch this morning after big moves Tuesday, Crude prices are solidly higher for the second straight session on increased demand and lower output concerns heading into the busy summer driving season in the US. Multiple positive analyst moves in the group today following the rally we saw to start the new trading week. XOM, OXY, CVX

EV.STOCKS -0.08%
Chinese EV Makers – Coming off solid rally’s to start the week, NIO, XPEV and LI are trading higher in early trading again this morning. We got mixed monthly sales numbers from the group yesterday as the global chip shortage continues to negatively impact the auto industry. Xpeng’s sales increased 10% month on month to 5,686 units in May while NIO’s sales declined 5.5% to 6,711 units compared to the previous month.

MNMD.NQ 2.87%
Mind Medicine – Trading up nearly 4% premarket after the California Senate quietly passed a bill yesterday to legalize possession of psychedelics like psilocybin and LSD for medical purposes.

DKNG.NQ -1.15%
Draftkings Inc – Trading lower premarket after failing to retake the key $50 level yesterday, Morgan Stanley downgrades DKNG and cut its PT on the stock to $58 from $63.

MITO.NQ 47.59%
Stealth BioTherapeutics – Sharply higher after the European Medicines Agency granted Orphan Drug Status for the company’s Genetic Disorder Treatment.

BCTX.NQ 99.37%
Briacell Therapeutics – Up sharply after reporting 12 months overall survival benefit in advanced breast cancer treatment patients in recent study.

TKAT.AM 3.39%
Takung Art Co – Back on watch this morning after yesterday afternoon’s impressive move, the Hong Kong-based company disclosed a “definitive agreement” with British Virgin Islands-based Cultural Objects Provenance Holdings Limited in a U.S. Securities and Exchange Commission filing. Cultural Objects has a subsidiary engaged in the operation of a non-fungible token or NFT platform related to collectibles, as per the filing.

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