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Squeeze Stocks – Support.com shares are leading this group higher premarket up as much as 10% in early trading, meanwhile yesterday’s big winner Vinco Ventures Inc is trading slightly lower to start despite its shares still being up more than 200% in the past month. Ihor Dusaniwsky, head of analytics at S3 Partners, speaking on CNBC yesterday provided reason as to why this round may be different saying, “The move starts with ‘act one’, meaning you buy incessantly, driving the stock price higher. This is followed by “act two,” in which short sellers hedge their positions, creating a short squeeze situation, Dusaniwsky said “We have the former in stocks like BBIG and SPRT, but unfortunately there isn’t enough short selling to have a big effect on the stock price.” SPRT, BBIG, FCUV, SKLZ
Chargepoint Holdings – Shares of electric-vehicle charging company are trading higher premarket after it posted Q2 revenue that jumped 61% to $56.1 mln, beating estimates of $49.1 mln. The company said it benefited from growing its charging station network, and deals to beef up its technology. CHPT also raised its full-year revenue forecast by 15% to between $225 mln and $235 mln, which is above expectations. Activated ports now exceed 118,000 as of July 31 with over 5,400 in Europe and more than 3,700 DC fast charge ports.
Chewy Inc – The specialty retailer posted a larger-than-expected loss for the second quarter and had slightly less active customers than Wall Street had expected. CHWY said it lost $17 million, or 4 cents a share, in the quarter, compared to a loss of $33 million or 8 cents a share in the same quarter a year ago, missing estimates for a quarterly loss of 2 cents a share. Revenue rose 27% to $2.16 billion from $1.70 billion a year ago, in line with the company’s expectations and guidance. Chewy, which sells a variety of pet products, said it closed the quarter with 20.1 million active customers, up 21% year over year.
Crypto Stocks – Back on watch with BTC trading back above $50k for the first time since August 23rd. The group is up 4-5% across the board with most trading at or near long term support areas. COIN, SI, MSTR, SOS, RIOT, MARA, FTFT, BTBT
Virgin Galactic – Trading lower this morning after the U.S. Federal Aviation Administration (FAA) said on Wednesday it is investigating descent deviation of July 11 flight of SPCE rocket plane that carried British billionaire Richard Branson. FAA spokesman told Reuters vehicle “deviated from its Air Traffic Control clearance as it returned to Spaceport America. The FAA investigation is ongoing.” Branson, one of six Virgin Galactic employees who took part in the flight, touted the mission as a precursor to a new era of space tourism.
Asana Inc – The work management software maker’s shares are set for a record high open after it raised its full-year revenue forecast on Wednesday post-market, after a Q2 rev. beat and a narrower-than-expected loss based on Refinitiv estimates. ” Announced record second quarter fiscal 2022 revenues, ASAN now expects Q3 non-gaap loss per share $0.26 to $0.27 after posting a Q2 non-gaap loss per share $0.23.
C3Ai – Posted its quarterly earnings results after market Wednesday. The company reported ($0.37) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.28) by ($0.09. The company had revenue of $52.41 million for the quarter, compared to analyst estimates of $51.27 million. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. C3.ai updated its Q2 2022 guidance to EPS and its FY 2022 guidance to EPS.
Plus Therapeutics – The cancer treatment developer’s shares are sharply higher after it struck a deal with biotech firm RadioMedix Inc for commercial production of PSTV’s radiopharmaceuticals. The deal supports PSTV’s efforts to have fully compliant Rhenium-186 NanoLiposome – a radiation treatment – available by mid-2022.
Workhorse Group Inc – Looking to rebound after yesterday’s selloff that was triggered by a report suggesting the U.S. Securities and Exchange Commission (SEC) has opened a probe into the electric vehicle maker. The securities regulator disclosed in a letter dated June 30 that its enforcement division had been investigating Workhorse and that the probe is “still active,” according to a copy published on the website of short seller Fuzzy Panda Research.
Tiziana Life Sciences – Announced an exclusive License Agreement to evaluate Foralumab, a Novel, Fully Human Anti-CD3 Monoclonal Antibody, in Conjunction with Allogeneic CAR T Candidates for Cancer Treatment.