Watch us on YouTube Live at 8:30AM EST
Pinterest Inc – Multiple analyst downgrades and PT cuts this morning after the photo app missed the expectations of the number of users in the past quarter. Q2 user growth missed Wall Street estimates, while co says growth in U.S. was decelerating in the latest quarter, as of July 27, U.S. monthly active users (MAUs) have declined ~7% and global MAUs have grown about 5% y-o-y, it said overall, MAU grew only 9% to 454 mln during Q2; analysts on average estimated 487.1 mln. Q2 revenue more than doubled to $613 mln, compared with estimates of $562.1 mln.
Robinhood Markets – Slid below its initial public offering price in its trading debut after failing to win over some of the very retail investors it’s courting for long-term growth. The online trading platform focused on making investors out of millennials slid as much as 12 per cent in its trading debut Thursday before climbing back closer to – but still below – the price in its $2.1-billion IPO. Cathie Wood puts her stamp of approval on Robinhood and buys 1.3M shares .
DiDi Global – Back on watch trading lower after yesterday’s rally that was quickly erased after the company denied reports of plan to buy back its shares and go private following its debacle of an IPO and ever increasing Chinese Regulatory scrutiny. DiDi denied a report by The Wall Street Journal that the ride-hailing service was considering private. Meanwhile, China’s transport ministry said today its continuing its investigation into some online ride-hailing firms that are “infringing worker rights”
Chinese Stocks – Down again 4% plus as a group premarket after China’s Ministry of Industry and Information Technology (MIIT) said on Friday that big tech companies should step up the management of exporting “critical data” as well as their risk assessment of data security. The Internet Society of China, a non-governmental organisation, has met representatives from Alibaba and its fintech affiliate Ant Group, Tencent, ByteDance, Meituan, Baidu and others to address the implementation of China’s Data Security Law, under the authorisation of MIIT, the ministry said in a statement. BIDU, BABA, PDD, JD, TAL, EDU, GOTU, BILI, NIO
Nikola Corporation – Lower in premarket trading after yesterday’s slide, company founder Trevor Milton was arrested on fraud charges, later it was reported he post $100-million bail after pleading not guilty to misleading investors.
Cassava Sciences – Back on watch this morning trading sharply lower for the second straight morning, the company announced positive biomarker data from an open-label study of simufilam, it’s investigational drug for the treatment of Alzheimer’s disease.
United States Steel Corp – Higher premarket after posting adj EPS of $3.37, above analysts’ est of $3.08. The company reported net sales more than double to $5.03 billion, X posted a profit of $1.01 billion vs loss of $589 mln last year.
Erytech Pharma – Granted U.S. FDA Fast Track Designation for Eryaspase in Hypersensitive ALL.
Ardelyx Inc – Received a complete response letter from U.S. FDA for New Drug Application for Tenapanor for the Control of Serum Phosphorus in Adult Patients.
Xenetic Biosciences – Looking to extend gains from yesterday’s session after it announced earlier this week it had raised USD12.5 Million through a private placement of shares and warrants.