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Zoom Video Communications – Posted its first billion-dollar revenue quarter but signaled a faster-than-expected easing in demand for its video-conferencing service after a pandemic-driven boom. The company on Monday forecast third-quarter revenue between $1.015 billion and $1.020 billion, compared with the analysts’ average estimate of $1.013 billion. That indicates a rise of just about 31.2% from a year earlier, compared with multiple-fold growth rates in 2020 when the COVID-19 crisis had turned Zoom into a household name due to the rise of remote working and schooling. It forecast third-quarter adjusted earnings between $1.07 and $1.08 per share, compared with expectations of $1.09 a share.
Paypal Holdings – Looking to extend gains from Monday’s session this morning, shares jumped 4% following a CNBC report suggesting the company was exploring ways to let its U.S. customers trade individual stocks on its platform. The report also said the payments company has hired brokerage industry veteran Rich Hagen, to lead the effort. Hagen is the chief executive officer of Invest at PayPal, as well as the co-founder and former president of brokerage Ally Invest, according his LinkedIn page.
Robinhood Markets – Extending declines from late in the session yesterday initially coming under pressure from the PYPL news, fell further however after Gary Gensler, chair of the U.S. Securities and Exchange Commission, told Barron’s in an interview published on Monday that payment for order flow has “an inherent conflict of interest.” And, a ban was still “on the table.”
Alibaba Group Holdings – Trading solidly higher premarket despite Bloomberg reporting this morning that China plans to oversee e-commerce companies like Alibaba Group Holding Ltd. and Pinduoduo Inc. including by holding them accountable for intellectual property violations. According to a state-published draft revision of the country’s e-commerce law, e-commerce platforms will be restricted in online business activities or even have their license revoked if they fail to address serious violations of IP rights by suppliers on their platforms’ Administration for Market Regulation. The market watchdog is asking for advice on the draft review until October 14. PDD
Support.com – The latest leader of the meme stock craze surged to a 17-year high of $59.69 on Friday, after experiencing a 66% jump in mentions on Reddit’s WallStreetBets forum over the last week, and attracting attention on retail trading forum Stocktwits. SPRT shares are now pacing for an eighth-straight day higher, SPRT has added more than 223% in this short time frame. The stock has a 15m share float that is more than one quarter short.
Virgin Galactic – Trading higher premarket after Jefferies analysts initiated coverage on the stock with a “BUY” rating and a $33 PT.
Moderna Inc – Coming off a second straight sharp decline, looking to bounce after a study published by the Journal of the American Medical Association showed the company’s Covid-19 vaccine produced more than twice the number of antibodies as the Pfizer-BioNTech vaccine. The stock has been under pressure since late last week when Japan announced it was suspending the use of 1.63 million doses on contamination concerns.
AC Immune SA – The clinical-stage biopharmaceutical company released the first positive cognitive results for a Tau-Targeting Monoclonal Antibody in Alzheimer’s Disease.
Regional Health Properties – Micro cap, self managed REIT, no apparent news on the company, $14.5m market cap, 1.5m share free float.
Siyata Mobile – Another Micro cap, low float stock trading higher premarket without an obvious news catalyst, $18.2m market cap, 4.1m.