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Chewy Inc – Trading up more than 10% premarket after the company swung to a surprise profit in the fiscal fourth quarter benefiting from increased stay at home demand during the pandemic. The company has continued to benefit from growing adoption of online commerce in the pet category, getting a clear boost from the pandemic. Chewy stock in late trading surged 9% to $87.65. For the fiscal fourth quarter ending Jan. 31, Chewy reported revenue of $2.04 billion, up 51% from a year earlier, and ahead of the Wall Street analyst consensus estimate at $1.96 billion. Earnings were 5 cents a share, ahead of the Street’s consensus forecast for a loss of 10 cents a share. Gross margin was 27%, up 300 basis points from a year ago. Chewy also provided an upbeat forecast for its current quarter.
Lululemon Athletica Inc – Posted revenue and profit for the fiscal fourth quarter that topped analysts’ estimates, boosted by the athletic apparel maker’s online business, and double-digit sales growth in both its women’s and men’s divisions. LULU also offered an upbeat outlook for sales during the current quarter and for the year, continues to be among the biggest pandemic beneficiaries. Shares are lower this morning by more than 1 percent, having risen by more than 60 percent over the past 12 months.
Apple Inc – Trading higher in the premarket after having not participated in market moves over the past week and a half. The company announced its annual developer conference will begin June 7, the WWDC as its known, is typically where Apple unveils its new iPhone, iPad, Apple Watch, Apple TV and Mac software.
SNAP. NY 0.99%
Snap Inc – Snap quietly revealed renewed plans for a hardware push late yesterday saying new AR Spectacles and a Drone are in the works. Snap said its readying a new push into hardware with a more advanced version of its Spectacles smart glasses that feature displays capable of augmented reality effects. The company has reportedly also revived a years-long effort to build a drone.
Pfizer Inc – Trading higher this morning after saying its covid-19 vaccine is both safe and effective for young teens between 12-15 years old following its latest study. The company also said data has shown vaccines to also be highly effective in pregnant women and their babies.
Tencent Music Entertainment Group – Stocks linked to the Archegos liquidation continue to recover this morning, TME is active in the premarket trading up more than 2% early on.
Palantir Technologies Inc – Looking to extend yesterday afternoon’s rally this morning trading up more than 1% in the premarket, no significant news on the company this morning although PLTR did announce it has taken a stake in German air shuttle company Lilium via a private placement, Lilium has just filed for a US IPO via a SPAC deal with Qell Acquisition Corp (QELL).
Paysafe Group – Will start trading on the NYSE today under the symbol PSFE after completing its business combination via SPAC merger with Foley Transimene Acquisition Corp. II. Paysafe is a leading specialized payments platform, the merger was approved at a special meeting of stockholders of Foley Trasimene on March 25, 2021.
Cannabis Stocks – Trading higher as a group this morning after New York State passed a bill yesterday to become the 15th state to legalize recreational use, with Gov. Andrew Cuomo expected to sign it. TLRY, CGC, APHA, ACB are up between 1%-3%.
Arcadia Biosciences – Reported profits in the fourth quarter that were higher than estimates of losses. The company reported profits of 88 cents per share, $1.38 higher than the same quarter last year when the company reported EPS of -50 cents. Losses of -41 cents per share were anticipated by the two analysts providing estimates for the quarter. Wall Street expected results to range from -44 cents to -38 cents per share, with a forecasted mean of -41 cents per share. The company reported revenue of $ 7.13 million , which is higher than the estimated $1.26 million.
Prophase Labs Inc – Trading up nearly 20% premarket after the company announced it has acquired the “VaccTrack” suite of digital solutions that can provide secure and reliable certification of a user’s vaccination and COVID testing results.
VirTra Inc – Shares of the aerospace and defence firm are sharply lower this morning after the company announced plans for an $18 mln stock offering. The purchase agreement with certain institutional investors, will see the purchase of 3 mln shares of common stock at $6.00 per share, representing a 24.7% discount to the stock’s last close.