Morning Movers
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Meme Stocks – Remain on watch trading lower premarket with shares of GameStop and AMC Entertainment both nearly doubling in price over the last two weeks after worries over tighter monetary policy and the war in Ukraine slammed stocks earlier this year. Other impressive moves include a 26% rally in Cathie Wood’s ARK Innovation Fund and a 19% jump in cryptocurrency bitcoin. AMC, GME

Oil Stocks – Back on watch trading sharply lower as crude slides more than 5%, the Biden administration has said again it will consider releasing an additional 1m barrels of oil per day from the strategic petroleum reserve for about six months. Opec meanwhile in its latest meeting has stated that the IEA’s decision to release 61.7m barrels of oil stock has failed to calm the market volatility. XOM, OXY, CVX, DVN, MRO

PATH.NY -18.32%
UiPath Inc – Reported a higher-than-expected loss in the fourth quarter. UiPath swung to a loss of $63.1 million, or 12 cents a share, for the quarter ended Jan. 31, compared to a profit of $26.3 million, or 16 cents a share, in the year-ago period. Analysts expected a loss of 7 cents a share. Revenue rose to $289.7 million from $207.9 million. Analysts expected $283 million. The company guided for revenue between $223 million and $225 million in the first quarter of fiscal 2023, below analysts’ expectations.

AMD.NQ -2.04%
Advanced Micro Devices – Lower on a Barclay’s downgrade to “equal weight”, points to cyclical risk in several different end markets for the semiconductor maker.

MULN.NQ 4.95%
Mullen Automotive – Back on watch after yesterday’s impressive rally, Benzinga reported that the company’s CEO, David Michery in an interview said a “Fairly Large Company Will Be Buying The Company’s Van Vehicles In The Close Future”.

AAPL.NQ 0.16%
Apple Inc – Bloomberg reporting that the company is exploring new suppliers for memory chips used in its iPhones, including a potentially first Chinese supplier, after a key Japanese partner had an output disruption, Bloomberg News reported on Wednesday, citing sources. Apple is now testing sample NAND flash memory chips by Chinese semiconductor company Yangtze Memory Technologies Co.

TSLA.NQ 0.23%
Tesla Inc – The company has cancelled plans to resume production at its Shanghai factory on Friday and Saturday, an internal notice seen by Reuters showed, further delaying reopening of the manufacturing hub for its Model 3 and Model Y cars. The Shanghai factory, located in the Pudong district east of the city’s Huangpu River, suspended production from Monday to Thursday after the city launched a two-stage lockdown to combat a surge in COVID-19 cases.

LGVN.NQ 36.61%
Longeveron Inc – The highly shorted, retail favorite is moving premarket after the biotech firm highlighted positive data from a Lomecel-B study on the effects of Alzheimer’s Disease.

CLVS.NQ 46.45%
Clovis Oncology – Met a key goal for a ovarian cancer therapy in late-stage trial.

ISPO.NQ 32.16%
Inspirato Inc – Low float, former SPAC up sharply on heavy volume, no apparent news catalyst. Similar to FRGE from yesterday also worth a watch.

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