Morning Movers
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Big Tech – Back on watch with most in the group looking to go green in premarket trading, the group was responsible for most of the impressive two day rally we saw to end last week. AAPL shares active this morning after supplier Foxconn said its supply chain concerns will improve going into H2 as China prepares to lift COVID restrictions in key export hub Shanghai. Foxconn Chairman Liu Young-way says co is “quite confident in the stability of our supply chain”. Foxconn is Apple’s largest contract manufacturer, warned earlier this month that revenue for its electronics business could suffer because of rising inflation, cooling demand and escalating supply chain issues partly due to lockdowns in China. AMZN, Jefferies cuts target price to $3250 from $3700. AAPL, MSFT, GOOGL, AMZN, AMD, NVDA

Oil Stocks – On watch as crude trades up more than 3% premarket, the EU agreed to a partial ban on Russian oil and China decided to lift some coronavirus restrictions amid rising demand ahead of peak U.S. and European summer driving season. XOM, OXY, CVX, MRO, HUSA, IMPP, INDO

UL.NY 6.50%
Unilever – Trading higher on news of the appointment of US activist investor Nelson Peltz to the board of Unilever on Tuesday as analysts speculated it could bring a shake-up at the consumer giant. The maker of Ben & Jerry’s ice cream, Dove soap and Hellmann’s mayonnaise among others, said that Mr Peltz would join the board after the firm he runs took a stake worth tens of millions.

AMC.NY 9.42%
AMC Entertainment – Big move this morning benefitting from an impressive $124m debut weekend for Top Gun Maverick, the sequel to the 1986 blockbuster opened in 4,735 locations across the U.S. and Canada on Friday, making it the widest theatrical release in Hollywood history.

RIVN.NQ 1.84%
Rivian Automotive – Higher after an impressive rally to end last week, the company said on Friday Charly Mwangi, who helped kick-start the electric-vehicle maker’s manufacturing process, will leave the company. Mwangi, a former Tesla Inc executive, served as Executive Vice President from May 2020 at Rivian. He brought the R1T pickup truck and R1S SUV to production in late 2021.His departure comes amid the arrival of former Magna International executive Frank Klein, who is due to take over as chief operations chief in June and oversee production, supply chain and manufacturing engineering. Rivian’s Chief Executive RJ Scaringe has said it would be able to double its production if there were no supply constraints, after he pointed to allocation of semiconductors being an issue.

TSLA.NQ 1.92%
Tesla Inc – Extending its current four session winning streak, EV makers are gaining across the board including Chinese stocks after China lifted some COVID restrictions after positive cases fell below 100 for the first time since March.

NIO.NY 6.22%
NIO Inc – Higher on positive covid news out of China and after Morgan Stanley added the China-based electric vehicle maker’s stock to its “tactical idea” list.

Crypto Stocks – Big rally in BTC has most trading higher premarket looking to play catch up with the rise in bitcoin prices after a long weekend rally. MSTR who owns 129,218 bitcoins for a total cost of $3.97 bln or $30,700 per bitcoin, is leading the rally up nearly 10% in early trading. The ProShares Bitcoin Strategy ETF BITO, which tracks bitcoin futures, added 9%. MSTR, HUT, RIOT, MARA, BTBT, COIN, BITO

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