Morning Movers
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TSLA.NQ -5.01%
Tesla Inc – Down nearly 5% in early trading as Elon Musk has a “super bad feeling” about the economy and needs to cut about 10% of jobs at the electric carmaker, he said in an email to executives seen by Reuters. The message, sent on Thursday and titled “pause all hiring worldwide”, came two days after the billionaire told staff to return to the workplace or leave, and adds to a growing chorus of warnings from business leaders about the risks of recession. Almost 100,000 people were employed at Tesla and its subsidiaries at the end of 2021, its annual SEC filing showed.

AAPL.NQ -2.32%
Apple Inc – Lower premarket after Thursday’s impressive rally after EU countries and EU lawmakers are said to meet on June 7 to thrash out the details for a common charging port for mobile phones, tablets and headphones and are likely to clinch a deal. The proposal for a single mobile charging port was first broached by the European Commission more than a decade ago. It has drawn strong criticism from Apple AAPL.O whose iPhones are charged from a Lightning cable unlike Android-based devices which are powered using USB-C connectors. Morgan Stanley with a negative note on the stock this morning pointing to slowing App Store growth that could hit near-term results.

CHIP.STOCKS -1.50%
Chip Makers – Lower as a group in early trading, shares in MU are under pressure after Piper Sandler cuts target price to $70 from $90, citing the company’s oversized exposure to mobile, PCs, and other consumer end-markets and the associated trends in the macroeconomy. There have been multiple cautious notes on the space this week pointing to continued supply constraints and ongoing material shortages persisting. AMD, NVDA, MU, INTC

LULU.NQ 0.63%
Lululemon Athletica – Shares are higher after raising its full-year forecast on strong demand. The athletic-wear maker raised its full-year revenue and profit forecast largely above street estimates while also reporting q1 profit of $1.48/shr on rev of $1.6 bln, beating average analyst estimates as per Refinitiv. The company said it now expects Q2 adjusted profit of $1.82 to $1.87 per share, on revenue between $7.61 bln and $7.71 bln. Multiple upgrades and PT increases this morning.

COIN.NQ -4.23%
Coinbase Global – Back under pressure in early trade as BTC prices slip below $30k again, the company also said it will extend its hiring freeze for the foreseeable future and rescind a number of accepted offers in order to deal with current macroeconomic conditions. Coinbase earlier froze hiring for two weeks as fears of rising interest rates rocked the cryptocurrency market.

CRWD.NQ -4.61%
CrowdStrike Holdings – Lower on light volume pre market despite an earnings beat, CRWD reported Q1 earnings per share (EPS) of $0.31, which was considerably ahead of the $0.23 estimate. Revenue also comfortably beat estimates, reaching $488 million against the average estimate of $463 million. CrowdStrike also provided updated guidance for Q2 earnings. CRWD now forecasts Q2 revenue of $514.75 million and the midpoint on EPS of $0.275 vs prior estimates of $510 million in revenues and EPS of $0.24. Crowdstrike also gave upgraded guidance for 2023, which again was higher than previous analyst forecasts.

OKTA.NQ 15.77%
OKTA Inc – The cybersecurity name is sharply higher after reporting Q1 revenue surged 65% to $414.9 mln vs ests. of $389 mln. OKTA also reported subscription revenue of $110.9 mln, up from $52.39 mln, a year earlier. The company forecast Q2 revenue of $428 mln to $430 mln, above ests. of $422.3 mln.

EFOI.NQ 27.93%
Energy Focus Inc – Micro cap renewable energy firm up on increased volume with no apparent news catalyst. Tiny float, 5m shares.

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