Morning Movers
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CHIP.STOCKS -0.20%
Chip Makers – Back on watch ahead of earnings after the close from AMD, NVDA shares are trading lower after a cautious note on the stock from Morgan Stanley analysts this morning. The group was among the strongest in the late session rally we saw yesterday after leading Friday’s sharp sell off. AMD, NVDA, INTC, MU, AMAT

PFE.NY -1.06%
Pfizer Inc – Maintained its sales forecasts for its COVID-19 vaccine and pill for the first time since the U.S. drugmaker launched them, in a sign that the rapid demand in the past few quarters has slowed. The company said it expects $22 billion in sales of its COVID pill Paxlovid this year, compared with analysts’ average expectation of $26.1 billion. The company also reiterated its forecast of $32 billion in sales from the vaccine it developed with BioNTech. The company said it now expects full-year adjusted profit of $6.25 to $6.45 per share, below its prior forecast of $6.35 to $6.55, mostly due to the impact of those expenses.

FB.NQ 0.18%
Meta Platforms – Solid rally Monday, on watch along with Google’s parent Alphabet after the Financial Times reported that Britain is poised to shelve plans to provide statutory powers to a new technology regulator, in a blow to global efforts to curb the dominance of internet companies, including Google and Facebook, . The government’s new legislative programme is not expected to include a bill to provide statutory underpinning to the digital markets unit that is based within the Competition and Markets Authority (CMA), the FT reported.

RIVN.NQ -0.47%
Rivian Automotive – The electric carmaker will receive $1.5 billion in state and local incentives and tax credits for the electric vehicle assembly plant it plans to build in Georgia, the state and company said on Monday. The $5 billion plant is expected to employ some 7,500 workers once up and running. Workers will be paid an average annual salary of $56,000, Georgia’s Department of Economic Development said in a statement. Separately, the company’s IPO lockup expiration is coming up on May 9th.

CHGG.NY -39.51%
Chegg Inc – Among the biggest premarket movers down nearly 40% after slashing its full year profit outlook in earnings reported after the bell Monday. The company sees full year adjusted operating profits of $220 million to $235 million compared to $260 million to $270 million previously. The company said net sales rose 2% from a year ago. Total subscribers rose 12% from last year to 5.4 million. Adjusted operating profits clocked in at $62.2 million, all below estimates.

WDC.NQ 9.77%
Western Digital Corp – Higher after activist investor Elliott Investment sends a letter to the board calling for a full strategic review, separation of flash business and also sees $100+ per share by 2023, ~100% Potential Upside. The letter also states Elliott will offer $1+ Billion of incremental equity capital to facilitate separation.

PARA.NQ -4.39%
Paramount Global – Missed Wall Street estimates for first-quarter revenue on Tuesday, hurt by weak growth in advertising sales and intense competition in the streaming space. Revenue at the company, formerly known as ViacomCBS, fell about 1% to $7.33 billion in the first quarter ended March 31, compared with analysts’ estimates of $7.38 billion, according to IBES data from Refinitiv. Said it added 6.3 mln global streaming subscribers, taking its total to 62 mln.

SNOA.NQ 50.72%
Sonoma Pharmaceuticals – Higher after receiving EPA approval for Nanocyn as hospital-grade disinfectant. –

SOUN.NQ 48.31%
SoundHound AI – Recent De-SPAC and AI software developer is rallying for a second straight session, in January the company announced a multi-year agreement with Qualcomm Technologies Inc. to enable SoundHound’s advanced voice AI technology, consisting of its automatic speech recognition, natural language understanding, and text-to-speech conversion software with select Qualcomm Technologies’ Snapdragon® platforms.

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