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Twitter Inc – Up more than 25% in early trading after an SEC filing showed Tesla’s CEO Elon Musk has built a 9.2% stake in the social media platform. According to the filing Musk owns 73.5 million Twitter shares, valuing his passive stake in the company at up to $2.9 billion based on the stock’s Friday close. The shares are held by the Elon Musk Revocable Trust. The news comes 1 week after what seemed at the time an innocent exchange on the platform between Musk and a follower who asked if he would consider building a similar platform. Musk responded with “Am seriously considering this”.
Tesla Inc – On Saturday reported record electric vehicle deliveries for Q1, which largely met analysts’ estimates. The company delivered 310,048 vehicles in Q1, up 68% from year earlier; Wall Street had expected deliveries of 308,836 cars, according to Refinitiv data. However, production fell from previous quarter as supply chain disruptions and a China plant suspension weighed. Separately, Tesla has notified workers and suppliers that production at its Shanghai factory will not resume on Monday as it had hoped, according to internal notice shared with Reuters.
Chinese Stocks – Back on watch trading higher this morning trading higher pre market after China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to Sino-U.S. cooperation on audit oversight while putting the onus on Chinese cos to protect state secrets. The draft rules mark Beijing’s latest attempt to resolve a dispute with Washington that could lead to roughly 270 Chinese cos being forced to delist from U.S. exchanges in 2024. BABA, PDD, JD, BIDU, NIO, XPEV, DIDI
Advanced Micro Devices – Announced a definitive agreement to acquire cloud startup and chip specialist Pensando for approximately $1.9 billion. Pensando’s distributed services platform includes a high-performance, fully programmable packet processor and comprehensive software stack that accelerate networking, security, storage and other services for cloud, enterprise and edge applications.
Mullen Automotive – Active premarket trading higher as the stock continues to draw more retail interest. Mullen Announced it has promoted former Tesla Executive John Taylor to the role of senior vice-president of Global Manufacturing and Strategic Planning.
JPMorgan Chase – Banks on watch after CEO Jamie Dimon, in his annual letter said the bank could face a potential loss of $1 billion from its exposure to Russian investments.
Starbucks Corp – Lower on light volume after founder and incoming CEO Howard Schultz announced the decision to suspend the company’s current stock repurchasing program.
Gores Guggenheim – Hertz and Polestar announce global strategic partnership that will see Hertz purchase up to 65K electric vehicles over five years.
Protalix Bio Therapeutics – Up on positive data from genetic disorder therapy study.
SPI Energy – Former low float runner, clean energy name higher after providing an upbeat 2022 rev forecast.
Red Cat Holdings – Teal Drones secures purchase order for Golden Eagle Drone units from a Nato Member Country for deployment in Ukraine.