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Big Banks – Among the leaders late in the session yesterday following the interest rate increase from the FED, major U.S. banks including have raised their prime rate to 4%, effective Thursday. The base lending rate was hiked by 50 basis points, the banks said in different statements on Wednesday. The decision comes after the U.S. Federal Reserve raised its overnight interest rate by half a percentage point, the biggest jump in 22 years. JPM, GS, WFC, MS, BAC
Shopify Inc – Announced this morning with its earnings release it would buy U.S.-based logistics firm Deliverr in a cash-and-stock deal valued at $2.1 billion, in a move to help mitigate supply chain snarls that have plagued the e-commerce sector. Separately, the company reported a 22% jump in first-quarter revenue to $1.2 billion, nearly in line with analysts’ average estimate of $1.24 billion, Non-GAAP EPS of $0.20 misses by $0.45, revenue of $1.2B missed by $40M.
Twilio Inc – Higher after the cloud-based communications platform-as-a-service provider reported revenues of $875.4 million, which improved by 48% year over year and surpassed the consensus mark of $861.6 million. The company’s newly acquired Zipwhip business contributed $32.2 million to total revenues. Twilio’s dollar-based net expansion rate was 127% in the reported quarter, up from 126% in the previous quarter but down from 133% in the year-ago quarter. The company’s active customer accounts increased to 268,000 as of Mar 31, 2022 from 256,000 at the end of the fourth quarter of 2020 and 235,000 as of Mar 31, 2021.
Chip Makers – Active premarket after yesterday’s late session rally, Citigroup with a PT cut on AMD shares this morning to $110 from $140, the company is coming off a better than expected report Tuesday. AMD, NVDA, INTC, MU, AMAT
Sunrun Inc – The US residential solar and storage provider Sunrun Inc booked an expanded first-quarter net attributable loss despite a 48% year-on-year increase in revenues and guided for a higher pace of solar capacity additions in 2022. The company revised upwards its capacity installation forecast for 2022, now expecting a 25%, or higher, rise in its installed solar capacity. Its previous guidance was for a 20% increase. Reported a wider net loss of USD 87.8 million in the quarter against a year-ago deficit of USD 23.8 million.
Big Tech – Wedbush with a positive note this morning naming both AAPL and MSFT as new “Top Picks”. Separately, in a joint effort to make the web more secure and usable for all, Apple, Google, and Microsoft today announced plans to expand support for a common passwordless sign-in standard created by the FIDO Alliance and the World Wide Web Consortium. The new capability will allow websites and apps to offer consistent, secure, and easy passwordless sign-ins to consumers across devices and platforms. AAPL, MSFT, GOOGL, FB
Datadog Inc – Announced during its earnings call it has entered into a definitive agreement to acquire Hdiv Security, a leading security-testing software provider. The addition of Hdiv Security capabilities to Datadog Cloud Security Platform will enable a more comprehensive approach to application security. Reported Q2 Adj. EPS $0.13-$0.15 vs $0.12 Est., Sales $376M-$380M vs $361.6M Est.; Sees FY22 Adj. EPS $0.70-$0.77 vs $0.52 Est., Sales $1.6B-$1.62B vs $1.53B Est.
Ebay Inc – The latest e-commerce retailer to give a gloomy revenue forecast as growth slows in the sector after two years of rapid expansion during the pandemic. The company projected second-quarter revenue between $2.35 billion and $2.40 billion, compared with the average analyst expectation of $2.54 billion, according to Refinitiv IBES data. Its full-year forecast was also below market estimates. Said active buyers on eBay declined 13% to 142 million in the quarter. Revenue fell 6% to $2.48 billion, but came in slightly above expectations of $2.46 billion.
Hycroft Mining – The AMC Entertainment investment reported Q1 results, posting an improved 0.29 trailing 12-month total reportable incident frequency rate at the end of the first quarter of 2022, well below industry average of 1.75. Gold production for the three months ended March 31, 2022, was 5,358 ounces and silver production was 16,861 ounces, in line with forecast. The Company ended the first quarter with a cash position $172.8 million.
Intercept Pharmaceuticals – Announced Advanz Pharma to acquire Ocaliva In Pbc in markets outside the U.S. for up to $450 Mln.
Austin Gold – Low float IPO from yesterday, active and running premarket. 3.2m shares.