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Twitter Inc – Slightly lower for the first time in two sessions, yesterday we learned Elon Musk will join Twitter’s board of directors a day after revealing that he’d become the social media platform’s largest shareholder with a 9% stake. After market yesterday the status of Musk’s SEC disclosure for the position was changed to “Active” investor from passive. The billionaire has criticized Twitter publicly about its commitment to free speech. He’s also run into trouble on the platform as the CEO of Tesla after financial regulators found he had posted inaccurate information about the company. Twitter will also start testing a new edit feature in the coming months.
Rivian Automotive – After the close yesterday said it is on track to achieve its production target of 25,000 vehicles this year. Also, said it had made 2,553 vehicles and delivered 1,227 cars in Q1. Last month the company said supply-chain issues could cut its planned 2022 production by half to 25,000 vehicles.
Tilray Brands – Said its wholly-owned Manitoba Harvest subsidiary entered into an exclusive partnership with Whole Foods Market to sell its hemp powders at locations throughout the U.S., starting this month. The company reported better than expected quarterly results with GAAP EPS of $0.09 beating by $0.17, revenue of $151.87M missed by $4.77M.
Energy Stocks – Active premarket with both crude oil and Nat gas trading higher on the sessions. U.S. oil executives will reportedly tell Congress they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices. OXY up as Stifel Financial begins coverage with a “buy” rating. CVX, DVN, XOM, MRO, OXY
Spirit Airlines – Off its highs from late in the session yesterday after JetBlue Airways made a $3.6 billion bid for the low-cost airline that seemed to catch most investors off guard on Wednesday, with analysts questioning the benefits of a merger between the two carriers. Both carriers have a fleet dominated by Airbus SE any potential cost savings from the deal will be diluted as JetBlue would need to bump up the pay of Spirit pilots, who are on a lower band according to Raymond James analysts. JetBlue said on Tuesday it made an unsolicited $3.6 billion bid for Spirit, at $33 per share, potentially derailing a $2.7 billion merger plan between Spirit and Frontier Group Holdings Inc.
Iveda Solutions – Low-float name trading higher on reports of a tie up with Taiwan’s latest urban development plan.
Citius Pharma – Higher after reporting topline data from a pivotal phase 3 study of cancer immunotherapy I/Ontak for treatment of persistent or recurrent cutaneous T-Cell Lymphoma in support of BLA Su.
Bigbear Ai – Micro cap, low float AI software company gaining traction and attention from trading focused social media sites.