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Peloton Interactive – Back on the move again this morning after announcing plans to replace its chief executive officer, cut costs and overhaul its board, the WSJ is reporting the exercise bike maker will make the changes as it looks to cope with waning demand that has slammed its shares. Co-founder John Foley will step down as CEO and will become the executive chair, while Barry McCarthy, the former chief financial officer of Spotify Technology and Netflix Inc will become the new boss. Peloton will also cut roughly 2,800 jobs, affecting 20% of its corporate position, the newspaper reported. The job cuts will not affect its fitness instructor roster or content, the report said.
Meta Platforms – Fox Business reported late Monday that Peter Thiel has stepped down from the company’s board. The New York Times is reporting this morning that he wants to spend more time focused on influencing the November mid-term elections. This could include the Senate campaigns of J.D. Vance (Ohio) and Blake Masters (Arizona), both of whom have worked for Thiel at investment firms.
Pfizer – Raised its forecast for full-year sales of its COVID-19 vaccine to about $32 billion, and said it expects another $22 billion from sales of its oral antiviral pill for the disease. Reported fourth-quarter profit of $3.39 billion. The New York-based company said it had profit of 59 cents per share. Earnings, adjusted for research and development costs and non-recurring costs, came to $1.08 per share. The results beat Wall Street expectations. The drugmaker posted revenue of $23.84 billion in the period falling short of estimates. Pfizer expects full-year earnings in the range of $6.35 to $6.55 per share, with revenue in the range of $98 billion to $102 billion.
Digital World Acquisition Corp – Back on watch after yesterday’s late session sell off, the company’s CEO issued a statement last week saying that Truth Social would be delayed until March, the repeat of this story on social media seemed to kick off the selling yesterday.
Velodyne Lidar – The lidar sensor maker’s shares after a regulatory filing out after the close yesterday showed it has entered into an agreement to issue Amazon.com’s subsidiary a warrant to purchase up to 39.6 mln of co’s shares. The company says the warrant may be exercised at any time before Feb. 4, 2030 at a price of $4.18 per share. VLDR says AMZN has right to designate an observer to co’s board, provided the co or its affiliates hold at least 12.3 mln shares.
Nvidia Corp – Lower after Japanese investment and technology conglomerate SoftBank Group Corp. said Tuesday it has agreed to terminate a deal to sell its stake in British chip designer Arm Ltd. to U.S. semiconductor maker Nvidia Corp. due to regulatory hurdles. The announcement came after issues were raised by regulators in the United States and Europe on the potential impact on competition in the semiconductor industry. Britain had also expressed concerns over implications for national security.
Society Pass Inc – Micro cap ecommerce platform trading higher on increased social media interest. 10m share free float.
CF Acquisition Corp – The Rumble SPAC back on watch after yesterday’s Joe Rogan pitch, the company offered the comedian $100m over 4 years to move his podcast from SPOT to its platform.
uCloudlink Group Inc – Higher in sympathy of VLDR’s move, the company provides cloud based software support for traffic systems and data sharing platforms.