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Oil Stocks – Remain on watch after pulling back from fresh 12 year highs again yesterday, the move lower followed the expected announcement from US President Biden banning imports of Russian crude to the US in what was later referred to as a “temporary measure.” XOM, OXY, CVX, MRO, DVN
Travel Stocks – The possible temporary relief rally stretching to this group this morning with oil backing off from recent highs the sell off in travel stocks was triggered by the fear of higher fuel costs. Meanwhile, Russia said it would achieve its goal of ensuring Ukraine’s neutral status and would prefer to do that through talks. AAL, UAL, DAL, LUV, SAVE, CCL, RCL, NCLH
Coinbase Global – Rallying along with other crypto related stocks as BTC bounces more than 8%, the rally comes after what appeared to be a prematurely published U.S. Treasury statement allayed market worries about a sudden tightening of U.S. rules around digital assets. In a statement that briefly appeared on the Treasury website before it was taken down, Treasury Secretary Janet Yellen said a still-pending executive order on virtual currencies from President Joe Biden “calls for a coordinated and comprehensive approach to digital asset policy (that) will support responsible innovation.” CoinDesk carried an archived version of the release.
Bumble Inc – Higher after beating fourth-quarter profit estimates and also saying it expects strong growth at its Bumble app in 2022, sending the dating company’s shares up over 20% in extended trading. It said combined revenue from Russia, Ukraine, and Belarus was about 2.8% of total annual revenue in 2021. It expects to lose about $20 million in revenue from the region this year. For 2022, Bumble forecast full-year 2022 revenue between $934 million and $944 million, the mid-point of which is nearly in line with analysts’ estimates. Excluding items, Bumble earned 13 cents per share for the quarter ended Dec. 31. Analysts on average had expected the company to break even on a per share basis.
Stitch Fix – Set to open at a record low after forecasting fiscal Q3 net revenue of $485-$500 mln, well below consensus view of $560.5 mln. The company lowered its outlook due to softness in number of active clients in first half of fiscal 2022 and uncertainty in timing of improvements in conversion. Revenue beat, reported a wider loss in the quarter. Multiple negative analysts moves on the stock this morning.
Small Cap Oil – IMPP the stand out today with news of an acquisition of two tankers for $31m. The rest of the runners from yesterday are very active again premarket all trading lower with the price for crude oil. Markets continue to assess the supply impact of U.S. ban on Russian oil, and on talks that Ukraine is no longer seeking NATO membership. IMPP, INDO, CEI, HUSA, NINE, MXC
Direct Digital Holdings – Micro cap recent IPO, online advertising business up after receiving new coverage from analysts at Benchmark –
Sunshine Biopharma – Low float, micro cap pharma higher on apparent news.
Ecoark Holdings – Oil and gas exploration up on a new oil discovery announcement.