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Rivian Automotive – Shares are tumbling following a weekend report that Ford Motor Co. plans to sell 8 million of its shares in the electric-pickup maker at a discount. The U.S. manufacturer owns about 12% of the electric-vehicle hopeful, or just under 102 million shares after taking a stake prior to Rivian going public last year. An insider lockup period expired Sunday at midnight after the November share sale that saw the company’s market value briefly top $100 billion making the developer more valuable at the time than Ford and General Motors Co.
Palantir Technologies – Forecast second-quarter revenue below Wall Street expectations on Monday, indicating slowing sales growth, as the data analytics software firm ramps up its salesforce to sign more deals amid rising competition. The company posted first-quarter revenue of $446.4 million, above Refinitiv IBES estimates of $443.4 million, driven by strength in its U.S. commercial business. However, it forecast weaker margins on increased sales and marketing spend. The company forecast adjusted operating margin of 20% for the current quarter, compared with 31% last year. Net loss narrowed to $101.4 million, or 5 cents per share, from $123.5 million, or 7 cents per share, a year earlier. The company forecast second-quarter revenue of $470 million, implying a growth of just 25% year-over-year, compared with 49% growth a year earlier. Analysts on average expected a revenue of $483.9 million.
Big Tech – Technology-focused growth stocks have faced the brunt of the selloff this year, as their returns and valuations are discounted more deeply when yields rise. Tech-heavy Nasdaq also registered its lowest close since 2020 on Friday, notching a fifth straight weekly loss. MSFT, FB, NFLX, AAPL, TSLA all down between 2-4% premarket.
Oil Stocks – Under pressure as a group as crude tumbles in early trading, weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer. In Russia, oil output rose in early May from April and production has stabilised, Deputy Prime Minister Alexander Novak was cited as saying, after output fell in April in the wake of Western sanctions imposed over the Ukraine crisis. XOM, OXY, CVX, MRO, DVN
China ADRs – U.S.-listed shares of Chinese firms fall as data shows China’s export growth at its weakest in almost two years, while imports barely changed in April as tighter and wider COVID-19 curbs halted factory production and crimped domestic demand. Adding to woes, there was no let-up in China’s zero-COVID policy with Shanghai tightening city-wide COVID lockdown for 25 mln residents. EV stocks NIO, XPEV, LI all tumbling, Ecomm firms under pressure as well, BABA, JD, PDD all down 2-4%.
Semi-Stocks – Extending declines from Friday’s session, INTC shares showing relative strength despite a report the company’s long-awaited Arc graphics card has been delayed again. INTC, AMD, NVDA, MU, AMAT
Roblox Corp – JP Morgan halved its PT ahead of the gaming platform’s Q1 results due Tuesday after market close. RBLX shares could open at new record low if losses hold, JP Morgan sticks with “overweight”, but cuts PT to $50 vs Wall Street median of $56.
Better Therapeutics – Micro cap, low float therapeutic company higher after announcing plans to report quarterly earnings Friday this week.