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GameStop Corp – Down sharply even as it reported a 25% jump in revenue on Wednesday, but did not lay out any new details for its plans to reinvent itself. GME posted Q2 sales of $1.18 bln vs. analysts’ avg. estimate of $1.12 bln. Fresh off raising new capital and watching its share price march higher during the second quarter, investors once again reacted negatively complaining on the internet that the company was still not taking questions and was declining to tip its hand about future plans or provide any financial outlook.
Lululemon Athletica Inc – Multiple analyst upgrades after the company raised its full-year forecast saying athleisure demand remains high, the company posted strong sales amid supply chain woes. LULU beat revenue and profit estimates on strong demand for its comfortable leggings and sports bras. The owner of Mirror home-fitness platform said it now expects annual net revenue to be in the range of US$6.19 billion to US$6.26 billion, compared with its prior range of US$5.83 billion to US$5.91 billion. Lululemon forecast full year adjusted earnings per share to be between US$7.38 and US$7.48, compared with its prior range of US$6.73 to US$6.86. Net revenue rose by 61 per cent to US$1.45 billion in the second quarter, beating estimates of US$1.34 billion.
NIO Inc – Traded down as much as 3.5% premarket on multiple reports suggesting the company’s Hong Kong listing, announced in July, may be delayed. No reason was given for the possible wait, fellow Chinese EV makers XPEV and LI are also under pressure premarket.
Ford Inc – Confirmed Ford India will cease manufacturing vehicles for sale in India immediately; as a result the company said it will see a pretax charge of ~$2.0B in following years; the company still plans to expand its Business Solutions team in India significantly but confirmed it will shut down both of its vehicle making plants in the country.
Chinese Stocks – Back under pressure as a group premarket, not additional negative news catalyst. Most have made muted bounces of late, most recently China temporarily suspended approval for all new online games as it clamps down on the industry to curb gaming addiction among young people. PDD, JD, BABA, BIDU, EDU, DIDI, FUTU, TAL, TIGR, DOYU
Squeeze Stocks – Lower volume premarket after largely negative days yesterday, SPRT shares are on watch as Sept. 10 marks an important day for shareholders of the customer support that has spent months procuring a merger with Greenridge Generation Holdings, a privately held company with holdings in both power generation and blockchain services. In just two days, shareholders will be asked to vote on the deal, placing the power in the hands of those who hold SPRT stock. SPRT, BBIG, CLOV
Globalstar Inc – Back on watch after yesterday’s impressive rally, the stock traded nearly 300m shares Wednesday as amid ongoing speculation that its satellite communication technology may be included in Apple’s new iPhone models. The move higher on Wednesday came a day after Apple sent invitations for its “California Streaming” event on Tuesday, September 14. Apple is expected to unveil its iPhone 13 lineup, a new Apple Watch, and Airpods, among other items.
Humanigen Inc – Plunges after U.S. FDA declines emergency use approval for COVID-19 drug.
Soligenix Inc – FDA Grants Soligenix Orphan Drug Designation For Treatment Of T-Cell Lymphoma.
Cardiff Oncology – Shares are trading higher following the release of new positive colorectal cancer therapy data.