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Cisco Systems Inc – The network gear maker’s shares are down sharply premarket, set to extend losses for third straight session after the company cautioned supply chain issues will linger through the end-2021, warning comes as tech companies face a global chip shortage. CSCO forecast Q4 profit of 81 cents-83 cents/share, compared with estimates of 85 cents. Cisco posted revenue of $12.8 billion, up 7% from a year ago and ahead of the company’s guidance range for growth in the 3.5% to 5.5% range. Product revenue was up 6%, while service revenue was up 8%.
Virgin Galactic Holdings Inc – Has confirmed their upcoming test flight of VSS Unity for May 22.
Tesla Inc – Actively trading higher in the premarket after a third straight negative session Wednesday. CEO Elon Musk has come under increasing scrutiny in recent days for his open involvement with cryptocurrency markets via social media. Earlier in the week we learned April sales in China for the company fell sharply as the Chinese government openly committed to “favoring” Chinese manufacturers over foreign.
Kohls Corp – The retailer posted Q1 EPS of $1.05/share on revenue of $3.8b easily topping estimates with both numbers. The company also raised its FY 2021 financial outlook. Kohl’s said it was expecting net sales to increase in the mid-to-high teens percentage range, compared with its previous forecast for a rise in the mid-teens percentage range.
DoorDash Inc – Shares of the food delivery app are trading lower premarket on news of large block trade, multiple reports are suggesting JP Morgan is re-offering ~8 mln shares in range of $133.25-$135.25, up to 5% discount to stock’s $140.20 last sale.
Crypto Stocks – The group back on watch this morning coming off yesterday’s wild action. BTC is up more than 9% in early trading back above the $40000 level and recovering from a four-month low after major backers Tesla chief Elon Musk and Ark Innovation CEO Cathie Wood – indicate their continued support for the currency. Cryptos had plummeted after China- a major hub for mining – banned financial and payment institutions from providing cryptocurrency services. COIN shares are higher for the first time in 6 sessions after Wedbush initiated coverage on the stock with an “outperform” rating. RIOT, MARA, SOS, FTFT, BTBT, SI, MSTR, COIN
Petco Health and Wellness – Posted EPS of $0.17/share on revenue of $1.4b topping estimates with both. The company also raised its FY forecast on both the top and bottom line numbers.
Squarescape Inc – The website maker and hosting services provided made a lackluster debut on the NYSE yesterday valued at $6.5 billion in its market debut, shares opened 4% below their reference price. Its latest share price of $43.7 gave Squarespace a market capitalization of less than $6 billion – a steep drop from its valuation of $10 billion after a funding round in March. Rival Wix.com Ltd had a market capitalisation of $12.8 billion as of Tuesday, while GoDaddy Inc was worth $13.7 billion, as of last close.
Oatly Group AB – The Oprah Winfrey-backed, plant based milk product company is set to make its debut on the Nasdaq today under the ticker “OTLY”. The Swedish based company sold 84376000 ADSs at $17/share valuing the firm at more than $10b.
VistaGen Therapeutics – Trading sharply higher in the premarket after Baird calls the stock ‘significantly undervalued’, initiating coverage on the small cap biotech with an “outperform” rating.
PDS Biotech – Up sharply after the immuno-oncology company announced it appointed Dr. Olivera Finn And Dr. Mark Frohlich to its Scientific Advisory Board.