Apple Inc – Shares of Korean car maker Hyundai were up more than 20% overnight after local media in the country reported that Hyundai was in discussions with the iPhone maker to develop self-driving electric vehicles by 2027 and develop batteries at U.S. factories operated by either Hyundai or its affiliate Kia Motors Corp. The broadcaster didn’t cite sources. Hyundai later clarified the report saying “it has held talks with multiple potential partners”. Mots analysts have already stated that an Apple-branded car could be a big challenge to electric vehicle (EV) market leader Tesla Inc TSLA.O. It remains unclear who would assemble such a car, but analysts have said they expect the company to rely on a manufacturing partner.
Micron Technology Inc – Earnings after the close yesterday easily topped expectations, the company posted fiscal first-quarter net income of $803 million, or 71 cents a share, compared with $491 million, or 43 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 78 cents a share, compared with 48 cents a share in the year-ago period. Revenue rose to $5.77 billion from $5.14 billion in the year-ago quarter. MU forecast Q2 revenue above Wall Street expectations; sees Q2 rev of around $5.8 bln vs. expectations of $5.50 bln.
Boeing Co – The plane maker will pay over $2.5bn to resolve the US Justice Department’s investigation into two deadly 737 Max crashes that killed 346 people, the Justice Department said the settlement, which allows Boeing to avoid prosecution, includes a fine of $243.6 million, compensation to airlines of $1.77 billion and a $500 million crash-victim fund over fraud conspiracy charges related to the plane’s flawed design.
Blockchain Stocks – The group back in focus today after a very volatile session Thursday, the price for Bitcoin touched $40000 briefly yesterday afternoon and then proceeded to fall more than $3000 in minutes. Back in all time high territory this morning topping out at $41000, yesterday’s sharp move came as the market cap for cryptocurrencies as a whole topped $1T for the first time. MARA, RIOT, XNET, BTBT, GBTC, MSTR
Tesla Inc – Set for its eleventh straight session opening higher, the company announced a new “standard range”, cheaper Model Y that is already available on its website this morning. TSLA’s market capitalization stood at $773.5 bln as of last close, above Facebook’s FB.O market value of $765.5 bln, according to Refinitiv data. Bloomberg reported yesterday the company’s CEO Elon Musk also surpassed Amazon’s AMZN.O top boss Jeff Bezos to become the world’s richest person. Evercore upgrade.
Nio Inc – Shares are up more than 4% premarket, the stock recovered nicely Thursday after a volatile session Wednesday on reports US officials could possibly add more Chinese companies to a list banned from the NYSE. We also learned yesterday the company has held talk with clean energy firm CBAK Energy on lower cost lithium iron phosphate batteries.
Uber Technologies Inc – Shares of the ride-hailing firm are down nearly ~4% premarket on news of an unregistered block trade, sources cite Goldman Sachs re-offering ~38 mln shares in range of $53.90-$56.13, up to 4% discount to stock’s last sale of $56.13. 6 holders own at least 38 mln shares, per Refinitiv data: SoftBank Group Corp (222.2 mln shrs), Morgan Stanley (91.5 mln shrs), Fidelity Management (81.6 mln shrs), Saudi Arabia Public Investment Fund (72.8 mln shrs), Vanguard Group (~70 mln shrs), Blackrock (~43 mln shrs). Uber has ~1.8 bln shares outstanding, per Refinitiv, and ~1.7 bln of free float as of Dec 31.
Social Capital’s IPOE – Actively traded again this morning in the premarket, we learned yesterday mid-morning U.S. online lending startup Social Finance Inc (SoFi) has agreed to go public through a merger with Social Capital Hedosophia Holdings Corp V IPOE.N, a blank-check acquisition company led by venture capital investor Chamath Palihapitiya. The deal values SoFi at around $8.65 billion and is expected to provide up to $2.4 billion in cash proceeds to the San Francisco-based company.
Lion Group Holding Ltd. – Former SPAC, Hong Kong based micro-cap fintech, announced plans to set up a fund of not more than US$800 million to jointly promote the development and the industry environment of blockchain technology. The fund will invest, without limitation, in industries of digital currencies such as Bitcoin and Ethereum.
Bionano Genomics Inc – Trading sharply lower this morning as co looks to raise equity, BNGO among the most actively traded stocks after the genome analysis firm announced proposed stock offering. Sources say sole bookrunner Oppenheimer marketing deal size of ~$85 mln in range of $3.00-$3.50, 30%-40% discount to stock’s last sale.
NIU Technologies – Shares are trading higher in the premarket after the China-based electric scooter maker reported a more than 40% jump in fourth-quarter sales compared to a year earlier.