Author: Kritika Mehta

Jumia Technologies AG (NYSE: JMIA) released its first-quarter earnings FY22 on May 17, 2022, before the market opened. The JMIA stock had been surging since then. Highlights Quarterly Active Consumers reached 3.1 million, up 29% year-over-year, supported by robust increases in both new and returning consumers.Orders reached 9.3 million, up 40% year-over-year, the fastest growth rate of the past 9 quarters. The growth trends by product category illustrate the success of the strategic focus on everyday product categories, supported by increased marketing investments:The fastest growing category in terms of items sold was FMCG, which increased by 180% year-over-year, supported by…

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Sea Limited (NYSE: SE) announced its first quarter FY22 earnings on May 17, 2022, before the market opened. The company reported a loss per share of $0.80, surpassing the Zacks consensus estimated loss of $0.82 per share. Moreover, Sea reported a revenue of $2.9 billion, beating the revenue estimates of $2.72 billion. Therefore, the SE stock soared in the market trading session today due to the strong earnings. Financial Highlights Total GAAP revenue was US$2.9 billion, up 64.4% year-on-year.Total gross profit was US$1.2 billion, up 81.3% year-on-year.Total net loss was US$(580.1) million compared to US$(422.1) million for the first quarter…

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Barely two months after declaring the industry “uninvestable,” JPMorgan has boosted Chinese tech equities due to lower risks. Therefore, in response to the aforementioned news Alibaba Group Holding Limited (NYSE: BABA) stock soared in the pre-market session today and extending into the market trading session. The price ratings of seven Chinese internet companies, notably Alibaba, Tencent, Meituan, Pinduoduo, and NetEase, have been upgraded from “underweight” to “overweight” by experts at the U.S. investment company. It means they think these stocks will beat the total average returns of equities in the investor’s coverage area within next six to twelve months. Alex…

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Cornerstone Strategic Value Fund, Inc. (NYSE American: CLM) announced today that the rights offering of shares of the Fund’s common stock will be suspended until further notice. After the announcement, the CLM stock gained substantially in the market trading session on Monday. In accordance with an undertaking made by the Fund in the Registration Statement it filed with the Securities and Exchange Commission in connection with the Rights Offering, the Fund is suspending its Rights Offering until further notice due to the Fund’s net asset value having declined more than 10% from $9.01 on April 8, 2022 (the effective date…

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Weber Inc. (NYSE: WEBR) released its second-quarter earnings FY22 on May 5, 2022, before the market opened. The company reported and adjusted loss of $0.64 per share, missing the Zacks consensus estimated loss of $0.17 per share by over 400%. Therefore, the WEBR stock slumped in the market trading session today. Financial Highlights Net sales decreased 7%, to $607 million, from $654 million in the prior-year quarter. On a two-year stack basis, net sales increased 46% above 2020. Foreign exchange accounted for $20 million of the sales reduction, and, excluding the impact of foreign exchange, net sales declined 4% year-on-year.…

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GameStop Corp. (NYSE: GME) today announced it has appointed Nir Patel to the role of Chief Operating Officer, effective May 31, 2022. Most recently, he was Chief Executive Officer at Belk, a privately-owned national retailer with more than 300 stores across 16 states. He previously held senior roles at Kohl’s and Lands’ End after beginning his career at Target and Gap. He has approximately two decades of experience in operations, merchandising, supply chain, and retail and store operations. Recent stock gain On May 12, 2022, the popular meme stock, saw a great rebound after dipping with the bleeding stock market.…

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Because of rising inflation, the House of Representatives plans to provide free Peloton (NYSE: PTON) subscriptions to staffers in Washington, D.C., including district offices on a monthly basis. The PTON stock gained substantially in the market trading session today. The flagship employee benefit will be available to all Capitol Police officers, according to a draught email acquired by FOX Business from the Chief Administrative Officer’s (CAO) office and would provide personnel with Peloton All-Access and Peloton App membership at no monthly cost. Peloton Earnings The company released its third-quarter FY22 earnings on May 10, 2022. Peloton’s total revenue for the…

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Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company, announced positive efficacy and safety results from a planned interim analysis of the double-blind, randomized, placebo-controlled Phase 3 COVID-19 clinical trial evaluating oral sabizabulin 9 mg versus placebo in 150 hospitalized COVID-19 patients at high risk for Acute Respiratory Distress Syndrome (ARDS). The Independent Data Safety Monitoring Committee unanimously recommended that the Phase 3 study be halted early due to efficacy, and they further remarked that no safety concerns were identified. Such a positive development pushed the VERU stock to gain over 45% in the market trading session today. In addition to…

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SoFi Technologies Inc. (NYSE: SOFI), a fintech company, has been surging on Friday as a result of short-interest. Recently, the organization has disclosed that 141.71 million shares have been sold short, accounting for 22.48% of all ordinary shares open for trade. On average, traders would need 2.3 days to settle their short positions based on the stock’s trading volume. Earlier this week, the SOFI stock tumbled hard on Tuesday after its earnings were released way ahead of schedule. Earnings Mishap SoFi Technologies was earlier set to release its first-quarter earnings for FY22 after the market closes on Tuesday, May 10,…

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Affirm Holdings Inc. (AFRM), a publicly traded company, saw its stock gain over 50% since Thursday. The AFRM stock is surely entering into the meme-frenzy as it gained massively along with meme stocks like AMC, GME and BBIG on Thursday. The stock was up over 40% in the pre-market trading session today. Moreover, the gain is a breather for investors as the stock had earlier lost a huge value but now is rebounding. Shopify Deal On Thursday, Affirm Holdings announced a multi-year extension of its partnership in the U.S. with Shopify, a provider of essential internet infrastructure for commerce. The…

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