Premarket trading on Thursday looked set to reverse Wednesday’s lower close, riding a wave of better-than-expected quarterly results from retailers like Macy’s and Kohl’s and the seemingly unstoppable rise of Nvidia. The Dow Jones industrials lagged, following lower guidance from Cisco Systems, acknowledging that supply chain issues will affect current-quarter revenue. Crude oil continued to slide, trading below $79 a barrel, after dipping to almost $77 overnight. Bitcoin dropped below $59,000, while 10-year Treasury yields were up less than one basis point.

Losers far outnumbered winners among stocks on our meme stock watch list. The big loser was Cassava Sciences Inc. (NASDAQ: SAVA), which dropped more than 23% on Wednesday and traded down about 2% in Thursday’s premarket. The Wall Street Journal reported Wednesday that the company disclosed in a filing with the Securities and Exchange Commission (SEC) that a federal agency has begun an investigation into charges that Cassava manipulated research data on its experimental Alzheimer’s drug. Citing people familiar with the matter, the report says that the agency is the SEC.

At the other end of the spectrum, shares of Camber Energy Inc. (NYSEAMERICAN: CEI) added almost 30% on Wednesday. The stock traded down less than 1% in Thursday’s premarket. ESG Clean Energy, a company that has licensed its technology to Camber, has issued a rebuttal against a short seller report that called the license “nearly worthless.”

Bitcoin miner Greenidge Generation Holdings Inc. (NASDAQ: GREE) traded up nearly 6% on Wednesday, but Thursday’s early session had the shares dipping by about 2%. On Wednesday, the company filed a preliminary prospectus with the SEC registering $28.75 million in 8.5% senior notes due in 2026. The filing adds to a prospectus filed in October registering $55.2 million worth of identical notes. Both issues are unsecured. The notes will be listed on the Nasdaq under the ticker symbol GREEL, the symbol under which the earlier 8.5% notes also trade. The notes closed at $25.30 on Wednesday, while Greenidge stock closed at $22.94.

Tesla Inc. (NASDAQ: TSLA) added more than 3% to its share price on Wednesday, and premarket trading Thursday added another 2%. Since touching a low of around $981 on Monday, Tesla stock added about 11% by Wednesday’s close. Investors apparently have come to grips with CEO Elon Musk’s tax-driven sale of 10% of his stake in the company.

Alibaba Group Holding Ltd. (NYSE: BABA) always generates a lot of social media discussion and this morning that’s even more true Thursday morning. The company reported results this morning that missed on both revenue and profit estimates. To top it off, Alibaba lowered its fiscal year 2022 guidance. The shares dropped more than 4% on Wednesday and traded down by about 6.5% in Thursday’s premarket session.

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