Valero Energy (VLO) – US President Biden wrote to execs at major oil players (including Valero) and complained oil companies had reduced oil refining to beef up their profits. “At a time of war, refinery profit margins well above normal being passed directly onto American families are unacceptable,” Biden wrote.
Baidu (BIDU) – Shares were up about 3% Wednesday morning following a report the company could sell its majority stake in iQIYI (IQ) for as much as $7 billion.
Snowflake (SNOW) – The subject of Wednesday’s biggest sell-side call. An analyst at Canaccord upgraded the stock to Buy and set a $185 price target on Snowflake shares.
Armada Acquisition Corp. I (AACI) – The special purpose acquisition corporation (SPAC) partner for mobile engagement platform, Rezolve.
Cepton (CPTN) – One of Tuesday’s momentum du jour plays. Cepton is considered a “SPAC redemption” play, the result of a recently-completed SPAC deal that has gotten attention and momentum from traders. The stock closed up about 40% on Tuesday and saw some modest profit taking in Wednesday’s pre-market session, down about 13%.