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Tuesday, May 24, 2022

Hot Stocks: Musk puts TWTR deal on hold; crypto billionaire eyes HOOD; TOST, HNST rise

Billionaire Elon Musk pushed his way back into the spotlight in Friday’s pre-market trading, throwing doubt on his deal to acquire Twitter (NYSE:TWTR). The Tesla boss said the transaction is now on hold, sending shares of the social media platform spiraling.

Meanwhile, Robinhood Markets (HOOD) also received pre-market attention. Shares of the financial trading platform got a boost on word that an entity owned by cryptocurrency billionaire Samuel Bankman-Fried has taken a sizable stake.

In other news, earnings news remained a key driver in pre-market trading as well. Toast (TOST) and Honest Company (HNST) both rallied in the wake of their quarterly results.


Robinhood Markets (HOOD) continued to bounce back from recent weakness with a 23% rally in pre-market action. The advance followed news that an entity owned by FTX founder Samuel Bankman-Fried has taken a 7.6% stake in HOOD.

In a regulatory filing, Bankman-Fried’s Emergent Fidelity Technologies disclosed that it owned 56M shares of HOOD, making it the firm’s third-largest shareholder. With losses posted earlier this week, HOOD reached a post-IPO low, before rising 5% in Thursday’s trading.

Toast (TOST) was another major winner in pre-market trading. The provider of sale and management software for the restaurant industry reported a narrower-than-expected loss for Q1. Meanwhile, revenue jumped 90% to $535M.

TOST also increased its revenue and adjusted EBITDA forecasts for the full year. The firm now projects a top-line figure between $2.50B and $2.55B. Boosted by the earnings and guidance, TOST rallied about 11% before the opening bell.

Earnings news gave a boost to Honest Company (HNST) as well. Shares of the consumer products company, which was founded by actress Jessica Alba, rose 8% in pre-market action after reaffirming its full-year forecast, despite results for the latest quarter that came in slightly below expectations.


Twitter (TWTR) plunged in pre-market trading after Elon Musk revealed that he has put a deal to acquire the social media giant on hold. The Tesla boss attributed the move to uncertainty surrounding the number of spam and fake accounts on the platform.

Musk had previously agreed to purchase TWTR for $54.20 per share. On the latest news, the stock dropped 10% to a level around $40.

Looking to track Wall Street’s biggest movers throughout the session? Turn to Seeking Alpha’s On The Move section.


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