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• Schwab (SCHW) rose in premarket trading after Citigroup raised the recommendation on the financial services firm to buy from neutral. Analyst Chris Allen wrote in a note, “For most names, we have reduced our earnings estimates due to market-driven and/or capital markets revisions. Schwab was the exception where improving new net assets trends, better-than-expected trading and capital return outlook provided an offset."
• Newsmax (NMAX) shares are retreating on the heels of its blinding IPO rally which saw shares surge 2,230% since its debut earlier this week. The stock soared nearly 180% to close at $233 on Tuesday, building on a 735% surge in its debut session which saw the shares halted multiple times.
• Hims & Hers Health (HIMS) shares rose Tuesday after it said it was broadening its weight-loss offerings, adding access to brand name shots like Zepbound after previously focusing on cheaper versions made by compounding pharmacies. Eli Lilly (LLY) notes that it doesn’t have any affiliation with the telehealth platform, adding that its weight-loss drug Zepbound, or tirzepatide, can be prescribed by "any licensed healthcare professional."
• Trump Media & Technology Group (DJT) slumped in pre-market trading after the company filed on April 1 to register up to 142.5 million shares and warrants for sale. The company subsequently released the following statement in response to "inaccurate stories" about its filing of a registration statement on form S-3 with the US Securities and Exchange Commission: "Legacy media outlets are spreading a fake story suggesting that a TMTG filing today is paving the way for the Trump trust to sell its shares in TMTG. To be clear, these shares were already registered last June on an S-1 form, and today TMTG submitted a routine filing that re-registers them on an S-3 form in order to keep the Company’s filings effective. In fact, there currently is no open window for any affiliate to sell shares."
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