Shares of Surf Air Mobility, a small-cap provider of regional on-demand charter flight services, soared for the second straight day, with trading briefly paused in early trading due to volatility.
The stock jumped 88% during Tuesday’s session, after it was disclosed that retail trader favorite Palantir had acquired a 20% stake in the company.
EV maker Rivian is up nearly 5% on Monday afternoon as bullish options flows lift the stock ahead of its third-quarter earnings, set to drop next week.
According to Bloomberg, Rivian call options traded outnumber put options more than five to one, for a put/call ratio of less than 0.2 as of 2:38 p.m. ET. That’s significantly less than the 20-day put/call average of 0.4. More than 116,000 call options have changed hands, more than 60% above the full-day average over the past 20 days.
Rivian’s upcoming earnings will measure the automaker’s sales ahead of the expiration of the $7,500 EV tax credit. Since September, Rivian has performed two rounds of layoffs as it seeks to cut costs amid the end of regulatory credits and ahead of next year’s lower-cost SUV launch.
Palantir Technologies touched a new intraday high of $192.83 early Monday, as the company rode the China trade truce rally in AI tech stocks and retail favorites.
Palantir also signed a new deal to supply the government of Poland with data, AI, and cybersecurity software, according to Bloomberg.
Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.
Polish Minister of Defense Wladyslaw Kosiniak-Kamysz and Palantir CEO Alex Karp signed the letter of intent on the deal, about which few details were released. Polish officials did signal that they were interested in Palantir software systems for “battlefield management” and logistics. Up more than 150% this year, Palantir reports Q3 earnings on November 3.
Intellia dropped sharply on Monday after it announced that it’s pausing two late-stage CRISPR gene-editing trials because one patient was hospitalized with liver damage.
Intellia had also disclosed in May that a patient had experienced elevated liver enzymes. The news is a major setback for the company, which currently has no products on the market and is working on a one-time treatment for heart and nerve conditions.
The news dragged down other companies working on CRISPR treatments, including Beam Therapeutics Inc, Crispr Therapeutics, Editas Medicine, and Prime Medicine.
As its fierce rally begins to fade, it looks like retail traders are waving au revoir to gold.
JPMorgan strategist Arun Jain noted that retail traders have pulled about $120 million from commodity ETFs as of 11 a.m. ET on Monday, a level that stands in the 0.4th percentile relative to its one-year average. The SPDR Gold Shares ETF is down 2.8% as of 11:53 a.m. ET after suffering its worst loss since April 2013 last Tuesday. That day, retail had pulled just $50 million from commodity ETFs by 11 a.m.
The five-session average daily flows into the product hit an all-time high of nearly $1.1 billion last Monday as gold and silver had effectively become the new meme stocks, displaying strong momentum and heavy options activity.
