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Clover Health Stock Erupts 14% on Smaller-than-expected Loss, Analyst Sees ‘Clean Quarter’

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© Reuters. Clover Health (CLOV) Stock Erupts 14% on Smaller-than-expected Loss, Analyst Sees ‘Clean Quarter’

Shares of Clover Health (NASDAQ:CLOV) are up more than 14% in premarket trading Tuesday after the company reported better-than-expected Q1 revenue.

CLOV reported Q1 revenue of $874.4 million, while analysts were looking for $790.3 million. Net loss totaled $75.3 million in the period. CLOV reported an adjusted EBITDA loss of $71.8 million, compared to the expected loss of $112.1 million.

For the full fiscal year, Clover Health expects revenue in the range of $3 billion to 3.4 billion, compared to the consensus estimates of $3.24 billion.

“2022 is off to a strong start, led by significant year-over-year revenue growth and quarter-over-quarter margin improvements in insurance (medicare advantage) and non-insurance (direct contracting),” said Clover Health CEO Vivek Garipalli.

Bank of America analyst Kevin Fischbeck reiterated an Underperform rating on CLOV stock but said results demonstrated “a first step to restoring confidence.”

“The focus is shifting to going deeper in existing markets, where growth is likely slower but the path to profitability is clearer. Overall, Q1 showed progress and is a good first step towards restoring confidence in the trajectory, but similar to CLOV’s own outlook we remain cautious until the outperformance is sustained throughout the year,” Fischbeck said in a client note.

Cowen analyst Gary Taylor reiterated a Market Perform rating and a $3.00 per share price target. The analyst still expects CLOV to raise equity capital this year.

“We are skeptical regarding CLOV’s core business thesis; that overlaying Clover Assistant (CA) on top of unmanaged FFS physician practices will yield best-in-class care management and per-capita medical costs. The company’s MA business risks all on this thesis. Further, CLOV is quadrupling its total actuarial risk profile by 2022 via participation in CMS’ new and untested Direct Contracting (DC) program,” Taylor wrote in a memo.

By Senad Karaahmetovic

Stock Markets

Plotkin’s Melvin Capital to Wind Down – Report

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© Reuters Plotkin’s Melvin Capital to Wind Down – Report

Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost billions after its bearish wagers were caught up in a Reddit-fueled rally of buying stocks including GameStop (NYSE:GME), announced its plans to wind down funds and return cash to investors, Bloomberg News reported.

Plotkin wrote to investors about his decision to step away from managing external capital, noting they have not been able to deliver the returns investors should expect.

“The past 17 months has been an incredibly trying time for the firm and you, our investors,” Plotkin wrote to investors. “I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital.”

By Davit Kirakosyan

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Chevron, Schlumberger withdraw request for California carbon-capture permit

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© Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

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By Liz Hampton and Sabrina Valle

(Reuters) – Top U.S. energy companies Chevron (NYSE:CVX) and Schlumberger (NYSE:SLB) have withdrawn an application to capture carbon dioxide emissions and store them deep underground in central California, spokespeople said on Wednesday, putting the clean-energy project on hold after U.S. environmental regulators questioned it.

Burying industrial gases has become a focus for energy companies seeking to show investors they are willing to reduce emissions and help fight climate change. Their permit was one of more than a dozen filed with the U.S. Environmental Protection Agency (EPA), which requested the application be withdrawn.

In a March 25 letter, the EPA said the application was “substantially incomplete,” citing changes to the application and the failure to supply financial assurances.

The companies had formed a venture to revive an idled biomass-fueled power plant and generate “carbon negative power” in Mendota, near Fresno, California. The project included an underground carbon sequestration site and would remove about 300,000 tons of carbon dioxide a year.

“The EPA did the right thing by hitting the brakes on the Mendota carbon capture project,” said Victoria Bogdan Tejeda, an attorney for the Center for Biological Diversity. “Carbon capture is risky, expensive, and incompatible with environmental justice.”

Chevron and Schlumberger said they elected to withdraw the permit application and the group would continue “to gather and evaluate project information.”

“The team remains committed to developing lower carbon solutions and doing so in an environmentally and socially responsible manner,” spokespeople said.

Separately, Chevron on Wednesday said it was launching a carbon-capture and storage project in the San Joaquin Valley aimed at reducing emissions from its own operations in California.

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Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

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© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher after-hours following Q2 results, with EPS of $2.50 coming in better than the consensus estimate of $2.37. Revenue was $1.28 billion, compared to the consensus estimate of $1.26 billion.

The company expects Q3 non-GAAP EPS in the range of $2.01- $2.06 and revenue in the range of $1.21 billion – 1.24 billion. This is better than the consensus of $1.61 and $1.14 billion, respectively.

For the full 2022-year, the company expects EPS in the range of $8.63 – $8.70 and revenue in the range of $5 billion – $5.05 billion. This compares favorably to the consensus of $7.90 and $4.81 billion, respectively.

Shares of Synopsys were down 26% year-to-date going into the results.

By Davit Kirakosyan

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