Hot Stocks: TWTR dips as Musk sends official termination letter, BIDU pops on earnings, HEXO and FREY also rise

Aug. 30, 2022 8:20 AM ETTwitter, Inc. (TWTR), BIDU, HEXO, FREY, HEXO:CANNDNFBy: Jason Capul, SA News Editor1 Comment

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During Tuesday’s premarket trading session shares of Twitter, Inc. (NYSE:TWTR) fell lower as Elon Musk sent a formal termination letter to the social media firm.

At the same time, Baidu (NASDAQ:BIDU) has gained ground after the company reported stronger Q2 numbers than anticipated. Hexo (NASDAQ:HEXO) is also higher as the company closed a deal with boxing legend Mike Tyson’s TYSON 2.0. FREYR Battery (NYSE:FREY) jumped more than 10% as it finalized a deal with Nidec (OTCPK:NNDNF).

Gainers

Baidu (BIDU) shares moved to the topside by 3.8% on Tuesday morning as the stock beat its second quarter Non-GAAP EPADS and revenue targets. BIDU posted Q2 Non-GAAP EPADS of $2.36, which topped Wall Street estimates by $0.79. The Chinese-based stock also surpassed revenue expectations by $230M as it delivered revenue of $4.43B (-5.0% Y/Y).

The Canadian cannabis company Hexo Corp. (HEXO) moved higher by 4.4% in early market trading. HEXO gained traction off the news that the company signed an exclusive partnership with Mike Tyson's recently formed cannabis company TYSON 2.0. Per the agreement, HEXO will produce TYSON 2.0's products in Canada.

FREYR Battery (FREY) popped 12.8% as the Norwegian battery start-up company finalized a deal with electric motor giant Nidec (OTCPK:NNDNF) for a module and pack joint venture; at the same time cementing a previously agreed $3B sales order.

Decliner

Twitter, Inc. (TWTR) dipped 1.5% after Elon Musk filed a 13D with the SEC noting an official termination letter had been sent on Aug. 29. The letter also highlighted additional reasons for termination of the $44B acquisition deal.

To track Wall Street's best- and worst-performing stocks throughout the entire trading session, head over to Seeking Alpha's On The Move section.

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