FT : KPMG stands by audits of Silicon Valley Bank and Signature Bank

KPMG stands by audits of Silicon Valley Bank and Signature Bank
The two institutions failed days after issuing annual reports certified by the accounting firm

KPMG’s US boss said it stood behind its audits of Silicon Valley Bank and Signature Bank, which collapsed within days of putting out annual reports certified by the Big Four accounting firm.

Paul Knopp said its audit work considered all the facts available at the time the reports were issued, and that “market-driven events” in the intervening days led to the banks’ failures.

KPMG has audited SVB’s parent company since 1994 and Signature Bank since its inception 22 years ago.

Ahead of the publication of an annual report, auditors are required to assess whether there is substantial doubt about a company’s ability to survive over the next year. An audit opinion included in the report would have to include a “going concern” warning if there was such a doubt, but there was no such warning at either bank.

KPMG signed its audit opinion on SVB on February 24, exactly two weeks before the bank was seized by regulators in the wake of a bank run. The audit opinion on Signature is dated March 1, 11 days before it was seized. Depositors took flight after focusing on losses in the banks’ portfolios of fixed-income securities and the low proportion of deposits that were covered by a government guarantee.

“As we take into account everything we know today . . . we stand behind the reports we issued and we think we followed all professional standards,” Knopp, chief executive of KPMG in the US, said at an event at the NYU Stern Center for Sustainable Business on Tuesday.

“You have a responsibility until the day you issue the audit report to consider all facts that you know, so we absolutely did do that. But what you can’t know with certainty is what might happen after that audit report is issued,” he said, adding that this could include “market-driven” events and the “unpredictable” reactions of customers.

“There were actions taken in the month of March that set off another set of reactions that led to those two institutions being closed.”

Sandy Peters, head of global advocacy at the CFA Institute, a professional body for investors, said regulators could scrutinise the work KPMG did to back its audit opinion, including why it decided not to include a going concern warning.

SVB’s reliance on customers in the tech industry could also raise questions about whether its financial reports properly reflected that concentration risk, she said. “People will want to know of the auditor, do you have a going concern memo in the audit file? What is the evidence you took for that?”

FT : UK power: nuclear plant extensions show need for new capacity

UK power: nuclear plant extensions show need for new capacity
Intermittency of renewables means a more reliable baseload source is required

Some people see nuclear power as green. Others turn that queasy colour contemplating its radioactive waste. Safety concerns are one reason for high build costs.

But there are no other mature technologies able to provide the “firm energy” that nuclear generation yields. That explains why EDF and Centrica are extending the lives of their older nuclear reactors Heysham 1 and Hartlepool in the UK, albeit for just two years.

Nuclear power provides a fair whack of Britain’s electricity: 15.5 per cent. Chucking out fossil fuel power from natural gas and coal would mean filling a gap of about 40 per cent of Britain’s electricity.

Renewable capacity would need to double to cover the gap. That assumes no growth in electricity demand over time. This is hardly realistic given plans to electrify everything from cars to home heating.

The intermittency of renewables means a more reliable baseload source is required too. Batteries can only cover short outages. Hydrogen could eventually help, but its energy efficiency is low.

All lines of inquiry lead back to higher nuclear capacity. Wednesday’s UK Budget should offer new insights into the government’s nuclear plans.

You might ask why proposed plant extensions are so short. The Heysham and Hartlepool reactors, which date from 1988, use an old technology called advanced gas-cooled reactors (AGR). Resulting safety concerns combined with high maintenance costs explain why the remaining life of these plants is limited.

That fuels the anti-nuclear stance of environmental groups such as Greenpeace, whose associated concerns are waste disposal and opportunity costs. It complains that the estimated expense of Hinkley Point C, the first new UK reactor in almost three decades, is as high as £32bn, 78 per cent above a 2016 estimate. Spend that on more renewable power, says Greenpeace.

But that would only worsen intermittency. Nuclear remains the least-worst solution for baseload power — until someone comes up with a safer low-carbon source.

TechCrunch : Anthropic launches Claude, a chatbot to rival OpenAI’s ChatGPT

Anthropic launches Claude, a chatbot to rival OpenAI’s ChatGPT

Anthropic, a startup co-founded by ex-OpenAI employees, today launched something of a rival to the viral sensation ChatGPT.

Called Claude, Anthropic’s AI — a chatbot — can be instructed to perform a range of tasks, including searching across documents, summarizing, writing and coding, and answering questions about particular topics. In these ways, it’s similar to OpenAI’s ChatGPT. But Anthropic makes the case that Claude is “much less likely to produce harmful outputs,” “easier to converse with” and “more steerable.”

“We think that Claude is the right tool for a wide variety of customers and use cases,” an Anthropic spokesperson told TechCrunch via email. “We’ve been investing in our infrastructure for serving models for several months and are confident we can meet customer demand.”

Following a closed beta late last year, Anthropic has been quietly testing Claude with launch partners, including Robin AI, AssemblyAI, Notion, Quora and DuckDuckGo. Two versions are available as of this morning via an API, Claude and a faster, less costly derivative called Claude Instant.

In combination with ChatGPT, Claude powers DuckDuckGo’s recently launched DuckAssist tool, which directly answers straightforward search queries for users. Quora offers access to Claude through its experimental AI chat app, Poe. And on Notion, Claude is a part of the technical backend for Notion AI, an AI writing assistant integrated with the Notion workspace.

“We use Claude to evaluate particular parts of a contract, and to suggest new, alternative language that’s more friendly to our customers,” Robin CEO Richard Robinson said in an emailed statement. “We’ve found Claude is really good at understanding language — including in technical domains like legal language. It’s also very confident at drafting, summarising, translations and explaining complex concepts in simple terms.”

But does Claude avoid the pitfalls of ChatGPT and other AI chatbot systems like it? Modern chatbots are notoriously prone to toxic, biased and otherwise offensive language. (See: Bing Chat.) They tend to hallucinate, too, meaning they invent facts when asked about topics beyond their core knowledge areas.

Anthropic says that Claude — which, like ChatGPT, doesn’t have access to the internet and was trained on public webpages up to spring 2021 — was “trained to avoid sexist, racist and toxic outputs” as well as “to avoid helping a human engage in illegal or unethical activities.” That’s par for the course in the AI chatbot realm. But what sets Claude apart is a technique called “constitutional AI,” Anthropic asserts.

“Constitutional AI” aims to provide a “principle-based” approach to aligning AI systems with human intentions, letting AI similar to ChatGPT respond to questions using a simple set of principles as a guide. To build Claude, Anthropic started with a list of around 10 principles that, taken together, formed a sort of “constitution” (hence the name “constitutional AI”). The principles haven’t been made public. But Anthropic says they’re grounded in the concepts of beneficence (maximizing positive impact), nonmaleficence (avoiding giving harmful advice) and autonomy (respecting freedom of choice).

Anthropic then had an AI system — not Claude — use the principles for self-improvement, writing responses to a variety of prompts (e.g. “compose a poem in the style of John Keats”) and revising the responses in accordance with the constitution. The AI explored possible responses to thousands of prompts and curated those most consistent with the constitution, which Anthropic distilled into a single model. This model was used to train Claude.

Anthropic admits that Claude has its limitations, though — several of which came to light during the closed beta. Claude is reportedly worse at math and a poorer programmer than ChatGPT. And it hallucinates, inventing a name for a chemical that doesn’t exist, for example, and providing dubious instructions for producing weapons-grade uranium.

It’s also possible to get around Claude’s built-in safety features via clever prompting, as is the case with ChatGPT. One user in the beta was able to get Claude to describe how to make meth at home.

“The challenge is making models that both never hallucinate but are still useful — you can get into a tough situation where the model figures a good way to never lie is to never say anything at all, so there’s a tradeoff there that we’re working on,” the Anthropic spokesperson said. “We’ve also made progress on reducing hallucinations, but there is more to do.”

Anthropic’s other plans include letting developers customize Claude’s constitutional principles to their own needs. Customer acquisition is another focus, unsurprisingly — Anthropic sees its core users as “startups making bold technological bets” in addition to “larger, more established enterprises.”

“We’re not pursuing a broad direct to consumer approach at this time,” the Anthropic spokesperson continued. “We think this more narrow focus will help us deliver a superior, targeted product.”

No doubt, Anthropic is feeling some sort of pressure from investors to recoup the hundreds of millions of dollars that’ve been put toward its AI tech. The company has substantial outside backing, including a $580 million tranche from a group of investors including disgraced FTX founder Sam Bankman-Fried, Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn and the Center for Emerging Risk Research.

Most recently, Google pledged $300 million in Anthropic for a 10% stake in the startup. Under the terms of the deal, which was first reported by the Financial Times, Anthropic agreed to make Google Cloud its “preferred cloud provider” with the companies “co-develop[ing] AI computing systems.”

WWD : Sotheby’s to Auction Michael Jordan’s 1998 NBA Finals Game 2 Air Jordan 13

Sotheby’s to Auction Michael Jordan’s 1998 NBA Finals Game 2 Air Jordan 13s
The sneakers are expected to break the current auction record, which would make them the most valuable sneakers to appear at auction.

Sotheby’s is bringing its latest coveted sports memorabilia item to the auction market.

The auction house said Tuesday it will be auctioning Michael Jordan’s 1998 NBA Finals Game 2 Air Jordan 13s from his “The Last Dance” season. The sneakers are expected to sell for between $2 million and $4 million, which would break the current auction record for a pair of sneakers, making them the most valuable sneakers to appear at auction.

The sneakers will be auctioned during a two-part Sotheby’s sports memorabilia sale taking place from April 3 to 11.

“Michael Jordan game-worn sports memorabilia have proven time and time again to be the most elite and coveted items on the market,” said Brahm Wachter, Sotheby’s head of streetwear and modern collectibles. “However, items from his ‘Last Dance’ season are of a greater scale and magnitude as seen with our record-breaking sale of his Game 1 jersey in 2022. Worn in his final year with the Bulls, the iconic Air Jordans coming to auction this April will be sure to excite the collector community and sports fans in this most important Jordan Year.”

The Air Jordan 13s, known as “bred” as a shorthand synonym for “black and red,” is a style the NBA athlete wore since the beginning of the Jordan brand and throughout his basketball career. According to Sotheby’s, Jordan’s first pair of the sneakers was banned by the NBA because the colors violated the league’s uniform code. The NBA would reportedly fine Jordan $5,000 per game when he wore the sneakers.

The shoes will be auctioned in conjunction with the release of the new film “Air,” which tells the story of Jordan’s partnership with Nike and the inception of the Jordan brand.

This is Sotheby’s latest of Jordan’s sports memorabilia it’s bringing to auction. In September, the auction house sold Jordan’s game-worn 1998 NBA Final jersey, which broke records and sold for $10.1 million, making it the most valuable basketball jersey ever sold at auction.

WWD : Loro Piana’s Damien Bertrand Maps Out Growth Avenues

Loro Piana’s Damien Bertrand Maps Out Growth Avenues
In his first interview since joining the luxury company, Bertrand delivers his vision for the brand.

MILAN — “Loro Piana for me has the license to try; this is the true luxury.”

In his first, exclusive interview since taking the helm of the Italian brand in November 2021, chief executive officer Damien Bertrand mapped out growth avenues and the untapped potential of Loro Piana.

Bertrand is no stranger to luxury, joining Loro Piana, controlled by LVMH Moët Hennessy Louis Vuitton, from Christian Dior Couture in Paris, where he was managing director.

Speaking from his luminous office, personally furnished with distinctive vintage pieces, at Milan’s sprawling Loro Piana headquarters in the newly restored Cortile della Seta real estate development, Bertrand’s passion for the brand is palpable.

A few days earlier, Loro Piana presented its fall collection during Milan Fashion Week, drawing inspiration from the homelands of its key fibers, referencing Peru to honor its vicuña, Mongolia for its renowned cashmere, and New Zealand and Australia for wool. For the first time, the brand showcased its men’s and women’s lines together. Bertrand enthused about Loro Piana’s contribution to the protection of the endangered vicuña animal and the research into new fabrics such as CashFur, first employed for outerwear and now also for bags.

Here, Bertrand explains why the brand is “addictive in some way” and why there is no need for a star creative director, as Loro Piana rolls out a new silhouette, and image and communication strategy.

WWD: Let’s talk about the concept of the new collection, because I see there is quite a strong menswear component. Are you expanding the category?

Damien Bertrand: Not necessarily expanding. For me it was important to show for the first time men and women together, because I wanted to show the new silhouette of Loro Piana. I arrived at Loro Piana 15 months ago, which is a long time but not that long, and I wanted to take my time to discover the brand.

First of all, I’m so happy to have joined Loro Piana: it’s an exceptional maison. For me it’s the pinnacle of the Italian luxury, the quintessence of luxury. It was important to discover the heritage, the history, the hundreds of years of history of Loro Piana, which is very interesting and fascinating. Also, I spent time discovering the people, meeting the teams, going into the ateliers, the factories, the shops and I saw and met incredible people. People who are completely passionate and I realized that I could take this amazing resource with me and from the beginning my vision was to say, “We can push them forward as much as we can and we can bring them all together in what I call the new silhouette.”

WWD: Will you describe the new Loro Piana silhouette?

D.B.: It means, perhaps something a bit more modern, more stylish. Beyond man and woman, what is important to me is that for the first time I was able to show you and others this new vision. When you see some of the looks here, I find it very interesting because it is very Loro Piana. [Pointing to the designs displayed in his office.] It’s free, it’s layered, it’s structured, there’s baby cashmere, so it represents very well the beauty and the nobility of the Loro Piana fiber, but at the same time the contrast between the shoes and the trousers is slightly fresher for Loro Piana.

The other element of the silhouette that is very important to me, and you have already mentioned it, is bringing men and women together, developing the collection together, with the same color palette, with the same inspiration, and the result is seen here. The silhouettes speak to each other. The woman’s wardrobe borrows from the men. Some of the jackets you saw were jackets borrowed from the male wardrobe. This is the attitude of the womenswear — a little more spacious, comfortable, beautifully tailored, beautifully layered.

So, for me, my vision and my dream is that we know that Loro Piana is very famous as the master of fiber, but we have to be able to translate that into the silhouette, so that when you walk down the street and you see ladies wearing our garments you think, “Wow, this is so chic, so elegant, so timeless,” this has to be Loro Piana.

WWD: This is that special “Je ne sais quoi…”

D.B.: Exactly, the “Je ne sais quoi,” and so this is what we have been working on together, enjoying and being very proud of what the team has accomplished.

WWD: Does this mean that you have been expanding the team of designers?

D.B.: We have a Loro Piana Studio with a very talented team and designers. We are organized, but we don’t have a studio for men and a studio for ladies: we work for categories of products. We took the time to redefine all the icons of Loro Piana, starting from the spring 2023 collection, re-proposing them in a new key. An example is the Horsey Jacket launched by Sergio Loro Piana in 1992 for the equestrian Italian team of the Barcelona Olympic Games.

[Pointing to the Spagna jacket on a mannequin], this is one of the iconic pieces as well, and we reworked the fit, the details, because Loro Piana is all about detail and so we brought it back to the collection. For me, “icons” do not remain the same forever but need to be animated and re-adapted. It’s the whole look which creates the silhouette. The silhouette is also created through the accessories. The Bale Bag, for example, is made to be worn with the silhouette of the spring collection, so it means that all the pieces are part of a global vision and work well together. It represents who is the Loro Piana lady. They are not separated pieces and they all have a stylistic language that speaks together. It is defined by a style that is modern, contemporary, with a lot of texture and layers, a lot of touch and innovation, and that constitutes what I call the silhouette.

WWD: There is speculation now and again about a star designer joining the company – Phoebe Philo a few months ago was one example. But I gather this is not a strategy you are endorsing?

D.B.: Loro Piana never really had a creative director, so for the moment I don’t think it is needed because the definition of the silhouette has already changed. Then, yes, there are rumors, but they are rumors.

WWD: You spoke of values that touch and speak to you?

D.B.: Heritage, excellence, obsession for quality, tradition, innovation. So, when you take these values even further, for me it’s already something fascinating to do and it’s already a pleasure. Then, when you bring this into a new vision and you see the change, the innovation, for me it is extremely satisfying.

I would say the first moment of this breath of fresh air is with the Cocooning capsule collection. Remember that Loro Piana selects the most beautiful fibers in the world and turns them into masterpieces. And it’s very important to not forget that it takes time. So, to be able within less than one year to bring the Cocooning collection to the market with an amazing success, it’s something that made me very proud.

WWD: When you joined, what do you think was missing and was there something that you really wanted to change?

D.B.: I always knew that Loro Piana had a huge potential, and every day I had the confirmation of that. Every morning when I go to see the team and even yesterday when I went to Porto San Giorgio [in Italy’s central Marche region] to see the new factory, I could see people had stars in their eyes, people proud to work for Loro Piana. When I went to Australia to see the farmers and to see what has been built by the Loro Piana family, by Pier Luigi Loro Piana since many years, it was something very impressive and I felt that I, too, must take care of that.

But to come back to your question, I don’t know if there was something missing, but for me the opportunity in Loro Piana was exactly what I have described and you can see the evolution from the spring collection. I felt we could change the image of our communication and in fact you have seen the evolution of the advertising, to make the representation of the image more modern but at the same time also more varied. When we went live with the new fall campaign on social media, the level of engagement was very high; people responded very positively to this new image. Also, I want to explain more the savoir faire and craftsmanship of Loro Piana because it’s so unique and no one has this level of quality and obsession for quality, which is sustainable.

Clients tell me of products that date back 25 years and they are impeccable. For me this needs to be communicated, so we took a little bit more time to communicate the savoir faire.

We launched CashDenim for the first time last fall, made in collaboration with denim experts from Japan [in the Bingo province]. The beauty of this innovation is that for the first time we brought the expertise of the Japanese hands on denim with our beautiful cashmere and we created this first denim made with 40 percent of cashmere, which is in the inside, so you have the aspect of the denim and the touch of Loro Piana. We did this on old looms that [the makers] have had for more than 70 years. We did it because we believed in it, because it is an innovation and this is also what we communicate as part of our savoir faire and when we put the video on social media it got a lot of views. A lot of people reposted it because people love to understand and people love the innovation, the value.

WWD: Apparently, price is not an issue for the Loro Piana customers, paying for quality.

D.B.: It’s important to have the fair price. For me, quality is paramount at Loro Piana and, as I said before, these items are made to last for your whole life. When you take the philosophy of Loro Piana that consists into sourcing the most beautiful fibers, whether it’s cashmere, whether it’s vicuña, whether it’s wool, and turn them into masterpieces, in a sustainable way, with the work of more than 1,000 artisans, it’s normal. I think that the best ambassadors are our clients. People are in love with Loro Piana, it makes you feel good, at home, with a beautiful touch on your skin, and at the same time be elegant and cool. So, capsules are a new area of business, like the Cocooning collection. Also, Loro Piana has good potential in accessories, in textile accessories for sure, but also in leather goods. I have lot of confidence in the future.

WWD: You mentioned Porto San Giorgio. What does that factory produce? And how many plants do you have?

D.B.: We make shoes there and we have 10 plants in Italy. Mostly for shoes are in Porto San Giorgio and Porto Sant’ Elpidio; then for leather goods we are in Impruneta, Tuscany; for knitwear and textiles in Piedmont. We are always expanding our facilities. If you look overall, all the categories should grow, not only one of them.

WWD: Are you already thinking about expanding the brand in eyewear or fragrances or is it too early?

D.B.: I often say that Loro Piana is the house of sensation because it touches people. Loro Piana is very particular because it is addictive in some way. It creates this special feeling on you. We could go in many directions, but step by step. My priority now is to establish this new silhouette. And it’s something that I don’t want to do in a rush. Time is important, and creating beautiful things takes time. Loro Piana has a huge potential.

WWD: The textile segment is also key for Loro Piana?

D.B.: It is fundamental. Loro Piana was born by selling textiles, so for me it is something that I want to develop. It’s a fundamental goal. We play with different types of fabrics, different type of combinations, innovation, so the textile part is extremely important for us now. Anyway, the bigger part in terms of sales is the one in the store.


The Loro Piana Bale bag.
WWD: You have also been developing the design and home categories?

D.B.: Home is another part that I think has a huge potential. We started to accelerate it, and you will see a step forward also in terms of interior in the times to come. Loro Piana is about “art de vivre,” about lifestyle, and this is very important also because the Loro Piana family was obsessed with style. It’s part of a natural evolution of the brand.

WWD: What are your plans for Salone del Mobile and Design Week?

D.B.: It will be very interesting because we are collaborating with Cristián Mohaded, an Argentinian artist and designer, who has a lot of shared values with Loro Piana, and he loves working with craftsmen. He comes from a place that is very close to Loro Piana because that’s where the vicuña comes from, which is one of the most valuable materials we have. We’ll do the presentation here in the courtyard, but also in the center of the city, and in the store. It’s a 360-degree approach.

WWD: A little bit of business: what is your strategy in terms of distribution?

D.B.: What I can say is that most of the Loro Piana business is represented by Europe [which also includes the Middle East] but we are also working in many markets around the world and we’re seeing a lot of possibilities. We are happy with the result that we received, and we are very confident for the future.

WWD: Are you planning any store openings? How many stores do you have?

D.B.: We now count 162 stores. We are opening a store in Palo Alto [California on Wednesday] and we’re also going to open other stores in Kuwait, China and Thailand.

WWD: Are you planning to change the store concept?

D.B.: We are planning a renovation of the concept that you will start to see in the new openings. For me Loro Piana is about touch and sensorial experience, so the material that we use must represent this and it must be the natural evolution of a concept that lasts for a long time. Clients must enjoy staying in the store, because they stay a lot when they come.

Next year Loro Piana will be 100 years old and part of the objective is to prepare Loro Piana for the next 100 years.

>>> US Gapping down

Gapping down

In reaction to earnings/guidance:

  • GTLB -30%, HEAR -11.2% (also extends repurchase program), GETY -10.6%, UAL -4.6% (guidance), SAVE -1.2% (guidance)

Other news:

  • INVA -2.6% (announces FDA Advisory Committee meeting to review Sulbactam-Durlobactam)
  • CS -2.4% (concluded that this material weakness could result in misstatements of account balances or disclosures that would result in a material misstatement to the annual financial statements)
  • LQDT -1.1% (authorizes $8 mln for repurchases)
  • CRSP -0.9% (hires new CFO)

Analyst comments:

  • LU -0.5% (downgraded to Underperform from Neutral at Macquarie)
  • OVV -0.5% (downgraded to Neutral from Overweight at JP Morgan)

>>> US Gapping up


Gapping up
In reaction to earnings/guidance:

  • AMLX +16.9% (also files mixed shelf), DCGO +10.5% (also awarded $180 mln in contracts), CDMO +8.9%, JBLU +2% (guidance), ALK +1.8% (guidance), GEO +1.3% (guidance), LUV +0.6% (guidance)

Select beaten down financial related names showing strength:

  • FRC +41.8% PACW +33.6% WAL +32.3% CMA +14.1% ZION +9.7%

Other news:

  • MNTV +19.6% (to be acquired by Symphony Technology Group for $1.5 bln)
  • UNVR +13.6% (Apollo (APO) will soon announce agreement to purchase UNVR at $36.15/share according to WSJ)
  • BG +8.5% (replacing SBNY in S&P 500)
  • UBER +6.1% (court upheld the democratic will of the voters and the fundamentals of Prop 22)
  • HYZN +6% (names new CEO)
  • DASH +6% (court upheld the democratic will of the voters and the fundamentals of Prop 22)
  • LYFT +5.7% (court upheld the democratic will of the voters and the fundamentals of Prop 22)
  • ZI +4.6% (announces $100 million share repurchase program)
  • AVIR +3.9% (reports new data showcasing favorable profile of Bemnifosbuvir for treatment of COVID-19 and Hepatitis C presented at 2023 International Conference on Antiviral Research)
  • NOTE +3.2% (reports it does not hold any cash deposits or securities at Silicon Valley Bank (SIVB) or Signature Bank (SBNY))
  • ASTS +2.5% (signs MoU with Saudi Telcom Company)
  • FIVE +2.2% (CFO promoted to COO)
  • ACHR +2.2% (confirms small amount of cash with SIVB)
  • RBBN +1.9% (SIVB closing to not impact operations)
  • COLD +1.7% (investment into RSA Cold Chain in Dubai)
  • PARA +1.3% (Sean Combs looking to buy BET according to Variety)

Analyst comments:

  • CDMO +8.9% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)
  • MTCH +2.6% (upgraded to Overweight from Equal Weight at Barclays)
  • NTLA +2.3% (upgraded to Outperform from Market Perform at BMO Capital Markets)

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • PACW +31.2%, FRC +22.1%, WAL +21.4%, MNTV +17.9%, AMLX +16.8%, DCGO +14.9%, HYZN +14%, CDMO +13.6%, CMA +11.9%, ZION +11.4%, BG +7.5%, UBER +7.1%, ASTS +6.4%, LYFT +6.4%, DASH +6%, FIVE +2.2%, RBBN +1.9%, HOOD +1.8%, COLD +1.7%, NEP +1%, AMCX +0.9%, GSK +0.8%
  • Gapping down:
    • SIVB -62.8%, GTLB -31.5%, HEAR -14.5%, GETY -6.9%, UAL -6%, CS -4.3%, CRSP -3.3%, INVA -2.6%, DAL -1%, ZI -1%, AAL -0.9%, ALK -0.9%