NEGG News & Events

The return from long weekend saw the markets getting rattled as President Trump's proposed tariffs starting at 10% on goods from several European countries related to disputed control of Greenland enflamed cross-Atlantic tensions.  Higher-beta names led the declines as investors rotated out of risk-assets in the U.S. - Tech, Consumer Discretionary, and Financials were the worst performers on the S&P 500 while Consumer Staples was the single sector in the green.  Precious metals, meanwhile, continued their move higher amid the risk-off environment, with an added boost coming as a result of lower U.S. Dollar.  Longer-term Treasury yields also rose as investors fret that European holders will be inclined to cut their U.S. debt positions - Tuesday morning headline that Danish Pension Fund Akademiker sold its U.S. Treasuries was greeted with increasing unease by the U.S. fixed income markets.Following the broad-based selling, the opening hour of the evening session is seeing some modest relief - S&P e-minis, Dow Industrials, and Nasdaq 100 contracts are all up by a decimal, though sentiment may yet turn sour as disappointing guidance accompanying earnings out of Netflixis pressuring the stock afterhours and signaling consumer caution even with one of the internet "staples" in the Communication Services.   In commodities, WTI Crude Oil is back below $60 per barrel mark, though Gold and Silver remain buoyed around $4,780 and $95 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Progress Softwareup 7.1%United Airlinesup 3.4%Zions Bancorporationup 1.8%DOWN AFTER EARNINGS -Netflixdown 4.8%Bank OZKdown 3.7%Hancock Whitneydown 1.3%Interactive Brokersdown 0.8%ALSO LOWER -Newegg Commercedown 11.4% after disclosing Chairman detainmentCorvus Pharmaceuticalsdown 7.4% after equity offeringBioAge Labsdown 3.6% after equity offering

Newegg's largest stockholder, Hangzhou Lianluo Interactive Information Technology Co has made a public announcement regarding the detention of its chief executive officer, Mr. Zhitao He. Mr. He is also the chairman of the board for Newegg, stating: "Hangzhou Lianluo Interactive Information Technology Co., Ltd. recently received a notice from the family of Mr. He Zhitao, the Company's controlling shareholder, controlling person, and Chairman, that they received a "Notice of Detention" and a "Notice of Investigation" issued by the Haibei Prefecture Supervisory Commission, and that Mr. He Zhitao is being placed under investigation and has been detained. The aforementioned matters pertain personally to Mr. He Zhitao. The Company has a sound governance structure and internal control mechanism, and its daily operations and management are handled by its executive officers. Currently, all other directors and executive officers are performing their duties normally, the Board of Directors is fulfilling its responsibilities in accordance with the laws, and all business activities of the Company and its subsidiaries are proceeding normally. The aforementioned matters are not expected to have a significant adverse impact on the Company's normal operations." As of the date of this announcement, the Company is unaware of the progress or conclusions of the aforementioned matters. The Company will continue to monitor the progress of these matters and will strictly fulfill its information disclosure obligations in a timely manner in accordance with relevant laws, regulations, and requirements.

Newegg Commerce down 14% at $47.55 after board chairman detention