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What the electric vehicle boom means for the charging station industry

  • What the electric vehicle boom means for the charging station industry What the electric vehicle boom means for the charging station industry 3:36
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8:51 a.m. Dec. 3, 2021 - By Tomi Kilgore
Smith & Wesson's stock plunges toward biggest 1-day selloff since March 2020Shares of Smith & Wesson Brands Inc. plummeted 29.9% in afternoon trading Friday, putting them on track for their biggest one-day selloff since March 2020. The gun maker reported after Thursday's closing bell , demand levels declined from pandemic-related highs, and the stock ended Thursday's after-hours session with a decline of about 15%. The stock fell even further after Friday's open, after the parents who bought the gun used by their son to kill four students at Michigan school . The stock, which was on track for the lowest close since March 5, has now plunged 54.7% since closing at a record $35.40 on July 1. Shares of fellow firearms maker Strum Ruger & Co. tumbled 11.1% toward the lowest close since Jan. 29, and have now lost 29.3% since closing at a record $89.98 on June 30. Year to date, Smith & Wesson shares have lost 9.6% and Sturm Ruger's stock has slipped 2.3%, while the S&P 500 has gained 20.1%.
5:26 a.m. Dec. 2, 2021 - By Tomi Kilgore
Valvoline to appoint board members with expertise in EVs, autonomous transportationValvoline Inc. said Thursday that it was conducting a search to appoint one or more new members to its board of directors with "significant experience" in electric vehicles, energy transition and/or autonomous transportation. The company is looking to identify a candidate or candidates by May 1, 2022. The vehicle care products company's stock rose 2.4% in morning trading. Valvoline said it has held "constructive discussions" with Chicane Capital Management LP, the investment manager of shareholder Chicane Opportunities Fund LP, about board composition as the company looks to separate its retail services and global products businesses. "We value the perspectives of our shareholders and appreciate the constructive discussions that we've had with Chicane Capital," said Valvoline Chairman Steve Kirk. "We applaud Valvoline's commitment to add new voices to the boardroom," said Chicane Capital Managing Partner Georgina Russell. Valvoline's stock has rallied 50.1% year to date, while the S&P 500 has gained 21.0%.
4:28 a.m. Dec. 2, 2021 - By Tomi Kilgore
Ford November U.S. vehicle sales rise 5.9%, as EV sales jump more than 150%Shares of Ford Motor Co. rose 0.2% in preamarket trading Thursday, after the automaker reported November total U.S. vehicle sales of 158,793 vehicles, up 5.9% from a year ago. Of the total U.S. sales, Ford sold 11,116 electrified vehicles during the month, up 153.6% from a year ago and making up 7.0% of total vehicles sold. "Ford's electrified vehicle sales in November grew at a rate more than three times faster than the overall electrified vehicle segment, taking Ford's electrified vehicle share to 10% compared to 5.4% last year," the company said in a statement. Elsewhere, truck sales rose 4.6% to 82,231 vehicles and SUV sales increased 20.8% to 72,795 vehicles. Among Ford's best-selling models, F-Series sales rose 14.6% to 60,418 trucks and Explorer sales slipped 3.1% to 18,268 SUVs. The stock has run up 50.5% over the past three months through Wednesday, while shares of rival General Motors Co. have advanced 18.6% and the S&P 500 has slipped 0.5%.
3:15 a.m. Dec. 2, 2021 - By Tomi Kilgore
Boeing stock bounces off 1-year low, on track to add nearly 70 points to the Dow's priceShares of Boeing Co. bounced 5.4% in premarket trading Thursday, enough to pace the Dow Jones Industrial Average's early gainers. Boeing's stock's implied price gain would add about 67 points to the Dow's price, while the Dow futures rose 231 points, or 0.7%. Benchmark analyst Josh Sullivan reiterated his buy rating on $270 stock price target on Boeing, after he said the Civil Aviation Administration of China (CAAC) issued an airworthiness directive for the 737-MAX aircraft, in which China-based airlines are to execute specific software installations and revise the flight manual. "This directive, while not specifying a timeline for recertification of the 737-MAX, is at a minimum a step forward towards commercial operations," Sullivan wrote in a note to clients. The stock's bounce comes after it closed Wednesday at the lowest price since Nov. 13, 2020, after tumbling 10.6% amid a four-day losing streak, and after losing 17.2% over the past eight sessions in which it fell seven times. Fears about the potential impact of the omicron variant of the coronavirus that causes COVID-19 have been weighing on aerospace and .
1:19 a.m. Dec. 2, 2021 - By Tomi Kilgore
GEO to de-REIT, to stop paying dividendShares of GEO Group Inc. slipped 0.1% in premarket trading Thursday, after the corrections facility company announced plans to stop being a real estate investment trust (REIT), and become a taxable C corporation, effective fir the year ending Dec. 31. The company has also decided to stop paying a quarterly dividend. The company said it has decided to make the change in its corporate status and dividend policy to give it additional flexibility to allocate cash towards reducing debt. GEO said it is reviewing potential sales of company-owned businesses and assets. "We believe that these are prudent steps, which are in the best interests of our shareholders and other stakeholders," said Chief Executive George Zoley. The company expects to incur a charge of about $75 million and $34 million in income tax expense in the fourth quarter as a result of the restructuring. GEO expects 2021 adjusted earnings per share of $1.14 to $1.16, compared with the FactSet EPS consensus of $1.43. The stock has lost 8.6% year to date through Wednesday, while the SPDR Real Estate Select Sector ETF has rallied 27.9% and the S&P 500 has gained 20.2%.
6:05 a.m. Dec. 1, 2021 - By Tomi Kilgore
GM to build a factory with POSCO Chemical to process materials for EV batteries, creating 'hundreds of jobs'Shares of General Motors Co. jumped 4.4% in morning trading Wednesday, after the auto maker said it will create "hundreds of jobs" as it plans to build a factory in North American with South Korea-based POSCO Chemical Co. Ltd. to process battery materials for GM's Ultium electric vehicle platform. GM said it was forming a joint venture with POSCO Chemical to build the factory, which is expected to open in 2024 at a location to be announced later, and to process Cathode Active Material (CAM), which is a battery material that represents about 40% of the cost of an EV battery cell. "Our work with POSCO Chemical is a key part of our strategy to rapidly scale U.S. EV production and drive innovation in battery performance, quality and cost," said Doug Parks, GM executive vice president of global product development, purchasing and supply chain. The new facility will supply Ultium cells facilities being built in Lordstown, Ohio and Spring Hill, Tenn., as part of to 2025. GM's stock has soared 23.0% over the past three months, while the S&P 500 has gained 2.5%.
5:13 a.m. Dec. 1, 2021 - By Tomi Kilgore
Skechers stock surges after activist investor boosts stake, calls for 'aggressive' buybacks and dividendShares of Skechers USA Inc. surged 5.1% in morning trading Wednesday, after Tremblant Capital Group disclosed that it increased its equity stake in the footwear seller to 5.1%, and said it has "engaged in discussions" with the company in an attempt to boost value. The new stake of 6.87 million shares comes just two weeks after the company said in a 13F filing that it owned 2.73 million Skechers shares and calls to buy 1.07 million shares as of Sept. 30. In a letter to Skechers' board of directors, that it was "puzzling" that despite revenue growing faster than many peers, such as Nike Inc. , Under Armour Inc. and Crocs Inc. , Skechers stock trades at less than half of the earnings multiples of those peers. Among Tremblant's suggestions to grow value were to initiate an "aggressive" share repurchase program and a dividend, and to eliminate the dual share class structure. Tremblant believes its suggestions could create more than $4 billion of value over the next 10 years. The stock has shed 6.0% over the past three months, while the S&P 500 has gained 2.5%.
2:16 a.m. Dec. 1, 2021 - By Tomi Kilgore
G-III Apparel stock jumps after profit rises above expectations and full-year outlook was raisedShares of G-III Apparel Group Ltd. jumped 5.4% in premarket trading Wednesday, after the apparel and accessories company, which brands include DKNY, Calvin Klein and Tommy Hilfiger, reported fiscal third-quarter profit that beat expectations and revenue that matched, and raised its full-year outlook, as "strong demand" helped offset pressure on margins from rising costs. Net income for the quarter to Oct. 31 rose to $106.7 million, or $2.16 a share, from $63.2 million, or $1.29 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.79. Sales increased 22.8% to $1.02 billion, matching the FactSet consensus. Cost of sales increased 26.3% to $667.9 million, to lower gross margin to 34.2% from 36.0%. The company raised its EPS guidance range for the year ending Jan. 31 to between $3.67 and $3.75 from between $3.10 and $3.20, and lifted its sales outlook to $2.77 billion from $2.70 billion. "Given the strong demand we are seeing across our brands, we are well positioned for the holiday season," said Chief Executive Morris Goldfarb. "We are raising our full year guidance and expect to deliver our highest annual earnings in our company's history." The stock has dropped 9.0% over the past three months through Tuesday while the S&P 500 has gained 1.0%.
2:27 a.m. Nov. 30, 2021 - By Tomi Kilgore
Lithia Motors boosts stock buyback program by $750 million, to more than 10% of market capLithia Motors Inc. , also known as Lithia & Driveway, said Tuesday it was increasing its stock repurchase program by $750 million. The lifts the total funds available for repurchases to $885 million, which represents about 10.3% of the auto retailer's market capitalization of $8.59 billion as of Monday's close. The stock was still inactive in the premarket. "As discussed in our last earnings call, strong earnings have generated greater than expected free cash flows, which allows us to return capital to our shareholders through share repurchases, while preserving the liquidity necessary to achieve our 2025 Plan," said Chief Executive Bryan DeBoer. "Our capital allocation remains focused on acquisitions and internal investments, such as Driveway and Driveway Finance, to generate the highest long-term return for shareholders." The stock has slumped 13.4% over the past three months while the S&P 500 has gained 2.8%.
1:45 a.m. Nov. 30, 2021 - By Tomi Kilgore
All 30 Dow stocks are falling premarket, led by American Express and BoeingThe selloff in the Dow Jones Industrial Average is including all 30 of the index's components in premarket trading Tuesday, amid . Dow futures tumbled 423 points, or 1.2% ahead of the open. Among the biggest decliners, shares of American Express Co. fell 2.5%, Boeing Co. shed 2.3%, Goldman Sachs Group Inc. gave up 2.2% and Travelers Companies Inc. lost 2.0%. Meanwhile, the best performer was Microsoft Corp.'s stock , which slipped just 0.2%.
3:30 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hertz stock surges after new $2 billion repurchase program launched, effective immediatelyShares of Hertz Global Holdings Inc. surged 6.8% in premarket trading Monday, after the car rental company announced a new stock repurchase program of up to $2.0 billion. The company said the new program, which is effective immediately and has not time limit, includes the $200 million remaining in the previous program. The program represents nearly 18% of the company's market capitalization of $11.30 billion as of Friday's close. "The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases," the company said in a statement. Hertz's stock , after trading over the counter since the company emerged from bankruptcy. Hertz's stock has dropped 23.1% over the past month while shares of rival Avis Budget Group Inc. have soared 66.7% and the S&P 500 has inched 0.2% lower.
2:27 a.m. Nov. 29, 2021 - By Steve Gelsi
SPI Energy files IPO for electric vehicle unit, Phoenix MotorPhoenix Motor Inc., an Anaheim, Calif.-based electric vehicle maker and a unit of SPI Energy Co Ltd. , on Monday filed its initial public offering with plans to raise up to $150 million. Phoenix Motor Inc. plans to trade on the Nasdaq under the symbol "PEV" with underwriters Maxim Group LLC, Roth Capital Partners and EF Hutton. The company reported a net loss of $3.4 million and revenue of $4.1 million between Jan. 1, 2020 and Nov. 12, 2020, compared to a net loss of $6 million and revenue of $4 million for calendar year 2019. The company designs, assembles, and integrates electric drive systems and light and medium duty electric vehicles (EVs) and markets and sells electric vehicle chargers for the commercial and residential markets, according to its IPO prospectus. Xiaofeng Denton Peng has been Phoenix Motor's chairman since December, 2020. He has also served as a director and the executive chairman of the board of directors of SPI Energy Co. Ltd., the parent company of Phoenix Motor since 2011. Peng also founded LDK Solar Co. Ltd. in 2005.
1:14 a.m. Nov. 29, 2021 - By Tomi Kilgore
Li Auto stock surges toward a 5-month high after big revenue beat, deliveries nearly tripledShares of Li Auto Inc. shot up 7.8% toward a five-month high in premarket trading Monday, after the China-based electric vehicle maker reported third-quarter revenue that rose well above expectations as deliveries nearly tripled, as "strong order intake and users' rising acceptance of smart electric vehicles" helped offset headwinds from chip supply shortages. The net loss narrowed to RMB21.5 million ($3.3 million), or RMB0.02 per American depositary share, from a loss of RMB320.7 million, or RMB0.52 per ADS in the year-ago period. Excluding nonrecurring items, net income rose to RMB335.7 million from RMB16.0 million. Total revenue hiked up 209.7% to RMB7.78 billion ($1.21 billion), above the FactSet consensus of RMB7.26 billion, as cost of sales grew 196.1% to RMB5.96 billion. Deliveries jumped 190.0% to 25,116 vehicles, while vehicle sales increased 199.7% to RMB7.39 billion ($1.15 billion) and vehicle margin rose to 21.1% from 19.8%. For the fourth quarter, the company expects deliveries of between 30,000 and 32,000 vehicles and revenue of between RMB8.82 billion and RMB9.41 billion, compared with the FactSet consensus of RMB8.78 billion. The stock has rallied 10.4% over the past three months through Friday, while the S&P 500 has gained 1.9%.
3:20 a.m. Nov. 23, 2021 - By Tomi Kilgore
J.M. Smucker stock surges after profit and sales beats, even as cost of sales jumpShares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading Tuesday, after the food company, which brands include Folgers, Milk-Bone, Jif and Smuckers, reported fiscal third-quarter profit and sales that beat expectations even as cost of sales jumped, and lifted its full-year outlook. Net income for the quarter to Oct. 31 fell to $206.0 million, or $1.90 a share, from $230.8 million, or $2.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.43 from $2.39, beating the FactSet consensus of $2.24. Sales grew 0.8% to $2.05 billion, topping the FactSet consensus of $2.01 billion, while cost of sales grew 10.1% to lower gross margin to 34.7% from 40.2%. U.S. Retail Pet Foods sales fell 1.% to $701.6 million, Coffee sales rose 8% to $645.1 million and Consumer Foods sales dropped 8% to $441.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to $8.35 to $8.75 from $8.25 to $8.65 and its sales growth outlook to negative 0.5% to positive 0.5% from negative 2.5% to 1.5%. The stock has slipped 2.8% over the past three months through Monday, while the S&P 500 has gained 4.5%.
2:00 a.m. Nov. 23, 2021 - By MarketWatch
What the electric vehicle boom means for the charging station industryAs more electric vehicles (EVs) hit the road, more charging stations will be needed. The Biden administration plans to have 500,000 charging stations by 2030, up from only 43,800 today. Here are 3 things investors need to know.
1:15 a.m. Nov. 23, 2021 - By Tomi Kilgore
XPeng's stock jumps after big revenue beat, upbeat outlookShares of XPeng Inc. rallied 4.2% in premarket trading Tuesday, after the China-based electric vehicle maker reported a wider-than-expected third-quarter loss but revenue that rose well above forecasts and provided an upbeat fourth-quarter outlook. The net loss widened to RMB1.59 bln ($249.7 million), or RMB1.89 per American depositary share (ADS), from a loss of RMB1.15 billion a year ago. Excluding nonrecurring items, the adjusted loss per ADS came to RMB1.77, compared with the FactSet consensus of RMB1.30. Revenue jumps 187.4% to RMB5.72 billion ($895.5 million) to beat the FactSet consensus of RMB5.03 billion, as deliveries rose 199.2% to a record 25,666 vehicles, including 217.7% growth in P7 model deliveries. Gross margin improved to 14.4% from 4.6%. Looking ahead, the company expects fourth-quarter deliveries of between 34,500 and 36,500 vehicles, representing growth of 166.1% to 181.5%, and revenue between RMB7.1 billion and RMB7.5 billion, compared with the FactSet consensus of RMB6.09 billion. The stock has surged 19.4% over the past three months through Monday, while the iShares MSCI China ETF has edged up 0.6% and the S&P 500 tacked on 4.5%.
3:12 a.m. Nov. 19, 2021 - By Tomi Kilgore
Ford upsizes amount of debt tendered to $6.8 billionFord Motor Co. said Friday it upsized the amount of debt securities it was offering to buy back to $6.796 billion from $5.000 billion. The tender offer is for debt with yields ranging from 6.375% to 9.980%, with maturities ranging from April 2025 to February 2047. Ford said it expects to announce the pricing of the tender offers and the amount of each series of securities accepted for purchase later Friday. Ford's debt reduction, which the automaker said has reached $7.6 billion, has helped put its credit rating at S&P Global Ratings to investment grade status. Ford's stock, which slipped 0.7% in premarket trading, has soared 54.4% over the past three months through Thursday, while the S&P 500 has gained 6.8%.
4:59 a.m. Nov. 18, 2021 - By Tomi Kilgore
Ford's credit rating outlook swings to positive at S&P, putting it in line for a bump up to investment gradeShares of Ford Motor Co. rose 1.4% in morning trading Thursday, after S&P Global Ratings swung to a positive outlook on the automaker's credit from a negative outlook, citing "positives" of ongoing cost-reduction programs, favorable product pricing and leaner inventories. S&P said the positive outlook indicates the "increased likelihood" that a rating upgrade could be considered within the next 12 to 18 months. Since Ford's credit is currently rated BB+, which is the highest speculative grade, or "junk" rating, an upgrade would lift the credit to investment-grade status. In comparison, rival General Motors Co.'s credit rating at S&P 500 is BBB, or two notches above "junk" status, with a negative outlook. He believes the positives could offset a large portion of raw material inflation risk. "Ford's management team has made strides in addressing core operating issues and recent significant investments toward electrification have adequately positioned it for the future," S&P said. Ford's stock has soared 129.2% year to date, while GM shares have run up 55.4% and the S&P 500 has gained 25.0%.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
2:00 a.m. Nov. 18, 2021 - By Tomi Kilgore
Lion Electric stock rallies after order of 55 electric school buses by a repeat customerShares of Lion Electric Co. rallied 1.3% in premarket trading Thursday, after the electric trucks and buses maker announced an order for 55 from Groupe Autobus Séguin. The price of the buses was not disclosed. The order includes 45 LionA and 10 LionC models to be delivered by 2025. The order is conditional on Autobus Séguin being granted funding from the Quebec government's School Transportation Electrification Program and the Canadian federal government's Zero Emission Transit Fund. The order of 55 buses follows the 60 electric vehicles Autobus Séguin previously ordered in January 2021. "The fact that our customers repeat large orders is a sign that the transition to electrification is well underway and that Lion's products are successful in all markets," said Lion Electric Chief Executive Marc Bédard. The stock has dropped 35.8% year to date through Wednesday, while the S&P 500 has run up 24.8%.
8:14 a.m. Nov. 17, 2021 - By Tomi Kilgore
Sono Group's stock soars on public debut, valuing solar electric vehicle company at more than $1.8 billionSono Group N.V. received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company's stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at $15.00 per share, in the middle of the expected range of between $14 and $16 a share. The company raised $150.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at $1.04 billion. The stock's first trade on the Nasdaq, under the ticker symbol "SEV," was at $20.06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of $32.34 before paring gains to trade up 78.7% at $26.80, which boosted Sono's market value to $1.85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million ($29.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company's upbeat debut comes on a day that the Renaissance IPO ETF slid 1.4% while the S&P 500 eased 0.2%.
3:32 a.m. Nov. 17, 2021 - By Ciara Linnane
Hertz plans $1.5 billion offering of five-year high-yield bondsRental-care company Hertz Global Holdings Inc. said Wednesday it is planning to offer $1.5 billion in five-year high-yield bonds in a private placement. Proceeds will be used along with cash on hand to repurchase all or some of the company's outstanding Series A preferred stock, and for general corporate purposes. The company, which emerged from bankruptcy in July, resumed trading on Nasdaq last week and selling shareholders raised $1.29 billion by selling shares ahead of the relisting. The company did not receive any proceeds from those sales. Shares were up 1.2% premarket.
5:15 a.m. Nov. 16, 2021 - By Tomi Kilgore
Peloton stock bounces even as the $1.1 billion stock offering priced at a discountShares of Peloton Interactive Inc. reversed course to bounce 4.9% in morning trading Tuesday, even after the home fitness company said the stock offering announced earlier had priced 7.6% below current levels. The rally reverses a loss of as much as 7.3% in premarket trading, when was announced. The company raised about $1.1 billion, as it sold 23.91 million Class A shares at a price of $46.00 a share. That price was 3.1% below Monday's closing price of $47.47, and below the recent price of about $49.77. The offering represented 8.7% of the Class A shares outstanding as of Oct. 29. The stock, which closed Monday at a 17-month low, has plunged 67.2% year to date, while the S&P 500 has gained 25.1%.
5:07 a.m. Nov. 16, 2021 - By Tonya Garcia
On Holding stock soars after surprise profitOn Holding AG stock soared 21% in early Tuesday trading after the newly-public athletic company reported a surprise third-quarter profit. Net income totaled CHf 13.0 million (US$14.0 million), or CHf 0.04 per share, up from CHf 8.1 million, or CHf 0.03 per share, last year. Sales totaled CHf 218.0 million (US$234.8 million), up from CHf 130.1 million last year. The FactSet consensus was for a loss of CHf 0.11 per share and sales of CHf 182.8 million. On's Co-Chief Executive Martin Hoffmann called the most recent quarter the "strongest" in the company's history in terms of sales. "Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022," he said in a statement. "But since early November, all our production factories are open, and our outlook on net sales and adjusted EBITDA exceeds our original assumptions." The company is guiding for sales of CHF 710 million for the full year, up about 67% from 2020. The FactSet consensus is for CHf 678.6 million. On is guiding for sales of CHF 960 million for 2022. On Holding stock began trading on Sept. 15. Shares have soared by nearly 50% over the past month. The S&P 500 index is up 5.1% for the last month.
2:18 a.m. Nov. 16, 2021 - By Tomi Kilgore
Peloton stock dives further after $1 billion public stock offeringShares of Peloton Interactive Inc. took a 5.2% dive toward a fresh 17-month low in premarket trading Tuesday, after the home fitness company said it launched a public offering of $1 billion worth of common stock. The offering represents about 6.9% of Peloton's market capitalization of $14.40 billion as of Monday's close. The company said it granted the underwriters of the offering a 30-day option to buy up to an additional $150 million worth of shares. While public stock offerings are often launched by companies to take advantage of a rising share price, Peloton's stock has plunged 56.8% over the past three months to $47.49 on Monday, the lowest closing price since June 2020. In comparison, the S&P 500 has gained 4.5% the past three months.
1:49 a.m. Nov. 16, 2021 - By Tomi Kilgore
Aramark earnings rose above forecasts, sees revenue approaching pre-COVID levels by end of next yearAramark reported Tuesday a big fiscal fourth-quarter profit beat and revenue that rose above forecasts. Although the food, facilities and uniform services company still expects a negative COVID impact of an estimated $1.6 billion to $1.9 billion in fiscal 2022, revenue should approach pre-COVID levels by the end of the year, helped by new business and pricing pass throughs. The company swung to net income of $35.4 million, or 14 cents a share, from a loss of $148.6 million, or 59 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 56 cents from 21 cents, well above the FactSet consensus of 19 cents. Revenue grew 31.9% to $3.55 billion, beating the FactSet consensus of $3.29 billion, as U.S. food and support services (FSS) revenue grew 51.4% to $2.16 billion and uniform and career apparel revenue slipped 1.7%. International FSS revenue increased 21.6% to $765 million. Aramark's stock, which was still inactive in premarket trading, has slipped 1.3% year to date, while the S&P 500 has gained 24.7%.
9:57 p.m. Nov. 15, 2021 - By Steve Goldstein
Cathie Wood's ARK sells off bulk of remaining Zillow stake as Opendoor position pared as wellCathie Wood's ARK Invest completed the sale of the bulk of its remaining stake in Zillow as it also sliced its holding in an iBuying rival, Opendoor Technologies. According to the firm's disclosure, the flagship Ark Innovation sold 94% of its holding in Zillow with a $30.3 million sale, as the Ark Fintech Innovation sold $9.2 million Zillow shares. That fund also sold $13.2 million worth of Opendoor . By contrast, the 18% stock-price tumble in software company Splunk after was seen as a buying opportunity as the Ark Next Generation Internet ETF bought $17.2 million worth of shares.
3:29 a.m. Nov. 15, 2021 - By Tomi Kilgore
Casper stock rockets after buyout deal for a 94% premiumShares of Casper Sleep Inc. skyrocketed 91.0% toward a three-month high in premarket trading Monday, after the mattress in a box company announced an agreement to be acquired by Durational Capital Management in a cash deal valuing Casper at about $286.0 million. Under terms of the deal, Durational Capital will pay $6.90 for each Casper share outstanding, representing at 94.4% premium to Friday's closing price of $3.55. The deal is expected to close in the first quarter of 2022. "The proposed acquisition offers shareholders immediate and substantial value, and ensures the business has the financial flexibility required to support continued growth," said Casper Chief Executive Philip Krim. Separately, Casper reported a third-quarter net loss that widened to $25.3 million, or 61 cents a share, from a loss of $16.1 million, or 40 cents a share, in the year-ago period. Revenue rose 26.8% to $156.5 million, while cost of sales jumped 68.6% to lower gross margin to 40.8% from 55.5%. The company also announced that it named Emilie Arel, formerly of Quidsi, Gap and Target, as its chief executive. Casper's stock has tumbled 42.3% year to date through Friday, while the S&P 500 gained 24.7%.
2:51 a.m. Nov. 15, 2021 - By Tomi Kilgore
Boeing's stock would add nearly 50 points to the Dow after announcement of converted freighter ordersShares of Boeing Co. rallied 3.3% to pace the Dow Jones Industrial Average's premarket gainers on Monday, after the aerospace giant reported a number of orders for its planes from the 2021 Dubai Airshow. The company said it signed a firm order with Icelease for 11 of its 737-800 Boeing Converted Freighters (BCF), as the launch customer for one of the three added conversions lines for the freighters. The company also said logistics company DHL Express has placed a firm order for nine more 767-300BCF and Emirates announced an order for two 777 Freighters. Boeing's implied price gain ahead of the open would add about 48 points to the Dow Jones Industrial Average's price, while Dow futures rose 109 points, or 0.3%.
2:46 a.m. Nov. 15, 2021 - By Ciara Linnane
Swedish EV maker Polestar is aiming for sales of 290,000 vehicles by the end of 2025Polestar Automotive Holding UK Ltd., the Swedish electric vehicle maker that is going public via a merger with special purpose acquisition corporation Gores Guggenheim Inc. , filed a registration/proxy statement with the Securities and Exchange Commission on Monday that offered an updated on its plans. The SPAC deal is expected to close in the first half of 2022, at which point Polestar shares will trade on Nasdaq. The company said it expects to be operating in 30 markets by the end of 2023 and is looking to expand sales to 290,000 vehicles by end-2025. The company started full-scale activity in 10 markets in 2020 and is now on the road in 14 markets. "Market expansion continues and in the first half of 2022, Spain, Portugal and Ireland are planned to be added to the European market footprint, with Israel planned to expand presence in the Middle East," the company said in a statement. The company's Polestar 2, its first fully electric, high volume car, has had more than 110,000 test drives and more than 50 awards to date, while more than 2 million people have visited the company's retail locations since it started deliveries in August of 2020. Shares of the SPAC were up 14% premarket.
2:45 a.m. Nov. 15, 2021 - By Tomi Kilgore
WeWork loss narrows but revenue falls in first quarterly report as a public companyShare of WeWork Inc. edged up 0.2% in premarket trading Monday, after the flexible workspace company reported its first quarterly report through a merger with a special purpose acquisition company (SPAC), with losses narrowing but revenue falling. The company reported a third-quarter net loss of $802.4 million, or $4.54 a share, after a loss of $941.3 million, or $5.51 a share, in the year-ago period. Revenue dropped 18.5% to $661.0 million. The were no analyst expectations compiled by FactSet. The company said its global real estate portfolio included 764 locations in 38 countries, supporting about 932,000 workstations and 546,000 physical memberships. "Q3 saw a continuation of the strong momentum seen in the second quarter of 2021," the company stated. The company said it had 84,000 new desk sales in the quarter, and had 25,000 preliminary new desk sales in October. The stock has tumbled 10.1% so far in November, while the S&P 500 has gained 1.7%.
2:28 a.m. Nov. 15, 2021 - By Tomi Kilgore
CyrusOne stock jumps after KKR, GIP buyout deal valuing CyrusOne at $11.5 billionShares of CyrusOne Inc. climbed 3.6% toward a record in premarket trading Monday, after the data center-focused real estate investment trust announced an agreement to be acquired by KKR & Co. Inc. and Global Infrastructure Partners (GIP) in a deal valued at $15 billion, including debt. Under terms of the deal, KKR and GIP will pay $90.50 in cash for each CryusOne share outstanding, which is 5.9% above Friday's record closing price of $85.45. The buyout price implies a market capitalization for CyrusOne of $11.49 billion. The deal is expected to close in the second-quarter of 2022. "KKR and GIP will provide substantial additional resources and expertise to accelerate our global expansion and help us deliver the timely and reliable solutions at scale that our customers value," said CyrusOne Chief Executive Dave Ferdman. CryusOne's stock has gained 13.2% over the past three months through Friday, while the SPDR Real Estate Select Sector ETF has tacked on 3.1% and the S&P 500 has advanced 4.8%.
2:15 a.m. Nov. 15, 2021 - By Tomi Kilgore
CoreSite's stock rises toward another record after buyout deal with American Tower REIT valued at $10.1 billionShares of CoreSite Realty Corp. rallied 1.2% toward a sixth-straight record in premarket trading Monday, after the data center-focused real estate investment trust agreed to be acquired by American Tower REIT in a deal valued at about $10.1 billion, including debt. Under terms of the deal, American Tower will pay $170 for each CoreSite share outstanding, which represents a 2.0% premium to Friday's closing price of $166.59. The buyout price implies a market capitalization for CoreSite of $7.51 billion. CoreSite's stock had soared 16.9% amid a 10-day win streak through Friday. The deal is expected to close by the end of 2021, "or shortly thereafter." American Tower said said it has obtained financing from J.P. Morgan for the deal, which is expected to "modestly" add to earnings in initially, and be "increasingly accretive" over time. CoreSite's stock has run up 33.0% year to date through Friday, while American Tower shares have climbed 21.2%, the SPDR Real Estate Select Sector ETF has advanced 31.8% and the S&P 500 has gained 24.7%.
10:26 p.m. Nov. 14, 2021 - By Steve Goldstein
Cathie Wood's ARK sells most of remaining Zillow stakeThe flagship fund of Cathie Wood's Ark Invest, the Ark Innovation ETF , sold most of its remaining stake in online real estate firm Zillow , according to the firm's disclosures. On Friday, the fund sold $37.8 million worth of shares in Zillow, which recently exited the so-called iBuying market after sustaining losses on its home flipping activities. Friday's sale reduced the Ark position by 54%. Since the beginning of the month, Ark's Zillow position has dropped to roughly 500,000 shares from 6.8 million.
6:26 a.m. Nov. 12, 2021 - By Tomi Kilgore
Farfetch stock shoots up toward best day in 17 months after confirming talks to boost Richemont partnershipShares of Farfetch Ltd. shot up 16.5% toward a three-month high in morning trading Friday, after the platform for the luxury fashion industry confirmed that it was Switerland-based luxury goods maker Compagnie Financiere Richemont SA regarding an expansion of the existing partnership. The discussions included Farfetch making a minority investment in Richemont's Yoox Net-A-Porter business. "This would essentially team up [Farfetch] with its largest competitor, add greater negotiating leverage with brands and fuel a material [Gross Merchandise Value/Earnings Before Interest and Tax] ramp for the platform," wrote Wells Fargo analyst Ike Boruchow, in a note to clients. Farfetch's stock is on track for the biggest once day gain since it ran up 19.4% on June 25, 2020, and trading volume on Friday swelled 8.2 million shares, already well more than double the full-day average of about 3.7 million shares. Meanwhile, the U.S.-listed shares of Richemont jumped 10.4% toward a record. Farfetch's stock has still lost 28.1% year to date, while Richemont shares have soared 61.4% and the S&P 500 has advanced 24.6%.
2:02 a.m. Nov. 12, 2021 - By Tomi Kilgore
Spectrum Brands results including HHI top profit and revenue expectationsSpectrum Brands Holdings Inc. reported Friday fiscal fourth-quarter profit and sales including HHI results that topped expectations, despite challenges resulting from ongoing COVID-19 pandemic-related supply chain disruptions. Shares of the household products company, which brands include Remington, George Foreman, SmartBones and Black Flag, were still inactive in premarket trading. The company had announced in September plans to for $4.3 billion to ASSA Abloy, in deal that has not yet closed. Including the HHI results, net income for the quarter to Sept. 30 rose to $50.3 million, or $1.16 a share, from $45.5 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS came to $1.11, above the FactSet consensus of $1.10. Sales slipped 1.2% to $1.16 billion, above the FactSet consensus of $1.10 billion, as home and personal care sales grew 2.3%, global pet care sales rose 9.1% and home and garden sales fell 7.3%. The company expects to fiscal 2022 sales to grow in the mid-to-high single-digits percentage range, even after absorbing an expected additional level of inflation of about $230 million to $250 million. The stock has rallied 17.2% over the past three months while the S&P 500 has gained 4.2%.
2:00 a.m. Nov. 11, 2021 - By Tomi Kilgore
Tapestry stock jumps after earnings beat, raised outlook and new $1 billion stock buyback programShares of Tapestry Inc. shot up 4.4% in premarket trading Thursday, after fashion company, with brands including Coach and Kate Spade, reported fiscal first-quarter profit and revenue that beat expectations and raised the full-year outlook, citing "strong" customer engagement and increased demand. Separately, the company announced a new $1 billion stock repurchase program. Net income for the quarter to Oct. 2 slipped to $226.9 million, or 80 cents a share, from $231.7 million, or 83 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 82 cents beat the FactSet consensus of 70 cents. Sales grew 26.3% to $1.48 billion, above the FactSet consensus of $1.44 billion, as Coach sales rose 27% to $1.11 billion, Kate Spade sales increased 25% to $299.5 million and Stuart Weitzman sales grew 18% to $66.5 million. For fiscal 2022, the company raised its EPS guidance range to $3.45 to $3.50 from $3.30 to $3.35 and its revenue outlook to "approaching" $6.6 billion from $6.4 billion. The stock has declined 3.4% over the past three months through Wednesday, while the S&P 500 has gained 4.5%.
1:16 a.m. Nov. 11, 2021 - By Tomi Kilgore
Schick, Wet Ones parent Edgewell beats profit and sales expectations, gives in-line outlookEdgewell Personal Care Co. reported Thursday fiscal fourth-quarter profit that more than doubled and revenue that rose above expectations, and while demand is improving supply-chain disruptions are ongoing and inflation is "significant." Shares of the consumer products company, which brands include Schick, Playtex, Hawaiian Tropic and Wet Ones, were still inactive in premarket trading. Net income for the quarter to Sept. 30 rose to $44.1 million, or 80 cents a share, from $21.0 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.01 beat the FactSet consensus of 84 cents. Sales grew 11.1% to $543.2 million, above the FactSet consensus of $522.4 million, while cost of sales increased 11.9%. Wet shave sales rose 3.8%, sun and skin care sales jumped 37.9% and feminine care sales increased 9.9%. For fiscal 2022, the company expects adjusted EPS of $2.98 to $3.26, surrounding the FactSet consensus of $3.07, and sales growth in the low-single digit percentage range, while the FactSet sales consensus of $2.10 billion implies 3.7% growth. The stock has dropped 15.5% over the past three months, while the S&P 500 has gained 4.5%.
8:45 a.m. Nov. 10, 2021 - By Tomi Kilgore
Purple Innovations stock plummets amid multiple downgrades after earnings; kudos to BofA's Nagle for being earlyShares of Purple Innovation Inc. plummeted 21.6% toward a 17-month low in midday trading Wednesday, after a host of rating downgrades in the wake of the mattress maker's and third-quarter results and lowered outlook. No less than four of the 10 analysts surveyed by FactSet cut their ratings to the equivalent of hold, and six analysts cut their price targets. Kudos to analyst Curtis Nagle at BofA Securities, who a day before results were due, citing evidence of "weak" online trends the a new "big" competitive threat. Truist's Keith Hughes cut this rating to hold from buy, calling the results "exceptionally poor." Raymond James' Bobby Griffin lowered the rating to market perform from outperform, saying that while he understands that his downgrade is "late," he now has "very low confidence" in his forward estimates or the underlying demand trends in Purple's wholesale business. The stock has plunged 54.3% year to date while the S&P 500 has gained 24.0%.
5:11 a.m. Nov. 10, 2021 - By Tomi Kilgore
Kandi stock bounces off 16-month low after introducing all-electric utility vehiclesShares of Kandi Technologies Group Inc. bounced 3.8% in morning trading Wednesday, after the automotive and powersports manufacturer introduced the K32, its first off-road all-electric utility vehicle. There are two versions of the K32, one with a standard range of up to 60 miles priced at $27,699 and another with a range of up to 150 miles priced at $34,499. Deliveries are expected to begin in the first quarter of 2022. "Kandi has produced off-road recreational vehicles for decades and is now upgrading the rider experience by re-purposing its cutting-edge EV technology," said Chief Executive Johnny Tai. The stock, which closed at Tuesday at the lowest price since July 28, 2020, has tumbled 20.8% over the past three months, while the S&P 500 has gained 5.5%.
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