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3:54 a.m. Oct. 6, 2021 - By Tomi Kilgore
GM and GE agree to develop supply chains to support EV production, renewable energy growthGeneral Motors Co. and General Electric Co. said Wednesday that they signed a memorandum of understanding (MOU) to improve supplies of rare earth materials, magnets, copper and electrical steel used in making electric vehicles and renewable energy equipment. The automaker and industrial conglomerate will first focus on creating a North America- and Europe-based supply chain for magnet manufacturing, and will then collaborate on establishing new supply chains for additional materials, such as copper and eSteel. "A secure, sustainable and resilient local supply chain for electric vehicle materials is critical to the execution of GM's vision of an all-electric future," said Shilpan Amin, GM's vice president for global purchasing and supply chain. "Working with GM gives us another tool to obtain a reliable, sustainable, and competitive source of key materials going forward that will help us lower the cost of renewable energy and drive more electrification by making EVs a more viable option for consumers," said GE Renewable Energy Chief Technology Officer Danielle Merfeld. GE's stock fell 1.6% in premarket trading Wednesday and GM shares fell 0.5%, while futures for the S&P 500 shed 1.1%.
10:30 a.m. Sept. 15, 2021 - By Victor Reklaitis
Biden to announce deal with U.K., Australia on sharing defense technology: reportsPresident Joe Biden on Wednesday will announce a new effort with the U.K. and Australia to share advanced defense technologies in a bid to counter China, according to reports from and . The White House said Biden is due to speak at 5 p.m. Eastern on a "national security initiative," and he will be joined virtually by U.K. Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison.
11:05 a.m. Sept. 14, 2021 - By Tomi Kilgore
Globalstar's stock takes a dive after Apple didn't say its new iPhone supports satellite communicationsShares of Globalstar Inc. took an afternoon dive Tuesday, as investors expressed disappointment that Apple Inc. did not say its new iPhone 13s would support satellite communications. The mobile satellite services company's stock sank 19.4%, after being down 5.3% just before the start of . The , after the that Apple would work with Globalstar as it added satellite communications to its next iPhone. The stock had climbed another 14.5% from Aug. 30 to the five-year closing high of $2.69 on Sept. 8, before pulling back. The stock has still rocketed 442.9% year to date, while the S&P 500 has advanced 18.3%.
3:52 a.m. July 12, 2021 - By Tomi Kilgore
Virgin Galactic stock shoots higher after successful flight to suborbital spaceShares of Virgin Galactic Holdings Inc. shot up 6.0% in premarket trading Monday, a day after Founder Richard Branson and five crewmates successfully flew rocket-powered spaceplane. In a live-streamed flight on Sunday, the Unity crew before returning to earth. "Space is for all humanity, which is why we're giving YOU the chance to win 2 seats on one of the first @virgingalactic flights to space now!", . Truist analyst Michael Ciarmoli reiterated his buy rating and $50 stock price target, saying the successful completion of the Unity flight was a "significant milestone" for the company. "Near-term, we expect that publicity around the commencement of SPCE's commercial space tourism operations could also benefit from sweepstakes announced on Sunday, offering a chance to win two tickets on one of the company's earliest flights open to customers," Ciarmoli wrote in a note to clients. Virgin Galactic's stock has soared 107.3% year to date through Friday, while the S&P 500 has gained 16.3%.
3:27 a.m. July 6, 2021 - By Tomi Kilgore
Huntington Ingalls to pay $1.65 billion in cash to buy Alion Science and Technology from Veritas CapitalMilitary ship builder Huntington Ingalls Industries Inc. announced Tuesday an agreement to buy Alion Science and Technology, a provider of services for the defense marketplace, for $1.65 billion in cash from Veritas Capital. Huntington Ingalls expects the deal, which is estimated to close in the second half of 2021, to be "significantly cash flow accretive" in fiscal 2022 and add to net earnings per share in 2023. "Today's announcement, coupled with our previous investments in leading edge technologies, such as cybersecurity and autonomous systems, reflects our commitment to stay on the cutting edge of critical, high-growth national security solutions and generate significant long-term value for our shareholders," said Huntington Ingalls Chief Executive Mike Petters. Shares of Huntington Ingalls, which had a market capitalization of $8.53 billion as of Friday's close, were still inactive in premarket trading. They have rallied 24.3% year to date, while the S&P 500 has gained 15.9%.
3:39 a.m. June 7, 2021 - By Tomi Kilgore
Tesla stock slips after Plaid Plus model canceledShares of Tesla Inc. slipped 0.3% in premarket trading Monday, after Chief Executive Elon Musk tweeted over the weekend that it has , since the regular Plaid model is "so good." that the Model S "goes to Plaid speed" this week, as it can go from 0 to 60 miles per hour in just under two seconds, which he boasted makes it the quickest production car ever made. The Plaid, which has a starting price of $120,000, will have a battery range of 390 miles, while the Plaid Plus would have cost about $30,000 more and have a battery range of 520 miles. Wedbush analyst Dan Ives reiterated his outperform rating and $1,000 stock price target, saying he remained "fully bullish" on Tesla and the EV market despite near-term speed bumps, such as China demand worries. The stock had jumped 4.6% on Friday to snap a four-day losing streak. It has lost 15.1% year to date through Friday, while the S&P 500 has advanced 12.6%.
2:40 a.m. May 17, 2021 - By Tomi Kilgore
Lion Electric stock surges after order for 260 all-electric school busesShares of Lion Electric Co. surged 6.0% in premarket trading Monday, after the Canada-based maker of zero-emission commercial trucks and buses announced an order for 260 all-electric buses from student transportation provider First Student. Deliveries of the buses will start in the second half of 2021 and will be completed in the first half of 2023. Financial terms were not disclosed. "Today marks a new step in the adoption of zero-emission school buses," said Lion Electric Chief Executive Marc Bedard. "First Student's leadership demonstrates that zero-emission technology is here to meet the needs of the market at scale, as is our production capacity -- we are not talking about pilot programs, but rather entire bus fleets going electric, with vehicles that meet the daily requirements of the industry's largest operators." Lion Electric's stock has dropped 15.1% year to date through Friday, while the S&P 500 has gained 11.1%.
4:19 a.m. April 21, 2021 - By Tomi Kilgore
Chevron, Toyota to collaborate on developing hydrogen businessesChevron Corp. subsidiary Chevron U.S.A. Inc. and Toyota Motor Corp.'s Toyota Motor North America Inc. announced Wednesday an alliance to develop commercially viable, large-scale hydrogen businesses. The oil and auto giants will work to advance a global hydrogen economy through strategic priorities including collaborating on public policy measures that support hydrogen infrastructure, exploring supply opportunities from current and future demand for fuel cell electric vehicles and exploring ways to pursue research and development in hydrogen powered transportation and storage. "Working towards a strategic alliance on hydrogen presents an opportunity to build a large-scale business in a low-carbon area that is complementary to our current offerings," said Andy Walz, president of Chevron's Americas Fuels and Lubricants. Chevron's stock has rallied 24.1% over the past 12 months and Toyota shares have climbed 27.7%, while the S&P 500 has gained 51.1%.
5:25 a.m. April 12, 2021 - By Tomi Kilgore
XPeng stock rises after EV maker says it will debut lidar-equipped smart car this weekShares of XPeng Inc. rose 1.2% in premarket trading Monday, after the China-based electric vehicle maker said it plans to debut its lidar-equipped XPeng P5 smart sedan . The company said the P5 will be the first mass-produced smart EV with automotive-grade lidar technology (light detection and ranging), which is a system that helps provide vision for self-driving cars. The stock has lost 19.5% year to date through Friday, while fellow China-based EV maker Nio Inc. shares have dropped 21.8% and the S&P 500 has gained 9.9%.
9:47 a.m. April 8, 2021 - By Victor Reklaitis
Biden officials to meet with companies on chip shortage next weekWhite House press secretary Jen Psaki on Thursday said National Economic Council Director Brian Deese and National Security Advisor Jake Sullivan will lead a meeting next week "with a number of companies" on the ongoing semiconductor . "It's part of our consulting processes. We're working to address an issue that's impacting a range of industries," Psaki told reporters. She also said the White House would release more details on the meeting "hopefully by tomorrow."
5:41 a.m. March 19, 2021 - By Keith Zhai
China to restrict use of Tesla vehicles by military and state personnel People familiar with the effort cite concerns Tesla cars could be source of national security leaksChina’s government is restricting the use of Tesla Inc.’s vehicles by personnel at military, state-owned enterprises in sensitive industries and key agencies, citing concerns that the American electric-vehicle maker’s cars could be a source of national security leaks, according to people familiar with the effort.
8:43 a.m. March 1, 2021 - By Tomi Kilgore
Cree stock surges after BofA says buy the chip maker that's 'turbocharging EVs'Shares of Cree Inc. surged 3.1% in midday trading Monday, after BofA Securities analyst Vivek Arya recommended investors buy, saying the special semiconductor materials maker is "turbocharging EVs" (electric vehicles). Arya initiated coverage of Cree with a buy rating and $140 stock price target, which is well above the Feb. 11 record closing price of $128.28. Arya said he sees Cree as a "critical enabler" in the transformation of the silicon-based, roughly $45 billion power chip market towards next-generation SiC/GaN, or wide band-gap (WBG) materials. Arya noted that power converters based on SiC are lighter and smaller, with 10-times the switching efficiency and three-times the power density of silicon. "Cree's Wolfspeed business is a global leader with 60%+ share in substrates for Silicon Carbide (SiC) -- the next-gen material driving efficient power conversion in battery powered EVs and charging infrastructure," Arya wrote in a note to clients. "Separately, Cree's exposure to Gallium Nitride (GaN) materials/devices also provides strong growth in 5G base station and industrial markets." The stock has soared 30.3% over the past three months, while the PHLX Semiconductor Index has climbed 16.1% and the S&P 500 has gained 6.5%.
2:44 a.m. March 1, 2021 - By Tomi Kilgore
Rocket Lab to go public in merger with SPAC Vector Acquisition, valuing company at $4.1 billionRocket Lab USA Inc. announced Monday it will be going public through an acquisition by special purpose acquisition company (SPAC) Vector Acquisition Corp. , in a deal that values the launch and space systems company at $4.1 billion. Vector Acquisition's stock soared 20.5% in premarket trading. After the merger closes, which is expected to occur in the second quarter of 2021, the company will be named Rocket Lab USA Inc. and the stock will trade on the Nasdaq under the ticker symbol "RKLB." The companies expect to have a cash balance of $750 million after the deal closes. Separately, Rocket Lab unveiled its medium-lift Neutron rocket, a reusable launch vehicle with an 8-ton payload lift capacity, to be used for mega constellations, deep space missions and human spaceflight. "Not only are we the leader in small launch, we are the second most frequently launched rocket in the U.S. annually and the fourth most frequent launcher globally," said Chief Executive Peter Beck. Vector Acquisition's stock, which went public in November, has gained 2.8% over the past three months, while shares of spaceflight services company Virgin Galactic Holdings Inc. have run up 31.3% and the S&P 500 has gained 4.1%.
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
6:12 a.m. Jan. 12, 2021 - By Tomi Kilgore
GM stock surges into record territory after unveiling of new electric transport-services business BrightDropShares of General Motors Co. moved 6.4% higher and into record territory Tuesday after the automobile maker announced a new business called BrightDrop, which GM said will offer and ecosystem of electric products, software and services to help delivery companies transport goods more efficiently. BrightDrop's first product, available in early 2021, will be an electric pallet called EP1. An EP1 pilot program, in partnership with FedEx Corp.'s FedEx Express, has already been completed, with EP1s helping FedEx Express couriers handle 25% more packages per day. The second BrightDrop product, available for order in early 2022, will be the EV600, an electric light commercial vehicle built to deliver goods over long ranges. The EV600 is expected to have an estimated range of up to 250 miles, with a charge rate of 170 miles of range per hour. GM's stock has soared 48.7% over the past three months, while the S&P 500 has gained 7.6%.
4:46 a.m. Dec. 23, 2020 - By Tomi Kilgore
Nikola's stock drops after order for 2,500 electric garbage trucks has been cancelledShares of Nikola Corp tumbled 10.4% in premarket trading Wednesday, after the electric vehicle maker said it has discontinued its collaboration with Republic Services Inc. on developing garbage trucks, leading to the cancellation of an order for 2,500 trucks. "After considerable collaboration and review, both companies determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs," the companies said in a statement. "As a result, the program is being terminated resulting in the cancellation of the previously announced vehicle order." On Aug. 10, Nikola's stock soared 22.0% to $44.81, after the company said it secured an order for Republic Services. Since then through Tuesday, Nikola's stock has plunged 62.4% through Tuesday, Republic Services shares have gained 5.4% and the S&P 500 has advanced 9.7%.
4:52 a.m. Dec. 22, 2020 - By Tomi Kilgore
EV maker Canoo's stock set to surge under new ticker symbol 'GOEV'Canoo Holdings Ltd., a Los Angeles-based electric vehicle (EV) maker, said Tuesday it has with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp., so its stock will now begin trading on the Nasdaq under the ticker symbol "GOEV." The stock is surging 12.9% in premarket trading. "This next chapter is a very important one for Canoo as we prepare to complete advanced testing of our innovative electric mobility platform and to bring our recently unveiled multi-purpose delivery vehicle to limited production in 2022, and to commercial production and rollout in 2023," said Canoo Executive Chairman Tony Aquila. The new EV stock's rally comes on a mixed day for other U.S.-based EV makers ahead of Tuesday's open, with shares of market leader Tesla Inc. up 0.3%, Nikola Copr. down 0.9% and Workhorse Group Inc. up 2.0%. Meanwhile, futures for the S&P 500 are up 0.2%.
2:20 a.m. Dec. 16, 2020 - By Tomi Kilgore
Luminar's stock bounces after company and Mobileye said collaboration remains 'full speed ahead'Shares of Luminar Technologies Inc. bounced 4.4% in premarket trading Wednesday, after the maker of autonomous vehicle sensor and software maker said its collaboration with Intel Corp.'s Mobileye remained "full speed ahead." The companies "clarified" their deal announced on Nov. 20, after Luminar's stock plunged 17.6% on Tuesday as a Reuters report that Mobileye planned to develop its own sensors. On Wednesday, Luminar said it is providing its technology to Mobileye for its Autonomous Vehicle series, its technology will be used to enable Mobileye's True Redundancy capability and the companies have been working together for nearly two years and signed in November a contract in which Luminar provides Mobileye lidar production volumes at sub-$1,000 cost. "In tandem, Mobileye has independently been working on silicon photonics based lidar that could be part of our future solutions," said Mobileye Chief Executive Amnon Shashua. "This has been public for some time and does not change our plans to use Luminar." Luminar's stock, which has plummeted 45.3% amid a five-day losing streak through Tuesday, has still soared 80.5% over the past three months while the S&P 500 has gained 9.1%.
4:19 a.m. Dec. 14, 2020 - By Tomi Kilgore
XPeng's stock surges after bullish call from Deutsche Bank analystShares of XPeng Inc. surged 3.4% in premarket trading Monday, after Deutsche Bank analyst Edison Yu's bullish call on the China-based electric vehicle maker. Yu started coverage of XPeng with a buy rating and $58 stock price target, which is 30.9% above Friday's closing price of $44.31. He said Yu was part of the "Fab Four" China-based EV makers, which also include Nio Inc. , Li Auto Inc. and WM Motor Technology Group Co. Ltd., that represent an emerging class of auto makers backed by large technology companies and local governments looking to disrupt the auto industry. "[W]e believe our thesis has been playing out both on the ground as sales and brand awareness grow, and in the capital markets where all four companies have seen their valuations rise considerably," Yu wrote in a note to clients. "Along with Tesla , we believe these automakers are increasingly destined to conquer the Chinese auto market, supported by an investor base who is eagerly willing to support this endeavor, leading us to expect multiple winners in the new EV world order." XPeng's stock has soared 116.4% over the past three months, while the S&P 500 has gained 8.3%.
1:49 p.m. Nov. 24, 2020 - By Carly Tripp
Why these 5 U.S. cities will bounce back from COVID-19 faster and stronger How to measure a solid post-pandemic real estate investment How to measure a solid post-pandemic real estate investment.
11:10 a.m. Nov. 24, 2020 - By Ciara Linnane
U.S. is ‘in the middle of the Fight of the Century,’ says former CDC head as cases rise in 45 states, hospitalizations set record U.S. has averaged 173,147 cases a day in the past week, and more than 85,000 COVID-19 patients are in a hospitalThe U.S. case tally from the coronavirus illness COVID-19 climbed above 12.84 million on Tuesday and hospitalizations again reached record levels, with 45 states reporting rising infections.
8:34 a.m. Nov. 23, 2020 - By Tomi Kilgore
Ideanomics stock leads all Nasdaq gainers after doubling investment in electric-tractor makerShares of Ideanomics Inc. soared 64.9% in very active midday trading Monday, making them the biggest gainers on the Nasdaq Exchange, after the company focused on investing in disruptive technologies announced the doubling of its investment in California-based Solectrac Inc., which makes battery-powered electric tractors. Trading volume swelled to 189.4 million shares in recent trading, compared with the full-day average of about 11.7 million shares. Ideanomics said it invested an additional $1.3 million in Solectrac, which increases its ownership stake to 24%. Ideanomics had announced on Oct. 22 an investment of $1.3 million to buy the 14.7% stake in Solectrac. Ideanomics said the latest investment allows it to recognize its stake in Solectrac under the equity method of accounting under generally accepted accounting principles (GAAP). "We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand," said Chief Executive Alf Poor. The stock has now nearly tripled (up 196.8%) year to date, while the S&P 500 has gained 10.4%.
8:30 a.m. Nov. 23, 2020 - By Tomi Kilgore
DPW's stock skyrockets after Coolisys EV charger sub sets up fast-food franchisee partner programShares of DPW Holdings Inc. rocketed 163.9% on massive volume in midday trading Monday, enough to make them the best performer on major U.S. exchanges, after the investor in disruptive technologies said its Coolisys Technologies Corp. subsidiary established a program to get its electric vehicle (EV) chargers into national fast-food restaurants. Trading volume soared to 145.6 million shares, compared with the full-day average of about 2.6 million shares. DPW said it expects the program to allow owners of fast-food franchises to install the ACECool EV chargers and share in the revenue from advertising and network usage. Coolisys expects to launch the program in California, Nevada and Canada, with the unveiling of "a national fast-food network" partner, that forms a part of the network with over 1,000 locations. Other partners are expected to be announced in the first quarter of 2021. "We look forward to the potential changes coming from increased demand for EVs and the recent trends related to government support of the electrification of transport," said Coolisys Chief Executive Amos Kohn. DPW's stock has run up 189.7% over the past three months, while shares of rival EV charger company Blink Charging Co. has rocketed 327.9% and the S&P 500 has gained 4.9%.
9:20 a.m. Nov. 3, 2020 - By Victor Reklaitis
Here are the Senate races to watch, as Democrats battle to take control from Republicans Democrats need a net gain of 4 seats to take control of the Senate — or just 3 seats if Joe Biden wins the presidential raceIf Democrats take control of the U.S. Senate, that could shake up key sectors such as tech, health care, finance and energy — especially if today’s election brings a “blue wave” that puts Joe Biden in the White House.
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