Manufacturing
Rivian Automotive Inc (NASDAQ: RIVN) has already gained some 40% since its year-to-date low but a Guggenheim analyst is convinced it’s not too late to invest in it yet. Shares of the EV firm are still down about 45% versus the start of 2024. Rivian stock could climb to $18Ronald Jewsikow assumed coverage of the electric vehicles company this morning with a “buy” rating. His $18 price objective suggests more than a 50% upside from here. The analyst is bullish on Rivian stock as he expects the R2/R3 optimism to serve as a catalyst moving forward. His research note reads: We see a credible path t...
Invezz
Enovix Corp (NASDAQ: ENVX) opened about 20% up on Tuesday after signing an agreement to provide silicon batteries for a mixed-reality headset. Shares of the battery manufacturer are now trading at a year-to-date high. Who did Enovix teamed up with on mixed-reality headsets?Enovix has inked an agreement with a top California-based technology company. It did not, however, reveal the name of the firm it has teamed up with on mixed-reality headset in a press release today. The Nasdaq-listed firm will immediately receive a one-time payment for “tooling to support battery pack dimensions”. Subsequen...
Invezz
The Faraday Future (NASDAQ: FFIE) stock price has tumbled as I predicted last week. It plunged by over 17% on Monday’s regular session followed by a 20% plunge during the pre-market session. Faraday Future reverse stock splitThe stock crash happened after the troubled Tesla rival announced a new plan to regain compliance with the Nasdaq. In it, the company will implement a 40:1 reverse split in a move to push it above $1, per share. This split came a week after Nikola shares plummeted following its decision to implement a 30:1 reverse split. According to listing requirements, a company’s stock...
Invezz
Rolls-Royce (LON: RR) share price has slumped for three straight days, becoming one of the worst-performing companies in the FTSE 100 index. It has crashed from this month’s high of 488p to the current 456p. Rolls-Royce stock price chart The stock has pulled back after Airbus, the biggest aircraft manufacturer in the world, published a mixed financial estimate. In it, the company said that it will deliver about 770 new aircraft this year, lower than what it guided before. It also noted that Rolls-Royce engines for the A320neo planes were behind schedule, a move that has pushed its stock price ...
Invezz
Nio (NYSE: NIO) stock price has come under intense pressure this month even after the company published encouraging financial results and May delivery numbers. It sunk to a low of $4.30, its lowest point since April 26th. A bargain or a value trap?Nio, like other Chinese EV companies, has struggled hard in the past few years as concerns about the industry remained. Its stock has tumbled by more than 93% from its all-time high while its market cap has crashed from over $84 billion to the current $8.9 billion. Nio is facing numerous internal and external factors. Internally, there are signs that...
Invezz
The preliminary estimates for the HCOB Eurozone manufacturing purchasing managers’ index (PMI) figure for June was revealed on Friday morning, coming in at 45.6, according to S&P Global. This was a six-month low, as well as quite a drop from May’s 47.3. However, due to June’s number still being under 50, the Eurozone manufacturing sector is still considered to be contracting, whereas a number over 50 would mean growth. June was the 15th month in a row of contraction, mainly due to new orders, employment and export figures lagging. Several companies also faced more rising input costs, while sel...
Euronews (English)
Polestar (PSNY), Canoo (GOEV), and Faraday Future (FFIE) stock prices have tumbled this year amid the rising concerns about the electric vehicle (EV) industry. Polestar’s stock has crashed by more than 69% this year while Canoo and Faraday Future have tumbled by 70% and 42%, respectively. Polestar vs Canoo vs Faraday Future stocks These companies have collapsed because of their slow growth and strained balance sheets. Data shows that Faraday Future ended the last quarter with less than $5 million in cash even as its net loss came in at over $400 million. Canoo had about $9.6 million in cash, d...
Invezz
The plot has thickened for Nikola (NKLA) stock price as it tumbled to a record low on Thursday after the company announced a big reverse split. It crashed to $0.3270, bringing the year-to-date losses to over 60%. Over time, the company’s market cap has tumbled from more than $20 billion to about $652 million today. Nikola stock splitIn a statement on Thursday, Nikola said that its board had agreed to engineer a 1-to-30 reverse split in a bid to maintain its Nasdaq listing. According to Nasdaq listing rules, a company must maintain a stock of over $1 for a certain period. Nikola’s situation hap...
Invezz
The German year-on-year producer price index (PPI) report for May was released on Thursday morning, coming in at -2.2%, up from April’s -3.3%, according to the Federal Statistical Office. However, this was still slightly higher than analyst expectations of -2%. The producer price index looks at inflation at a wholesale level, by comparing how the prices that domestic manufacturers receive for their products changes over time. May’s figure marked the 11th month in a row that producer prices had declined, however, it was still the lowest number during this period. This was mainly due to energy p...
Euronews (English)
Mullen Automotive (NASDAQ: MULN) stock price has remained in a deep sell-off and is nearing its all-time low despite making some important announcements. It has crashed by over 82%, making it one of the worst-performing electric vehicle companies in Wall Street, bringing its market cap to over $43 million. Mullen Automotive’s progressMullen Automotive, a Tesla wannabe, has made a lot of progress in the past few months. On June 13th, the company said that it had received a $13.2 million sales order for its Bollinger Motors business. These orders came from Momentum Groups,a company that offers f...
Invezz
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