Manufacturing
Luminar Technologies (NASDAQ: LZAR) stock price jumped by almost 18% on Wednesday as it went through a short squeeze. It jumped to $1.58, its highest point since June 3rd, giving it a market cap of over $597 million. Short sellers have thrivedLuminar has been a boom for short-sellers as its stock has plummeted hard in the past few years. After peaking at $47.78 in December 2020, the LAZR stock has plunged by over 96%, bringing its market cap from a record high of $14.15 billion to less than $600 million today. This performance has benefited shorts since Luminar is one of the most shorted compa...
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Micron Technology Inc (NASDAQ: MU) is pushing to the downside in extended hours on Wednesday even though it reported market-beating financial results for its third quarter. Shares of the memory chip maker are still up about 60% for the year. Micron stock sinks on guidanceMicron stock is losing at writing primarily because its management issued only in-line guidance for the future. MU now expects its revenue to print at $7.60 billion in Q4. Analysts, in comparison, were at $7.59 billion. Sanjay Mehrotra – the chief executive of Micron Technology said in a press release today: We are gaining sha...
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Ocean Power Technologies Inc (NYSE: OPTT) witnessed a remarkable surge of 70% on Wednesday following its announcement of a preliminary deal. The company revealed its success in securing a sole source contract award for multiple WAM-Vs, which are set to be delivered to a department of the US Government. The contract will ultimately be awarded as a Firm-Fixed-Price purchase order through a noncompetitive process. The revenue generated from this contract will be recognized evenly over the duration of the agreement, considering the anticipated delivery date in the near future. Shares of the mariti...
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Foxconn has been systematically denying jobs to married women at its India iPhone assembly plant on grounds that increased burden of family responsibilities after marriage and childbirth “increases risk factors” of hiring them, a Reuters investigation has found. The news agency was also informed by hiring agents and Foxconn HR sources that jewellery worn by married Hindu women also interferes with production. More than 35,000 people are employed at Foxconn’s iPhone assembly plant in Sriperumbudur, near the city of Chennai in the southern Indian state of Tamil Nadu. Why the exclusion of married...
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HP Inc (NYSE: HP) is in focus this morning after naming Karen Parkhill its new chief of finance. Shares of the tech giant are currently up more than 30% versus their year-to-date low in mid-April. Karen Parkhill will join HP in AugustKaren Parkhill will assume the role of chief financial officer at HP on August 5th, 2024. Tim Brown will return to his role of head of Print Finance at the same time. Brown has been serving the New York listed firm as its interim CFO since late last year. Enrique Lores – the chief executive officer of HP said in a press release today: Karen’s wealth of experience ...
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Whirlpool Corporation (NYSE: WHR) is up 20% today following a report that Robert Bosch may be interested in buying the home appliances company. Shares of the potential acquiree are still down some 15% versus the start of 2024. Why does Bosch want to acquire Whirlpool?Anonymous sources told Reuters this morning that Bosch may soon bid for Whirlpool to expand its footprint in household appliances. The German engineering group is already in talks with advisers to explore the possibility of formally proposing a buyout, they added. Whirlpool Corporation is currently valued at about $4.8 billion. No...
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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...
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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...
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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...
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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 ...
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