Ford Motor Co. is temporarily suspending production of its F-150 pickup truck at two locations due to the ongoing computer chip shortages. The automaker plans to halt F-150 production at its Dearborn, Mich. Plant for two weeks, starting Monday, as well as at its Kansas City plant. Overtime shifts will be halted at both plants until July. The company plans to update the effect on its financial...
Microsoft won a major Pentagon contract, potentially worth $22 billion for the next years, for augmented reality headsets. Per the contract, the technology giant will produce 120,000 of the headsets, which are based on its HoloLens technology, According to a statement from the Program Executive Office Soldier, the Pentagon awarded Microsoft a fixed price production agreement to manufacture...
Hydrogen solutions company Plug Power Inc. announced plans to build a green hydrogen production plant in partnership with Brookfield Renewable Partners L.P. and Brookfield Renewable Corporation. The plant, located along the Susquehanna River in south-central Pennsylvania, will utilize 100% renewable energy from Brookfield Renewable’s Holtwood hydroelectric facility as a part of a previously...
Tesla Inc. will surpass Wall Street expectations of 170,000 deliveries for the first quarter, according to Wedbush analyst Daniel Ives.The analyst mentioned in a note Tuesday that Wedbush has updated its delivery model to reflect increased optimism. For the first quarter of 2021, Wedbush boosted its expectation on Model 3/Y estimates to 160,000 units from 132,000 units. For Model S/X vehicles...
Athleisure apparel company Lululemon posted fourth quarter earnings that beat analysts’ expectations. However, the company provided a mixed 2021 guidance. Lululemon’s earnings for the quarter came in at $2.58 per share, surpassing the $2.49 per share expected by analysts. Revenue climbed +24% from the year-ago quarter to $1.7 billion, compared to analysts’ expectations of $1.66 billion. For...
BlackBerry Limited posted fourth quarter revenue that fell short of analysts’ expectations. This could in part be due to licensing revenue challenges amid negotiations to sell patents that bring in licensing revenue. The company’s adjusted earnings for the quarter came in at 3 cents a share, on non-GAAP revenue of $215 million. In the same period a year ago, the company reported earnings of 9...
Chewy reported earnings for its fiscal-fourth quarter that crushed analysts’ expectations. Revenue almost doubled, on the back of solid online orders. For the quarter ended Jan. 31, the online retailer for pet-related products reported earnings of 5 cents a share, while analysts’ polled by Factset had expected an adjusted loss of -10 cents a share. The company had a loss of -15 cents a share...
PayPal Inc. said that it will allow customers to buy goods and services with cryptocurrencies at more than 29 million merchants globally. The payment service company will enable users with a digital wallet to convert their cryptocurrencies into fiat currency at the point of purchase. “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto...
On Tuesday, online sports-betting company DraftKings announced that it would acquire Vegas Sports Information Network. The latter is a sports-betting-content provider. The acquisition is expected to boost DraftKings’ content capabilities and will expand VSIN’s audience reach, as indicated by DraftKings. VSiN operates out of Las Vegas, and it develops, produces, and distributes up to 18+ hours...
Tesla Inc. CEO Elon Musk cautioned that a shortage in battery cell supplies could hamper his company's ability to ramp up production of the Tesla semi truck. On a conference call following Tesla's fourth quarter earnings, Musk said that while a Tesla semi would use “typically five times the number of cells that car would use", it "would not sell for five times what a car would sell for". Musk...
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Media company News Corp. is reportedly nearing an agreement to acquire the consumer division of educational publisher Houghton Mifflin Harcourt Co. A Wall Street Journal report ,citing people familiar with the matter, mentioned that the deal could be announced as early as Monday. The agreement would add a portfolio of novels from authors such as George Orwell, Philip Roth and J.R.R. Tolkien...
On Sunday, Tencent Music Entertainment Group announced a plan to repurchase $1 billion in shares. The China-based music-streaming service has authorized a buyback of up to $1 billion in Class A shares, in the form of American depositary receipts, over the next year. “The share repurchase program is a strong indication of the board’s confidence in the company’s business outlook and long-term...
China electric carmaker NIO said that it is shutting a plant for five days, amid a global shortage in semiconductors. The temporary halt in production will start March 29, and will cut deliveries by atleast 500 vehicles in the first quarter (which implies an expected Q1 delivery of 19,500, versus prior forecast of 20,000 to 20,500). Global supply chains for semiconductors have been hurt due...
H. B. Fuller ‘s latest quarterly earnings surpassed Zacks Consensus expectations. The adhesives manufacturing company’s adjusted earnings for the quarter ended February 2021 came in at $0.66 per share, compared to Zacks Consensus Estimate of $0.46 per share. The figure is also higher than the year-ago quarter’s $0.34 per share. The company has exceeded consensus EPS estimates four times...
The Walt Disney Co. revealed plans for reconfiguration of its Disneyland theme park in Anaheim, California. Opened in 1955, Disneyland was the company’s first theme park. According to the latest plans, the park’s current footprint would not be expanded, but more theme park attractions and new hotels, retail stores, restaurants and entertainment venues would be added within the property. The...
The number of COVID-19 shots supplied in the U.S. is expected to hit 240 million by next week. According to White House, Pfizer , Moderna , and Johnson & Johnson all on pace to achieve quarterly production guides. 240 million doses would be adequate to fully vaccinate 130 million people. J&J is expected to deliver at least 11 million doses next week – that puts it on target to hit 20 million...
Facebook is reportedly planning to start opening its Silicon Valley offices in May, if COVID-19 cases continue to decrease. The social media giant will allow its Menlo Park, California, headquarters at 10% capacity. Its Fremont, California, offices will do so on May 17, its Sunnyvale, California, offices on May 24 and its downtown San Francisco towers on June 7. All Facebook employees can...
Novavax is reportedly delaying signing a contract to supply its COVID-19 vaccine to the EU due to production issues. According to a Reuters report, the company is struggling to source some of the raw materials for the vaccine. Earlier this year, the EU was planning to a sign a deal for at least 100 million doses of Novavax's vaccine, with an option to buy another 100 million doses. The...
Shares of semiconductor company Advanced Micro Devices got upgraded to outperform from market perform at Northland Capital Markets. The analysts cited industry peer Intel's "faux pas" as factor behind the upgrade. The investment firm cited its expectation that the semiconductor company will continue to gain market share after rival Intel "made a strategic faux pas." Intel will be competing...