Shares of EV start-up Lucid soar on new reservations, 2022 manufacturing

Electric vehicle startup Lucid announced on September 28, 2021 that it had started producing its first cars for customers at its facility in Casa Grande, Arizona.

Clear

Shares in Clear group rose more than 5% during after-hours trading before even pulling back to around after the first quarterly results were released as a publicly traded company.

The electric vehicle startup announced a sharp spike in vehicle reservations and confirmed its production target for next year, while reporting a net loss of $ 524.4 million in the third quarter.

Lucid, which went public in July via a SPAC deal, reported that it lost $ 1.5 billion in the first nine months of the year.

The company announced Monday that it had more than 17,000 reservations for its Air sedan, up from 13,000 in the third quarter. Reservations through September represented a backlog of $ 1.3 billion, the company said.

Lucid also confirmed its production target of 20,000 vehicles for the next year, but said there are still hurdles to reaching those plans.

“We remain confident of reaching 20,000 units in 2022,” said Lucid CEO Peter Rawlinson in a press release. “Given the ongoing challenges for the automotive industry with global disruptions in supply chains and logistics, this goal is not without risk.”

Rawlinson said the automaker is taking steps to ease the hurdles in the supply chain and continues to plan to bring lower-cost versions of Lucid Air to market by 2022.

The automaker’s third-quarter revenue was $ 232,000, mostly from a battery deal with the Formula E electric racing league, Lucid CFO Sherry House told Wall Street analysts on Monday during a call. She said the company will begin collecting vehicle sales revenue and reporting details of the sales in the fourth quarter.

Shares closed at $ 44.88 per share, up 2.2%. The stock price remained below its 52-week high of nearly $ 65 per share in February when it was reported that Lucid was close to a deal with blank check firm Churchill Capital IV Corp. stood to go public.

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Lucid’s shares are up more than 80% since the company’s IPO through a reverse merger with Churchill in July. The largest daily increase of 31% came late last month when the company confirmed customer deliveries the Lucid Air Dream Edition were at the beginning.

“I feel great about our stock price,” House told CNBC during a telephone interview. “The start we had, where it is today, and also the growth path that, frankly, lies ahead of us. I see that we are seen as a technology company with a platform that can be expanded across many vehicle variants “and sustainable technology.”

Rawlinson repeated these remarks: “I think what happens in our stock value reflects our status as a technology company more than an automotive company.”

The fully electric Air sedan was named Car of the Year by MotorTrend on Monday, a coveted award in the automotive industry. It is the first time that a new automotive company’s first product has received the award, the publication said.

In total, Lucid has announced that it will deliver 520 customer-configured ones Lucid Air Dream Editions, followed by the production of cheaper models. Lucid announced to investors in July that according to an investor presentation, 20,000 Lucid Air sedans will be produced in 2022, with sales of more than $ 2.2 billion.

The Dream Edition is a special edition of their flagship sedan for $ 169,000 with an industry-leading range of up to 520 miles, according to the EPA. Prices for an entry-level version of the car, the Lucid Air sedan, start at $ 77,400 before a federal tax credit of up to $ 7,500 for plug-in vehicles.

Lucid is one of a handful of EV startups that went public through deals with SPAC companies since last year. But unlike many of his SPAC colleagues, Lucid actually generates revenue and produces vehicles. Also, unlike others, it has so far avoided any federal investigation into potentially misleading statements made to investors, such as: Nikola, Lordstown Motors and canoe.

Cash issues as Oklahoma, Texas look to leap ship to SEC

What better Missouri 10th anniversary gift to pull the trigger and join the Southeastern Conference than this: justification.

Texas and Oklahoma stole the show every media day this week as news leaked from the Longhorns and Sooners – closer than many initially thought Wednesday – to leave the Big 12 Conference for good.

Missouri and Texas A&M collapsed in 2011 after the uncomfortable 12-team alliance founded in 1996 collapsed under the weight of twin vices – ego and money. Texas and Oklahoma’s public pose to position themselves at the forefront while cashing the biggest checks drove away Colorado and Nebraska first and then the Aggies and the Tigers.

Two founding members of the Big Eight and another long-standing member (the Buffaloes) leave injured: rivalries have been severed, past stories have been muted.

But money has helped everyone move forward, and money is the driving force here too. But 10 years ago when eyes were roaming Colorado, Nebraska, Texas, and Oklahoma, Missouri was almost caught, and Sporting Director Mike Alden, Chancellor Brady Deaton, and others had to make sure the Tigers had a chair to sit on when – not if – those Music stopped.

Now? Missouri is gleeful.

On November 6, 2011, the SEC expanded membership to Missouri and has since remained at 14 members. The Tigers found a safe landing spot and could look on in amusement rather than anger if the internal divisions of the Big 12 ever reappeared.

According to some reports, Texas and Oklahoma could give up their commitments and join in time for the 2022 football season to start, while others have suggested that it is more financially likely that both will officially go after 2024-25 when the Big 12’s TV rights deal is finalized as an immediate exit would cost each school up to $ 80 million.

According to Dennis Dodd, who also reported that the other members of the Big 12 are considering giving the Sooners and Longhorns a bigger share of the conference revenue, neither representatives had a conference call on Thursday, highlighting the particular inequality that both Texas A&M as also prompted Missouri to contact the SEC, where both were treated as full members from day one.

If you’re a Missouri fan, I understand you have a few reservations about, uh, Texas specifically joining the SEC.

Texas A&M has taken on its oldest and fiercest rival to join the league: The Aggies like the football recruiting spot of being able to play in the SEC while staying in Texas. The entry of the Longhorns would tarnish that shine. The Aggies have worked hard to escape the pull of the Longhorns’ financial and political might, and now they seem to be withdrawn.

Texas, as always, will do its best to run the show if it joins the SEC, as it did at the Southwest and Big 12 conferences.

Will they be able to do it? Only time can tell. But that’s why I think Missouri won’t be a no to renewing a membership offer if the SEC votes on it. Texas A&M would have to drum up three other “no’s” to override things, but it’s very hard to imagine the other 13 schools rejecting the increased revenue that would come with the addition of Texas and Oklahoma.

The Missouri sports division was safer and financially better off after leaving the Big 12 for the SEC, which made that decision right then and now. It also seems clear that Missouri – and everyone else attending the conference – will be better off financially with Texas and Oklahoma joining.

In this scenario, the SEC would become the nation’s most powerful conference in the greatest sport of college athletics, and be ready to take a leadership role if this talk of breaking with the NCAA materializes.

And isn’t this about money anyway?

Invoice Ackman reveals 6% stake in Domino’s Pizza, shares soar

Billionaire investor Bill Ackman said Wednesday his hedge fund had built a 6% stake Dominos pizzaand exchanged his Starbucks Bet.

Ackman revealed that Pershing Square had sold Starbucks after the coffee chain quickly recovered from the pandemic. At the same time, he took up Dominos stocks after a pullback.

“We sold Starbucks. It came at a price where it was difficult to get the excess returns we’d like to deserve … The stock just rallied too quickly,” Ackman said during the Future of Everything festival on Wall Street Journal.

The investor said that for a brief moment, Domino’s stock “fell dramatically for reasons we didn’t understand and we were able to swap Starbucks for Domino’s pizza.” He said he started buying for around $ 330 a share.

“We didn’t get as much as we’d like, but we own a little less than 6%,” added Ackman.

The hedge fund manager has been betting heavily on the return of the restaurant, retail and hotel industries. His top positions at the end of 2020 included Lowes, Hilton, Restaurant brands and Chipotle.

Domino’s Pizza stocks rose more than 3% to their daily high of around $ 435 apiece after Ackman’s remarks. Starbucks stock fell 2.3% on Wednesday.

Pershing Square owned more than $ 1 billion worth of Starbucks late last year. After hitting a pandemic low in March 2020, Starbucks shares quickly returned, ending the year more than 20%.

Ackman said he was optimistic about Domino’s landmark moves in terms of technology and delivery. The stock is up more than 13% in 2021.

“Domino’s is a pure franchise company and, interestingly, they were the first to invest in technology and delivery,” he said. “They own their delivery infrastructure and do not have to rely on the world’s DoorDashes.”

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Gasoline futures bounce as a lot of important pipeline stays shutdown following cyberattack

Signage will be displayed on a fence at the Colonial Pipeline Co. Pelham intersection and terminal in Pelham, Alabama, USA on Monday, September 19, 2016.

Luke Sharrett | Bloomberg | Getty Images

Fuel prices rose in stores on Sunday evening as much of one of the largest pipelines in the US remains closed after a year Cybersecurity attack.

Gasoline futures jumped 2% to $ 2,168 a gallon while Heating oil futures rose 1.2% to $ 2.03.

West Texas Intermediate Crude Oil FuturesThe US oil benchmark rose 56 cents to $ 65.46 a barrel. International benchmark Brent crude oil traded at $ 68.95 a barrel, for a profit of 65 cents. Natural gas futures were at $ 2.96 per million British thermal units while

Colonial Pipeline announced Sunday evening that some of its smaller side lines between terminals and delivery points are back online, but the main lines are still down.

“We are in the process of restoring service to other side panels, and will only bring our entire system back online if we believe it is safe and fully comply with all federal regulations,” the company said in a statement.

How quickly service is restored in the pipeline remains the deciding factor. While fuel depots are usually stored for a few days in tank farms, a prolonged outage can lead to an increase in fuel prices.

The Colonial Pipeline, which operates the largest pipeline transporting fuel from the Gulf Coast to the northeast, “suspended all pipeline operations” on Friday evening as a proactive measure following a ransomware cyberattack.

The pipeline is an essential part of the US petroleum infrastructure and transports around 2.5 million barrels of gasoline, diesel fuel, heating oil and jet fuel every day. The pipeline is more than 5,500 miles and carries nearly half of the east coast’s fuel supply. The system also supplies fuel to airports, including in Atlanta and Baltimore.

“Without this there is no transport in the region, so it is important that the pipeline is back on stream as soon as possible,” said Patrick De Haan, Head of Petroleum Analysis at GasBuddy. “The effects will potentially increase exponentially after about day 5,” he added.

President Joe Biden was notified of the pipeline’s closure Saturday morning, and the Department of Homeland Security’s cybersecurity and infrastructure security agency is coordinating with the Colonial Pipeline.

US Secretary of Commerce Gina Raimondo said Sunday that it is “All hands on deck are trying now.”

“We are working closely with the company, state and local authorities to ensure that they are back to normal operations as soon as possible and that there are no disruptions in supply,” she told CBS ‘Face the Nation.

The pipeline failure comes as Americans start traveling again as restrictions are lifted and Covid vaccination rollout accelerates. On Friday, the TSA checked more than 1.7 million passengers, the highest figure in more than a year.

“The colonial outage comes at a critical time for the recovering US economy: the start of the summer driving season,” said ClearView Energy Partners. “Persistent disruption that causes pump prices to rise significantly could increase the prospect of domestic policy intervention,” the company added.

The national average for a gallon of gasoline was $ 2,962 on Sunday, up 60% year over year, according to AAA.

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– CNBC’s Emma Newburger contributed to the coverage.

European shares rise as Danone, Flutter Leisure leap

(Reuters) – European stocks rose on Monday, aided by profits from French food company Danone and betting company Flutter Entertainment, on optimism about a strong economic upswing that allies concerns about accelerating inflation.

FILE PHOTO: The DAX chart of the German share price index is shown on the Frankfurt Stock Exchange on March 12, 2021. REUTERS / Staff

The pan-European STOXX 600 index rose 0.6%, approaching a record high from last year, with the travel and leisure, automakers and food and beverage sectors among the top winners.

Danone rose 4.9% after the company’s board of directors ousted chairman and chief executive Emmanuel Faber due to mounting pressure from shareholders. The stock was well on its way to achieving its largest percentage gain in more than four months.

Flutter rose 6.4% to the top of the UK’s FTSE 100 index after the betting group announced it would add a small stake in its US FanDuel business.

The STOXX 600 index is less than 2% off its all-time high, but trading has been volatile amid fears that a surge in inflation could put pressure on central banks to cap simple money, which is vital to the economic recovery.

Rising bond yields have weighed on valued growth sectors like technology while generating profits in economically sensitive market pockets like banks, energy and automakers.

“There’s a big rotation going on and what we’re seeing is really a big churn in terms of growth and value,” said Neil Wilson, chief market analyst at Markets.com.

“The record high of the DAX or the record high of the STOXX 600 only seems as if the value of the market is possibly underestimated.”

Meanwhile, China’s economy continued to recover as data showed activity in the factory and retail sectors spike in the first two months of the year and exceeded expectations.

Investors are now waiting for the Fed’s meeting later this week to find some direction for monetary policy.

Among other things, the shares of the automaker Stellantis, which are listed in Milan, rose by 3.1% after Deutsche Bank began its “Buy” rating.

The German used car dealer Auto1 gained 3.9% after brokers raised the company’s rating by 1.83 billion euros a month after going public.

H&M rose 1.6% after the Swedish fashion group saw sales rebound in March as the pandemic eased in some markets and hundreds of stores reopened.

Swiss drug maker Roche rose 1.1% after it announced it would buy GenMark Diagnostics, a US-based manufacturer of molecular diagnostic tests, valued at $ 1.8 billion.

Reporting by Sruthi Shankar and Devik Jain in Bengaluru; Adaptation by Arun Koyyur

GameStop shares leap once more, however quick sellers aren’t backing down

Ramin Talaie | Bloomberg | Getty Images

GameStop After a wild session, the stock resurfaces, pushing the stock back above $ 100, but short sellers betting against the brick and mortar video game dealer are nowhere near falling.

GameStop’s shares rose more than 50% on Tuesday to a high of $ 124.58. The stock rose sharply after Social Capital’s Chamath Palihapitiya said in a tweet that he bought GameStop call options and bet that the stock will go higher. Trading was suspended several times due to the volatility.

GameStop surged more than 400% in January alone when an army of retail investors took on short sellers in online chat rooms, encouraging each other to stack up and push the stock higher. Short sellers have lost more than $ 5 billion in market value year-to-date, including a loss of $ 917 million on Monday and $ 1.6 billion on Friday, according to S3 Partners.

Despite the massive shortages, short sellers are doubling their bearish bets. In the past 30 days, GameStop stock borrowed and sold rose 1.4 million shares, valued at $ 91 million. This corresponds to an increase of 2%, as the share price has more than doubled, according to S3 Partners.

Short sellers have also reloaded bets in the past seven days, with short selling stocks up 769,000, valued at $ 50 million. GameStop’s interest in shorts is unchanged from a week ago at 139%.

“Similar to the Revolutionary War, the first line of troops is drowning in a shower of musket fire, but is being replaced by the next troops,” said Ihor Dusaniwsky, S3 managing director for predictive analytics, in an email. “We’re seeing a short squeeze on older shorts that have suffered massive mark-to-market losses on their positions, but are seeing new shorts.”

“This keeps the short positions in GME stock relatively flat overall, although there is a significant short squeeze on a significant number of existing short sellers,” added Dusaniwsky.

The explosive rally in GameStop was mainly due to the buying frenzy of individual investors in online forums, especially the notorious Reddit chat room “wallstreetbets” with more than 2 million subscribers. A trend post on Tuesday includes a screenshot of the user portfolio showing a return of over 1,000% on GameStop stock.

GameStop had a roller coaster ride on Monday, during which the stock more than doubled and turned negative within a few hours. The stock closed 18% on Monday at $ 76.79.

“The flow of orders in the retail trade in options accelerates the short squeeze,” said CC Lagator of AI options said. “The call buyers are essentially leveraging the market makers’ hedges. As stocks go up, more stocks are bought to cover the increase in short deltas. This is market inefficiency and eventually ends when those who sell the calls , are over-hedged for a share that no longer rises and then actually has to sell shares in order to remain delta-neutral. “

The hedge fund Melvin Capital Management, which is short on GameStop, is down 30% through Friday this year. according to the Wall Street Journal.

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