Ford Sells Almost 8% in Electric Truck Developer Rivian Automotive as Soon as Allowed

Electric truck developer Rivian Automotive raised $11.9 billion to become the largest IPO of 2021. RIVN stock surged as high as $179 per share before crashing in 2022 to $20.88 on Monday following the expiration of the company’s IPO lockup period. Ford Motor sold off about 8% of its stockholdings pushing shares to an all-time low. Ford stock sold off also, down nearly 6% on the day. At one point Ford and Amazon had booked massive unrealized profits on their … Continue reading “Ford Sells Almost 8% in Electric Truck Developer Rivian Automotive as Soon as Allowed”

Nasdaq Crashes to Worse Month Since 2008 in Tech Wreck.

The technology heavy Nasdaq Composite crashed to its worst monthly performance in more than a decade Friday. April was historically the best month for stocks from a seasonality perspective, the ongoing market volatility and headwinds put paid to that. Trillions of dollars in market value have been wiped off. The Nasdaq fell 4.2% Friday, its losses for the month over 13%, its worst effort since October 2008. The index is down 21% in 2022, its worst start to a year … Continue reading “Nasdaq Crashes to Worse Month Since 2008 in Tech Wreck.”

Tesla Delivers Record Earnings Despite Global Supply Chain Headwinds

Tesla reported record Q1 earnings after the market close Wednesday. The takeaway was $TSLA with the foresight of tying up key commodities such as nickel, rare earths and lithium earlier got them ahead of the inflation curve. This made the company able to relentlessly focus on manufacturing. From that gross automotive margin were 30.5%, up from 28.4% over the previous quarter. Even excluding credit sales, operating profit was a record and much better than Wall Street expected. What excited the … Continue reading “Tesla Delivers Record Earnings Despite Global Supply Chain Headwinds”

What Can Happen with Overpriced IPOs, Down the Beaten Path, UiPath Earnings

Automation software company UiPath (PATH) shares plunged over 27% wiping out more than $4 billion in market cap after earnings. $PATH beat by $0.02 and beat on revenues BUT guided Q1 revs below consensus and guided FY23 revs below consensus. The stock is now down more than half off its April 2021 IPO price of $56 and 78% from its high at $90. At the time TC warned of the overvaluation and promptly added the stock to the TC dribbler basket. … Continue reading “What Can Happen with Overpriced IPOs, Down the Beaten Path, UiPath Earnings”

SoFi Pays $1.1 Billion for Banking Software Infrastructure Firm Technisys

In an all-stock deal SOFI hoping to revamp the student lender into a full-service bank. SoFi Technologies (SOFI) is acquiring banking-software maker Technisys SA for about $1.1B in an all-stock deal. SOFI is trading $11.39▼ 0.79 (-6.49%) pre-market. SoFi Technologies Inc. is buying banking-software maker Technisys SA for about $1.1 billion, the latest in a string of deals designed to transform the lender into a one-stop financial shop. Last month, the company received an approval to become a national bank through its proposed acquisition of Golden Pacific … Continue reading “SoFi Pays $1.1 Billion for Banking Software Infrastructure Firm Technisys”

Meta Platforms Stock Plummets 25% as Earnings Meet Reality

Social media beast Metal Platforms (nee. Facebook) reported dismal fourth quarter earnings after the close Wednesday. $FB missed EPS estimates and issued downside 1Q22 revenue. It wasn’t lost on the market the negative divergence versus that of GOOG and raised a red flag for Twitter (TWTR) Snap (SNAP) and Pinterest (PINS).  The uncertainty from Apple IOS changes are still weighing heavily on FB’s advertising. Full functionality of the metaverse may be years away, if ever. It is essential for FB to turn its advertising … Continue reading “Meta Platforms Stock Plummets 25% as Earnings Meet Reality”

Apple Stock Jumps 7% After Earnings Respond Strongly to Supply Constraints with Record iPhone Sales

Consumer electronics giant Apple reported better than expected EPS and revenue December quarter earnings Thursday. iPhone revenue, boosted by the launch of iPhone 13, climbed 9% yr/yr to an all-time record of $71.6 bln, despite supply constraints. The biggest growth category was Mac with revenue up 25% yr/yr to $10.9 bln, also an all-time record amongst a supply crisis. $AAPL stock rose to $170.33 up 11.11 or 6.98% after the release. Apple (NASDAQ: $AAPL) Reported Earnings After Close Thursday  $2.10 Beat … Continue reading “Apple Stock Jumps 7% After Earnings Respond Strongly to Supply Constraints with Record iPhone Sales”

Tencent’s Riot Games Pays $US100 million in Gender Discrimination Case

Game maker Riot Games, the video game maker said on Monday evening agreed to pay $US100 million to settle a gender discrimination suit with more than 2000 current and former female employees. The class-action lawsuit was filed in 2018 than in early 2020, two California employment agencies intervened to block the settlement, arguing that the women could be entitled to more than $US400 million. California had been investigating the company after claims of sexual harassment, discrimination, unequal pay and retaliation … Continue reading “Tencent’s Riot Games Pays $US100 million in Gender Discrimination Case”

Micron Earnings Boosted by Data Center Sales and DRAM Shipments for the Cloud.

Memory chip maker Micron reported better than expected earnings after the close Monday boosted by data-center sales growing over 70% year over year from cloud demand and the resurgence of enterprise IT investment. Strong DRAM bit shipments for the cloud, graphics, PC and notebook, 5G and automotive markets continued. Micron DRAM memory density Micron Technology, Inc. NASDAQ: MU Reported Earnings After Close Monday $2.16 Beat $2.10 EPS Forecast and $7.69 Beat $7.68 billion forecast in revenue Earnings Q1 2022 results … Continue reading “Micron Earnings Boosted by Data Center Sales and DRAM Shipments for the Cloud.”

Samsung Top Chipmaker as Semiconductor Market Tops USD150 Billion

The global semiconductor market increased of 7.6 per cent in Q3 from the previous quarter to USD 153.2 billion (about 180.406 trillion won) market research firm Omdia said in its recent report. Samsung Electronics overtook Intel and topped with USD 20.958 billion (about 24.6361 trillion won) in sales. Omdia said that third-quarter sales were led by seasonal demand, strong sales of memory products such as DRAM and NAND flash. Chip shortages pushed sales though the growth rate was slightly less … Continue reading “Samsung Top Chipmaker as Semiconductor Market Tops USD150 Billion”