manufacturing
The newly elected Labour government in the UK is likely take a tough stance towards Tata Steel UK, ensuring the steelmaker protects local jobs at its Port Talbot plant before the government approves the 500 million pounds ($635 million) support package agreed upon by the previous administration for building a low-carbon facility, The Economic Times reported on Wednesday. “Decarbonisation does not mean deindustrialisation,” new UK business secretary Jonathan Reynolds told ET in emailed responses. I will be working to safeguard jobs as part of negotiations, securing the future of steel-making co...
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Super Micro Computer Inc (NASDAQ: SMCI) will replace Walgreens Boots Alliance Inc (NASDAQ: WBA) in the Nasdaq 100 on July 22, as per a press release on Monday. The Nasdaq 100 is an index comprising the largest 100 nonfinancial companies in the Nasdaq Composite. Supermicro stock is still down about 2.0% on Monday. Why is Walgreens losing its spot in Nasdaq 100?Nasdaq 100 requires member companies to maintain a minimum weighting of 0.1% of its market value that currently sits at over $20 trillion. Walgreens is losing its spot in the Nasdaq 100 as its stock has crashed more than 50% this year tha...
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American Steel manufacturer Cleveland Cliffs on Monday announced its decision to acquire Canadian steelmaker Stelco Holdings for an enterprise value of approximately $2.5 billion, the company said, in a move that will expand the company’s steelmaking footprint. The acquisition follows its failed bid to acquire US Steel last year for $7.3 billion. US Steel had called the bid “unreasonable” and decided to merge itself with Japanese steel major Nippon Steel. Stelco shares surged by 74% at 64.84 CAD at 11:30 am in Toronto. “The acquisition confirms Cliffs’ commitment and leadership in integrated s...
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Rolls-Royce (LON: RR) and BAE Systems (LON: BA) shares have done well this year, helped by the strong performance of industrial companies. BAE stock is up by 16% in 2024 while Rolls-Royce has soared by over 52%. Their market caps are almost similar at £38 billion. The same trend has happened in the past 12 months as RR jumped by 200% while BAE Systems jumped by 40%. In contrast, the FTSE 100 index, which tracks the top blue-chip companies in the UK, has risen by 11% in this period. Rolls-Royce vs BAE Systems stocks Strong tailwindsBAE Systems and Rolls-Royce Holdings are the biggest industrial...
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Tesla Inc (NASDAQ: TSLA) is in focus this morning after Bill Gross said the electric vehicles behemoth has turned into a meme stock. Gross was once an influential investor in bond market of the United States. Tesla stock has gained a whopping 85% in less than three months. Why does Bill Gross see Tesla as a meme stock?The former chief investment officer of Pimco made the striking remark on X.com. His post reads: Tesla acting like a meme stock – sagging fundamentals, straight up price action. But then there seems to be a new meme stock every other day now. Most are pump and dump. The comment su...
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Nikola (NASDAQ: NKLA) stock price has rebounded sharply this month, making it one of the best-performing companies in Wall Street. It rose to a high of $11.80 on Monday, up by over 61% from its lowest point this year. Nikola deliveries are risingNikola, the fast-growing hydrogen truck company, has staged a strong comeback after the company’s deliveries numbers beat the analysts’ estimates. In a statement, the company said that it wholesaled 112 hydrogen fuel cell trucks in the first half of the year. The company sold these vehicles to companies like Walmart Canada, 4GEN, and IMC. The latter is...
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Xpeng (NYSE: XPEV) stock price has collapsed in the past few years. It has retreated to a low of $7.4, down by over 68% from its highest point in 2023. This drop has brought its market cap from over $54 billion in 2021 to over $7.4 billion. Xpeng concerns remainXpeng is one of the leading Chinese electric vehicle companies. Like Nio and Li Auto, it is facing major headwinds as the EV industry has shown signs of cooling. Competition is also rising as companies like BYD, Tesla, Huawei, and almost 100 more seek to gain market share in the country. The company is also facing more headwinds in the ...
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Koss Corp (NASDAQ: KOSS) soared a whopping 80% this morning as meme stock traders flocked back into shares of the headphone maker. There hasn’t been an announcement, news, filing, or an analyst call that may have contributed to such a massive surge in KOSS share price on Wednesday. At the time of writing, Koss stock is trading at $8.0 – up sharply versus its low of $2.33 in late April. Roaring Kitty is keeping meme stock rally aliveInterest in the meme stocks has rekindled in recent days as Keith Gill or “Roaring Kitty” loaded up on shares of Chewy Inc shortly after disclosing a multi-million-...
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Electric vehicle (EV) stocks have stabilised in the past few weeks as investors started to buy the dip after most of them crashed by double-digits this year. Therefore, an important development in the industry has led analysts to predict a comeback in some popular names. Tesla stock has surgedThe important news in the EV industry that could affect the likes of Lucid Group, Rivian, Polestar, and XPeng is the ongoing recovery of Tesla shares. Tesla jumped by almost 10% on Tuesday and reached its highest point since January 10th. It has now risen by over 66% from its lowest point this year, a spe...
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General Motors Co (NYSE: GM) has achieved its highest quarterly sales in over three years, driven by significant growth in full-size pickup trucks and electric vehicles. On Tuesday, the Detroit automaker reported second-quarter sales of 696,086 vehicles, marking a 0.6% increase from the previous year and the highest quarterly sales since Q4 2020. At the time of writing, GM shares were trading at $46.63. The stock has surged approximately 35% from its year-to-date low in mid-January. Reasons behind the increase in salesElectric vehicle deliveries increased by 40% from the previous year to 21,93...
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