Workhorse Group drops nearly 50% after EV company is passed over for USPS contract
Shares of Workhorse Group dropped more than 50% at one point on Tuesday after the company was passed over for a key contract from the U.S. Postal Service.
Amid heightened volatility, the stock was halted multiple times during the last half hour of trading, before ultimately finishing the session with a 47.5% loss. In extended trading the stock dipped another 10%.
The U.S. Postal Service awarded the first part of the 10-year, multi-billion dollar contract for modernization of the postal delivery vehicle fleet to Oshkosh Defense. The initial investment will be $482 million.
Workhorse makes electric vehicles focused on last-mile delivery. The company currently has partnerships with UPS and FedEx Express, among others.
The U.S. Postal Service contract award decision was drawn out over several years after a series of delays. The contract was seen by the Street as an upside catalyst for pre-revenue Workhorse Group.
In a recent note to clients, BTIG said that Workhorse securing a portion of the USPS contract was part of the firm's base case scenario. The firm has a buy rating on the stock.
Despite the stock almost getting cut in half on Tuesday, shares are still up 347% over the last year.
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Yellen says she will work with Italy, G-20 on improving low-income country support
- Treasury Secretary Janet Yellen told Italy's central bank governor that she would work closely with Italy on improving support for low income countries.
- Italian officials say they plan to press the G-20 to back a new $500 billion issuance of International Monetary Fund Special Drawing Rights to aid poor countries.
U.S. Treasury Secretary Janet Yellen on Tuesday told Italy's central bank governor that she would work closely with G-20 chair Italy on improving support for low income countries, ending the coronavirus pandemic, ensuring a strong global recovery and fighting climate change, the Treasury said in a statement.
Treasury's readout of Yellen's call with Bank of Italy Governor Ignazio Visco came ahead of a virtual meeting of G-20 finance ministers and central bank governors on Friday. Italian officials say they plan to press the G-20 to back a new $500 billion issuance of International Monetary Fund Special Drawing Rights to aid poor countries — a move that the Trump administration had previously opposed.
Sykes Enterprises Q4 Results Beat Street View
Sykes Enterprises Inc. (SYKE) Tuesday reported four-quarter net income of $25.4 million or $0.64 per share, up from $23.0 million or $0.56 per share last year.
Adjusted earnings for the quarter rose to $0.81 per share from $0.69 per share last year.
Fourth-quarter revenues rose 5.9% to $450.5 million from $425.3 million last year.
Revenues were driven by a combination of solid operational positioning, which enabled the company to respond to opportunities in the marketplace with agility, coupled with a diverse business mix and healthy demand from existing and new program expansions as well as new client wins.
Analysts polled by Thomson Reuters expected earnings of $0.78 per share on revenues of $442 million. Analysts’ estimates typically exclude special items.
Looking forward to the first quarter, Sykes expects adjusted earnings of $0.67 to $0.70 per share on revenues of $454.0 million to $459.0 million. Analysts currently estimate earnings of $0.66 per share on revenues of $438.8 million.
For the full year 2021, Sykes expects adjusted earnings of $2.94 to $3.07 per share on revenues of $1.83 billion to $1.85 billion. Analysts currently estimate earnings of $2.98 per share on revenues of $1.79 billion.
Popular Cars People Keep the Longest
It’s easy enough to fall in love with a popular automobile. But for most Americans the love affair ends after about six years, according to research by automotive industry consultancy firm R.L. Polk. But for some vehicle owners the relationship withstands the test of time, and they hold on to their car, pickup or SUV for 15 years or more.
This type of auto passion appears to be reserved for cars from Japanese manufacturers. Six Toyotas, three Hondas and two Subarus made the list of Popular Cars People Keep the Longest, compiled by iSeeCars.com
The benefit of owning a car for a long time is that the owner knows all the features and quirks of the vehicle. And after 15 years, the car has probably been paid off for a long time. The drawback of owning an older car is that upgrades, like parking assist and automatic braking, are unavailable.
Click here to see popular cars people keep the longest.
The iSeeCars.com analysis looked at more than 660,000 used cars from model years 1981-2005 that were sold in 2020. For each model, the percentage of cars sold by the original owner was mathematically modeled. The models were then ranked by the original-owner percentage. The analysis excluded models with low sample size, heavy-duty trucks and work vans, and models that were no longer in production as of the 2020 or 2021 model year.
Infinera Q4 Loss Narrows
Infinera Corp (INFN) reported fourth-quarter loss of $9.9 million or $0.05 per share, narrower than last year’s loss of $66.6 million or $0.37 per share last year.
Adjusted net income for the quarter was $26.3 million or $0.13 per share, up from last year’s $6.4 million or $0.03 per share.
Revenues for the quarter dropped to $353.5 million from $384.6 million last year.
Analysts polled by Thomson Reuters expected earnings of $0.02 per share and revenues of $356.79 million for the quarter. Analysts’ estimates typically exclude special items.
Looking forward to the first quarter, the company expects adjusted revenues of $330 million, plus or minus $10 million. Analysts currently expect revenues of $332.15 million.