Tesla Climbs, Rebounding From Tuesday’s Record Plunge
Tesla Inc. rose premarket Wednesday, clawing back a fraction of the value it lost a day earlier when the electric-vehicle maker’s stock suffered its worst one-day decline in its history.
The car company founded by Elon Musk plummeted 21% on Tuesday — its biggest drop since going public in 2010 — after it was passed over for inclusion in the S&P 500 Index Friday. The slump, which came amid a widespread selloff that saw tech firms leading the declines, wiped out $82 billion in Tesla’s market value.
Nasdaq 100 Index futures were also recovering Wednesday, adding 1.8%. Tesla gained 6.8% to $352.85 as of 6:45 a.m. in New York. Still, the stock has nearly quadrupled this year as the company overcame production snarls and posted its fourth consecutive profitable quarter, and amid optimism for its Battery Day event later this month.
Palantir to float 244 mln shares in listing, debut on Sept. 23
Sept 9 (Reuters) – Data analytics company Palantir Technologies Inc, which will go public via a direct listing, said on Wednesday it had registered about 244.2 million of its shares for its stock market debut.
The CIA-backed company said its shares will start trading on the New York Stock Exchange on Sept. 23.
As opposed to a traditional initial public offering (IPO), a direct listing does not raise fresh funds. In a direct-listing model, existing investors get to sell their shares. (Reporting by C Nivedita in Bengaluru; Editing by Saumyadeb Chakrabarty)
Lovesac Q2 Loss Narrows; Net Sales Up 28.7% – Quick Facts
Lovesac Co. (LOVE), a direct-to-consumer specialty furniture brand, on Wednesday reported net loss for the second quarter that narrowed to $1.11 million or $0.08 per share, from $4.77 million or $0.33 per share in the previous-year quarter.
Net sales for the quarter grew 28.7 percent to $61.9 million from $48.1 million in the year-ago period, driven by an increase in internet sales of 387.2 percent.
On average, analysts polled by Thomson Reuters expect the company to report loss of $0.48 per share for the quarter on revenues of $52.35 million. Analysts’ estimates typically exclude special items.
The company noted that a 325 percent increase in internet sales was partially offset by a 58.9 percent decrease in showroom sales due to the impact of showroom closures related to COVID-19, and a 59.3 percent decrease in “Other” sales, which includes shop-in-shops and pop-up shops, related to the impact of COVID-19. Comparable sales grew about 72 percent.
Looking ahead, Lovesac expects adjusted EBITDA loss of $10 million to $11 million in the third quarter.
For fiscal 2021, the company said it is well-positioned to drive positive adjusted EBITDA, coming entirely in the fourth quarter as the third quarter will be pressured by expense shifts and significant marketing increases that are in large part due to COVID-19-driven deferrals from the second quarter.
EARNINGS SUMMARY: Details of American Eagle Outfitters Inc. Q2 Earnings Report
Below are the earnings highlights for American Eagle Outfitters Inc. (AEO):
-Earnings: -$13.75 million in Q2 vs. $64.98 million in the same period last year.
-EPS: -$0.08 in Q2 vs. $0.38 in the same period last year.
-Analysts projected -$0.16 per share
-Revenue: $0.88 billion in Q2 vs. $1.04 billion in the same period last year.
Volkswagen’s new electric car panned by German auto magazine
The newest electric car from Volkswagen has been critically panned by a German auto magazine, which said the vehicle fell short of the world’s largest automaker’s usual standards.
In addition to sub-par fit and finish, with “Auto Motor und Sport” describing the inside of the hood as looking “like it was painted with a spray can,” the magazine also bemoaned the vehicle’s 220 mile operating range.
The magazine also critiqued the Volkswagen ID.3 for its build quality, citing uneven panel gaps, as well as for an infotainment system that took too long to start up and a faulty GPS.
Volkswagen’s labor chief earlier this year had criticized the company’s electric car program for falling behind schedule. VW in March rejected the criticism but admitted that the cars needed last-minute improvements.
The review arrived a week after Volkswagen CEO Herbert Diess took Tesla CEO Elon Musk for a spin in the vehicle and tried out Tesla’s Model Y crossover.
“This car is for us in many aspects (not in all!) a reference: user experience, updatability, driving features, performance of the top of the range models, charging network, range,” Diess wrote of the Model Y.
Volkswagen Group, whose brands also include Porsche, Audi, Skoda, Bentley and Bugatti, will launch 75 electric cars by 2029 and be capable of building 26 million vehicles. It plans to build 1.5 million EVs by 2025.
With Post wires
Share this article:
Merck Reports Positive Topline Results From Two Adult Studies Evaluating V114
Merck (MRK) said two phase 3 adult studies evaluating the safety, tolerability and immunogenicity of V114 met their primary immunogenicity objectives. V114 is Merck’s investigational 15-valent pneumococcal conjugate vaccine in phase 3 development for the prevention of pneumococcal disease in adults and children.
In both studies, V114 was generally well tolerated. The company said these findings, and additional phase 3 data, will form the basis of global regulatory licensure applications, beginning with the FDA, before the end of the year.
The pivotal PNEU-AGE (V114-019) study in healthy adults 50 years of age or older showed that V114 is non-inferior to the currently available 13-valent pneumococcal conjugate vaccine for the 13 serotypes targeted by both vaccines and superior for serotypes 22F and 33F, the two serotypes targeted by V114 but not PCV13.
In another phase 3 study, PNEU-TRUE (V114-020), in healthy adults 50 years of age or older, V114 met its primary immunogenicity objective showing equivalent immune response across all 15 serotypes for three different lots of V114.
Roy Baynes, chief medical officer, Merck Research Laboratories, said: “These phase 3 data demonstrated that V114 generated a robust immune response to all 15 serotypes included in the vaccine and reinforce the potential for this investigational vaccine to help protect adults against pneumococcal disease.”
The V114 phase 3 clinical development program is comprised of 16 trials investigating the safety, tolerability and immunogenicity of V114 in a variety of populations.