• Peter Rawlinson, the CEO of Lucid thinks that there’s a bright future for the company and believes that the start-up’s stock and market cap will surpass tesla and other automakers
• Currently, Lucid’s market cap is around $73 billion and is approaching the market cap of Ford at $79.4 billion

New report says Walmart topped its earnings estimates despite rising inflation 

• For Walmart’s third-quarter fiscal earnings, it topped the expectations of analysts as grocers looking for deals came to its stores during a time of rising costs for household goods
• Inventory for Walmart in the U.S. is up 11.5% ahead of the busy shopping season, Doug McMillon, the CEO of Walmart, said

After offering 23.9 million shares at $46 each, Peloton nets $1 billion

• On November 16, Peloton says that it plans to sell about 23.9 million shares of its Class A common stock at a price of $46 a share which has netted the company about $1.07 Billion
• In its announcement Tuesday, the connected fitness equipment maker said the proceeds would be used for general corporate purposes like construction and investment in new products

Oil giant, Shell plans to move its headquarters to the UK

• In an effort to simplify the company’s structure, Royal Dutch Shell will soon ask shareholders to vote on shifting its tax residence from the Netherlands to the UK
• In addition to this, Shell wanted to eliminate its dual share structure in favor of just one class of shares

United States plans to sell crypto worth $56 million after record seizure in fraud case

• As a part of a large Ponzi scheme case against a man who promoted a crypto lending program “BitConnect”, the US Justice Department will sell $56 million worth of seized crypto
• According to authorities, the liquidation of this cryptocurrency follows “the largest single recovery of a cryptocurrency fraud by the United States to date.” 

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• Shares of Disney have continued to be negative for this year in 2021 and remain behind the S&P 500 Index Return
• As Disney’s3rd quarter earning swerve announced, it shows that streaming subscriber additions slowed down and costs for its content and Parks business rise

GM aims to produce vehicle-based on Hummer EV for the US military in 2022

• According to company officials from General Motors, the eLRV from GM Defense is expected to be based on the company’s Hummer EV
• The new vehicle will use and change components of the Hummer EV like the motors, frame, and the automaker’s “Ultium” batteries starting in 2022

Major fast-food restaurants affected by labor shortages 

• For the entire fast-food industry, the unemployment rate fell by 7% in September 2021, while food services and drinking establishments added almost 120,00 new jobs during the same month 
• Fast-food chains like Burger King and Taco Bell have reported that the lack of workers is causing restaurants to cut back open hours and some menu items

Past GM factory of Lordstown Motors bought out by Foxconn for $230 million

• By the end of April 2022, Foxconn plans to sign a contract to assemble Lordstown Motors’ first vehicle, an all-electric pickup truck named the “Endurance”
• Both companies benefit as EV start-up Lordstown Motors get desperately needed capital, and Foxconn gets to go into the EV space by producing fully electric trucks
• After the news, shares of Lordstown rose more than 13%

Elon Musk has sold more than 3.5 million shares of Tesla stock valued at over $3 billion

• In a series of trades that happened on November 8 and 9, Elon Musk sold more than 3.5 million shares that are worth over $3.88 billion
• Filings show that Musk had planned to sell a block of Tesla shares set in motion on September 14, 2021
• Musk still currently holds over 166 million shares in Tesla 

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• Highway Patrol troopers for California have arrested a woman for a DUI where her Tesla was allegedly driving on autopilot
• This incident occurred around 11 p.m. on September 16, on the 134 Freeway and Highway Patrol officers observed that the driver was unconscious during the time

California job growth for August fueled by the start of the school year

• During the month of August 2021, California’s unemployment rate declined slightly as the state added 104,400 new jobs
• Staff and teachers for Public school institutions are returning to the classroom and officials have said that Government jobs accounted for almost 45% of all job gains in California for August
• According to the California Employment Development Department, the state has added an average of 110,600 new jobs every month, and Nationwide, employers have added 235,000 jobs in August

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• From last year in 2020, Ford’s sales for its third quarter have fallen by 27.4% as the semiconductor shortage continues to hurt the automotive industry by interrupting vehicle production and shorted dealer inventories
• On the contrary, Ford sale’s have improved during the quarter from losses of more than 30% in July to 17.7% in September 

The worldwide airline industry expects to cut losses by 78% in 2022 

• According to a forecast by IATA, Airlines all over the world will continue to lose money in 2022, but this amount will drop by almost 78% to $12 billion
• From 2021 through 2022, airlines will have lost more than $200 billion as a result of the COVID-19 pandemic

Tesla exceeds expectations with 241,300 deliveries in its third-quarter

• According to a statement by the company on October 2, Tesla has delivered 241,300 vehicles during its third-quarter in 2021
• Before this was announced, analysts predicted that the company would only deliver about 220,900 electric vehicles 

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• Tesla filed an application with the Texas Public Utility Commission to sell electricity in the state as the company’s big battery build-out in Angleton, Texas comes online
• The company aims to connect a 100 megawatt energy storage system to the grid and has already built several utility-scale energy storage systems across the globe

Disappointing earnings cause Peloton stock to fall 

• On August 26, Peloton reported that revenue growth in their 4th fiscal quarter dropped off dramatically
• The company posted a bigger-than-expected loss as costs from its treadmill recall mounted and also offered up a disappointing revenue outlook for its 2022 first quarter

Ford F-150 pickup truck production cut due to chip shortage

• Due to the ongoing semiconductor shortage, Ford is cutting production of another one of their vehicles, their F-150 pickup truck along with 2 others starting August 30
• The two other vehicles experiencing the cut in production are the Ford Edge and Lincoln Nautilus crossovers
• Ford has been impacted particularly hard by the lack of chips, losing about 50% of its planned production in the second quarter.

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• Electric Car Company Tesla is currently implementing their new retail strategy where they plan to shift from their high-rent retail spaces in malls to focusing on developing more delivery centers
• As for the employees at closing Tesla retail stores, they will transition to working out of the company’s central virtual store to assist buyers online

Generac shares drop due to supply constraints despite high sales

• On July 28, 2021, Generac shares decreased by almost 13% after the company reported rising input costs and supply chain constraints
• During their 2nd quarter, Generac has announced record sales 
• This year, the company’s shares have gone up 80% with high demand for clean energy and power outages

CEO Of Binance claims he’s willing to step down as regulations are welcomed by crypto exchange

• Changpeng Zhao, the CEO of Binance claims that he is willing to step down from his position because the cryptocurrency exchange wants to become a regulated financial institution 
• In the past, Binance has experienced intense regulatory investigation as authorities seek to regulate the crypto industry

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• This new deal that SpaceX and Axiom Space have announced will add three more crewed flights to the ISS (International Space Station) which brings the amount of planned missions to four
• Previously, Axiom Space have announced it Ax-1 mission to launch with SpaceX’s Falcon 9 rocket and Crew Dragon 

• As the retailer launched store brands ahead of schedule, Bed Bath & Beyond stock has risen 50% 
• Within the coming months, the new products will come to shelves which will be right on time for back to school shopping
• As a key part of the company’s turnaround plans, store brands are a way to reel in shoppers with “exclusive items”

• Rent the Runway is a Fashion rental platform where no membership will be required for customers to shop its site
• Covid-19 has caused devastating effects for Rent the Runway but the company is slowly coming back
• The company reports that their memberships are coming back up as women look to showy women’s clothing

• 12 U.S. states have now reported 70% partial vaccination with adult residents as published by Centers for Disease control and Prevention
• The most recent seven-day average of U.S. Covid-19 cases is at 17,289
• The reporting average in the U.S. i san average of 1.2 million vaccinations per day over this past week
• The states involved in this vaccination census are: California, Hawaii, Massachusetts, Connecticut, Maine, New Jersey, Rhode Island, New Mexico, Pennsylvania, and New Hampshire

• For a 30-year fixed-rate mortgage, the average rate has decreased to 3.17% from the 3.18% last week
• Applications for mortgages to purchase a home have also fell 3% and were 2% lower than the same week a year ago

• Tesla is now recalling 5,974 of their electric vehicles over concerns that their brake caliper bolts could be loose
• This loose bolt issue could cause a potential loss in tire pressure 
• Vehicles that are included in this voluntary recall include select 2019-2021 Model 3 vehicles ad 2020-2021 Model Y vehicles 

• Today (Wednesday) President Biden reports is plans to “double down” on his administrative efforts in getting more Americans vaccinated by July 4
• Biden plans to get 70% of all U.S. adults to receive at least a partial vaccination (meaning 1 dose) and 160 million adults fully vaccinated

The post Business News – 06-02-2021 appeared first on Easy Ad - Local Small Business Resources.

• President Joe Biden warned Monday that coronavirus case numbers could rise once again in U.S. states with low Covid-19 vaccination rates
• For the first time since the pandemic began over a year ago, Covid-19 cases are down in all 50 states, Biden said
• He said it would be a needless “tragedy” to see Covid cases rise among those who do not get vaccinated

• Walmart+ launched in the fall, but the retailer has not shared how many subscribers it has
• The subscription service is part of a broader effort to diversify how Walmart makes money, from advertising to healthcare
• The company will report its first-quarter earnings on Tuesday and share how sales have fared as Covid-19 cases fall in the U.S.

• Spokespersons for the U.K.’s Foreign Office and Transport Ministry were not immediately available for comment when contacted by CNBC
• The U.K. Foreign Office currently “advises against all but essential travel to the whole of the United Arab Emirates based on the current assessment of COVID-19 risks”
• The Michael Burry is long puts against 800,100 shares of Tesla or $534 million by the end of the first quarter, according to a filing with the U.S. Securities and Exchange Commission.
• Burry previously mentioned in a tweet, that Tesla’s reliance on regulatory credits to generate profits is also an impediment to the company’s long-term prospectscountry of roughly 10 million has been on the U.K.’s “red list” for travel since mid-January, requiring a mandatory hotel quarantine for anyone arriving from the UAE

• Impersonators of Tesla CEO Elon Musk have stolen at least $2 million from cryptocurrency investors in so-called giveaway scams, according to the Federal Trade Commission
• Musk, the self-proclaimed “dogefather,” has been a big supporter of digital currencies like bitcoin and dogecoin
• Crypto fraud surged to record levels since October, according to the FTC. Nearly 7,000 people reported bogus investments since then and lost more than $80 million total

• Michael Burry is long puts against 800,100 shares of Tesla or $534 million by the end of the first quarter, according to a filing with the U.S. Securities and Exchange Commission
• Burry was one of the first investors to call and profit from the subprime mortgage crisis
• Burry previously mentioned in a tweet, that Tesla’s reliance on regulatory credits to generate profits is also an impediment to the company’s long-term prospects

• The airline reported a full-year net loss of 815 million euros ($989 million) on Monday as Covid-19 restrictions pushed its traffic levels down 81%
• Regardless of the recent surge in bookings, Ryanair only expects to come close to breakeven in the 12 months to March 2022

• CEO Jeff Bezos wrote extensively on workplace injuries, in particular the common warehouse manual labor injuries called MSDs, in the most-recent annual letter to shareholders
• The company’s goal is to cut workplace recordable incident rates, an OSHA measurement covering injury and illness, by 50% by 2025

The post Business News – 5-17-2021 appeared first on Easy Ad - Local Small Business Resources.

• Wendy’s reported better-than-expected earnings Wednesday
• The company said it expects sales of its breakfast items to grow, prompting it to raise its forecast for the rest of the year
• The fast-food chain’s new chicken sandwich also boosted sales and helped it to grab a bigger piece of the competitive category
• Shares in the fast-food chain were recently down about 2%, as stocks in the broader market slumped but after its earnings were released, the stock had risen more than 5%

• The country is reporting 2.2 million shots per day over the past week, federal data shows, up slightly from the most recent low reported Saturday, when it dipped below 2 million for the first time since early March
• Average daily new case counts are below 40,000 per day this week for the first time since September
• Tuesday’s reported totals also included 150,000 Johnson & Johnson shots, the highest one-day total since April 1
• The latest seven-day average of J&J shots is 106,000 per day, down from a high point of 425,000 in mid-April

• United and Delta said they cancelled their U.S.-Tel Aviv flights scheduled for Wednesday while American’s were cancelled for Thursday as well
• The cancellations come amid a violent conflict between Israel and Hamas
• Israeli carrier El Al said it would continue to fly between the two countries
• Airlines have an average of seven flights a day scheduled to Tel Aviv from the U.S. this month, according to aviation data firm Cirium
• Israeli airline El Al said Wednesday that it planned to continue operating flights as scheduled but said that passengers can change their flights without paying a fee or cancel in exchange for a voucher

• Shares of secondhand retailers Poshmark and ThredUp tumbled in extended trading Wednesday, as widening losses overshadowed strong sales growth in a hot category — especially among Gen Z
• The increasing interest in secondhand retail has whet investors’ appetite to buy into a space that has seen momentum. But the latest losses sparked a sell-off
• Both retailers’ CEOs expressed optimism for future sales to rise, as people look to freshen up their closets

• The Centers for Disease Control and Prevention said Wednesday it recommends expanded usage of Pfizer and BioNTech’s Covid-19 vaccine for 12- to 15-year-old kids
• The recommendation from CDC Director Dr. Rochelle Walensky comes hours after the Advisory Committee on Immunization Practices issued an endorsement, which was adopted 14-0 with one person recusing themselves

Hertz shares surge by more than 50% after selecting $6 billion turnaround bid

• Shares of Hertz skyrocketed by as much as 68% after it selected a $6 billion turnaround bid that provides a rare payout to shareholders
• Knighthead Capital Management, Certares Management, among others, won the bid to take over Hertz in its bankruptcy reorganization, which the company hopes to exit by the end of June
• The rental car firm was among the largest companies to file for Chapter 11 during the Covid pandemic

• Volkswagen is planning to bring to market by 2025 a version of its upcoming microbus, a retro-styled electric van, with the ability to drive itself in certain circumstances
• VW is developing the vehicle with Argo AI, a Pittsburgh-based autonomous vehicle start-up backed by the German automaker and Ford
• The ID.Buzz models are expected to feature Level 4 autonomy, which means drivers will not be required to take over the wheel but the vehicles can only operate in specific conditions

• Ellen DeGeneres’ long-running daytime talk show will come to an end after 19 seasons
• In an interview with The Hollywood Reporter, DeGeneres said she had planned to end the show after season 16, but agreed to extend her contract by three years
• DeGeneres said the allegations of workplace harassment did not factor into her reasoning for ending the show

• Tesla has “suspended vehicle purchases using Bitcoin,” out of concern over “rapidly increasing use of fossil fuels for Bitcoin mining,” according to a tweet from CEO Elon Musk on Wednesday
• Support for cryptocurrency from Tesla contributed to the prices of cryptocurrencies, including bitcoin and dogecoin, skyrocketing in recent months

• Colonial Pipeline restarted operations around 5 p.m. ET on Wednesday
• The majority of the 5,500 mile pipeline, which supplies around half of the East Coast’s fuel, had been offline since Friday after the company fell victim to a ransomware attack
• The shutdown sparked fears of a gasoline shortage, and pushed the national average for a gallon of gas above $3 for the first time since 2014

• The premium for New York jet fuel is the highest it’s been since February 2020 and almost 40% more than a week ago, according to S&P Global Platts
• U.S. jet fuel prices have climbed to the highest in nearly 16 months as demand rebounds from pandemic lows
• American Airlines added refueling stops to two flights from Charlotte, North Carolina, and Southwest is flying in extra fuel to some airports affected by the pipeline outage
• Otherwise, carriers say their operations haven’t been disrupted

• The world could be facing a shortage of an underappreciated yet crucial commodity in the years ahead: sand
• “We don’t think about it like a strategic resource, and yet it is everywhere in our societies and our economies,” Louise Gallagher of the United Nations Environment Programme told CNBC
• However, sand use around the world has tripled in the last twenty years as global industrialization has increased

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