Lordstown Motors: Despite Recent Decline, Valuation Remains Elevated
As we reported on June 14, Lordstown Motors Corp.’s (NASDAQ: RIDE) CEO Steve Burns and CFO Julio Rodriguez resigned after Lordstown’s Board released the results of an investigation. The investigation was related to allegations put forth by the short seller Hindenburg Research in a scathing research report published March 12. That firm alleged that the […]
UPDATED: Dave Portnoy Suspended From Twitter For Less Than Two Hours
This evening Barstool Sports founder, Dave Portnoy, managed to make noise on a platform he can longer comment on he was briefly suspended on. He was suspended from Twitter presumably after defending Penn National Gaming’s (NASDAQ: $PENN) recent quarterly results against a negative commenter saying, “So sell it. Mark your calendar. Dm me 1 year […]
EV Start-Up Canoo Jumps Nearly 14% Following Announcement of New Electric Pickup
Shares of Canoo, the US-based electric vehicle start-up, rose by as much as 14% during intraday trading on Thursday, after the company debuted plans for a new all-electric pickup truck. The latest pickup truck model, which has yet to be named, has a rounded front end and is designed similar to the company’s electric van […]
Hexo: Canaccord Lowers Price Target Following Poor Execution
On Monday, Hexo Corp (TSX: HEXO) (NYSE: HEXO) reported their fiscal third-quarter estimates which missed consensus estimates significantly. HEXO reported revenues of $22.7 million, a measly 2% increase year over year and a ~31% decrease quarter over quarter. Gross profit came in at $4.38 million, and had the same fate as revenue, cratering 61.3% quarter […]
GM Boosts EV and Autonomous Vehicle Spending 30% by 2025 Amid Stronger Profits
General Motors said it will boost spending on electric and autonomous vehicles by 30% come 2025, as the company reports better than expected profits in the first half of the year. On Wednesday, GM announced it will up spending towards its electric and autonomous fleet to $35 billion, marking an increase of 30% from its […]
Columbia Care: Canaccord Reiterates Top Pick Following Green Leaf Medical Acquisition
Last Friday, Columbia Care Inc. (CSE: CCHW) closed their acquisition of Green Leaf Medical which was expected to close during the third quarter. The total payment was roughly US$240 million, which is a combination of $45 million cash and $195 million in Columbia Care shares. They reiterate that this deal will be immediately accretive to […]
Commodities Sent Tumbling Following Chinese Regulator Crackdown, Stronger Dollar
A number of commodities were sent plummeting on Thursday, as Chinese regulators intervened in what were surging prices, while the US dollar gained momentum. The decline in commodities was broad-based, as palladium and platinum futures dropped by over 11% and 7%, respectively, while copper contracts and corn futures were also sent downward. Oil prices, too, […]
US Mortgage Rates on the Rise Following Fed’s Comments
US mortgage rates inched higher on Thursday to around 3.25%— the highest since mid April, following Fed Chairman Jerome Powell’s comments regarding the economy’s path to recovery. Following the FOMC’s two-day meeting this week, the Fed indicated that it may begin to hike interest rates come 2023, but stopped short of providing a timeline of […]
Privately-held Sitel Group Acquires Sykes Enterprises For US$2.2 Billion
Sykes Enterprises Incorporated (NASDAQ: SYKE) announced today a definitive merger agreement that will see privately-held contact center conglomerate Sitel Group acquire 100% of the equity of Sykes for approximately US$2.2 billion. Once the acquisition closes, the transaction effectively makes Sykes a private company and will cease trading on Nasdaq. Under the terms of the acquisition, […]
TRU Precious Metals Completes $3.5 Million Financing Led By Eric Sprott
TRU Precious Metals Corp. (TSXV: TRU) announced today that it has recently closed its non-brokered private placement offering for total gross proceeds of $3.5 million. The offering saw participation by Canadian businessman Eric Sprott, making him a major shareholder of the company. “Mr. Sprott’s participation in this financing is a huge vote of confidence in […]