Lucid Group’s Cash Burn Remains Very High In 3Q 2022
After the regular market close on November 8, Lucid Group, Inc. (NASDAQ: LCID) reported a disappointing 3Q 2022, particularly in relation to the company’s extraordinary cash burn rate. The company’s combined operating cash flow loss plus capital expenditures totaled about US$860 million in the quarter, up sequentially from US$813 million in 2Q 2022. Over the first nine months of […]
AMC Is Putting Its Popcorn On The Shelves And Zoom Meetings In Theatres As Q3 Widens Losses
CEO Adam Aron outlines future revenue streams following mixed Q3 2022 financials AMC Entertainment Holdings, Inc. (NYSE: AMC) reported on Tueday its financial results for Q3 2022, earning US$968.4 million in revenue–beating the consensus estimate of US$961.1 million. The figure, however, is a decrease from Q2 2022’s US$1.17 billion but an increase from Q3 2021’s […]
SEC Expands Investigation Into FTX Handling of Customer Funds During Liquidity Crunch
US regulators are in the midst of looking into the relationship between embattled crypto exchange FTX and its subsidiaries, as well as its handling of customers’ funds during the highly-publicized liquidity crunch that ultimately led to the buyout offer from rival exchange Binance. According to people familiar with the matter cited by Bloomberg, The SEC […]
Judge Denies Elizabeth Holmes’ Request For New Trial, Sentencing To Proceed On November 18
Elizabeth Holmes, the disgraced founder of Theranos, will be sentenced on Friday, November 18 following an attempt to delay sentencing with a motion for new trial on the account of “newly discovered” evidence. The motion was denied by a federal judge on Monday. The 38-year-old disgraced former Silicon Valley star was found guilty of defrauding […]
Insights On Commodities, With Ole Hansen of Saxo Bank
Joining us today on The Daily Dive for the first time is Ole Hansen, Head Commodity Strategist at Saxo Bank. Ole sits down with our host, Cassandra Leah, to provide his insights on commodities, with a bit of a focus on soft commodities such as cotton and coffee. Also discussed are his thoughts on inflation, […]
SEC Probes Major Equity Funds Over Employees’ Use of Personal Electronic Communications
US regulators are probing major Wall Street firms over how they track employees’ digital communications while on the clock. Numerous investment firms have received letters from the SEC requesting information into their use of personal electronic devices and messaging platforms to conduct business. Since the beginning of the pandemic, investment companies’ use of instant messaging […]
Foxconn Looks To Make Its Own Electric Vehicle Line With Lordstown Motors
The electronics supplier plans to inject $170 million in fresh capital to the once troubled carmaker Taiwan-based electronics company Foxconn Technology Group–more commonly known as one of Apple’s iPhone manufacturers–is increasing its stake in Lordstown Motors Corp (Nasdaq: RIDE), a once-struggling EV startup that has recently begun production of its first all-electric pickup truck. The […]
El Salvador Vice President Felix Ulloa Says China ‘Offered To Buy’ Foreign Debt
China offered to help El Salvador refinance its external bond debt, according to Vice President Felix Ulloa. The Central American nation is looking to avoid defaulting on its dollar-denominated debt. “China has offered to buy all our debt, but we need to tread carefully,” Ulloa told Bloomberg on Monday, responding to a question about potential […]
Binance Tops Up User Insurance Fund Back To US$1 Billion
China-based Binance announced on Wednesday that it has topped up the balance of its emergency insurance fund to resume its value back to US$1 billion after losing valuation due to the crypto market conditions. The Secure Asset Fund for Users (SAFU) is a fund that was established in 2018 to protect Binance users in extreme […]
Meta Lays Off 11,000 Employees, Extends Hiring Freeze Through Q1
Meta Platforms (Nasdaq: META) CEO Mark Zuckerberg announced Wednesday morning that the company would be laying off 13% of its workforce, or 11,000 employees, and that it would be extending the hiring freeze announced in September through March next year. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg […]