Ford jumps to a 6-year high after it reports a 184% surge in electric vehicle sales in May

Mustang Mach E GT Performance Edition 03
  • Shares of Ford hit a six-year high on Thursday, jumping as much as 7% following its May sales report.
  • The company said it saw a 184% surge in electric vehicle sales, in part driven by the Mustang Mach-E.
  • Ford is up as much as 80% year-to-date as investors reward its jump into electric vehicles.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Ford surged as much as 7% to a six-year high on Thursday after it reported May sales that showed a massive jump in electric vehicle sales.

The company’s EV strategy appears to be paying off following the release of its Mustang Mach-E and unveiling of the F-150 Lightning pickup truck. May sales for the 117 year-old automaker jumped 4% year-over-year to 161,725 vehicles.

Ford’s EV sales saw a 184% spike to 10,364 units in May, and signs are building that the company could be slowly taking market share away from Tesla. The electric version of Ford’s Mustang topped car sales for the small but influential EV market in Norway in May. Ford’s EV sales in Norway edged out EVs from both Toyota and Tesla.

Total Mustang Mach-E sales were 1,945 for the month of May. Hybrid versions of Ford’s F-150, Escape, and Explorer vehicles also helped boost sales for the company.

EV sales weren’t the only bright spot for Ford. The company said its SUV sales in May jumped 29% and recorded its best May retail sales since 2003.

The strong sales growth for Ford in the EV space could be in the early innings, as it is still working to ramp up production of its Mustang Mach-E and begin selling its F-150 Lightning truck. And new polling data suggests that the electrified F-150 will be a hit with consumers.

A poll conducted by Piplsay showed that 32% of Americans are most impressed with the F-150 Lightning in the electric pick-up space. Tesla’s Cybertruck rounded out second place, with 24% of Americans most impressed by the futuristic-looking pickup truck.

Still, Ford has a lot of catching up to do with Tesla in terms of EV sales, as the California-based auto manufacturer remains the undisputed leaded in EV sales. Tesla sold nearly 500,000 EVs in 2020, and future projections suggest the company could hit 1 million EV sales by 2022.

But so far this year, Ford’s share outperformance of Tesla continues. Shares of Ford are up about 80% year-to-date, while Tesla is down about 15% year-to-date.

ford chart.JPG
Read the original article on Business Insider

GameStop rally extends to 35% as Reddit traders push new meme-stock feeding frenzy

WallStreetBets logo
Wall Street Bets users have driven up the price of GameStop stock

  • GameStop has surged 35% over the past two-days amid a renewed hype from Reddit traders.
  • The video-game retailer has seen a resurgence in both price and Reddit activity following a 2-month consolidation in the stock.
  • Short-sellers are likely aiding the rally as GameStop short interest remains elevated at about 21%.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

GameStop has surged as much as 35% over the past two days amid a renewed resurgence of chatter about the video game retailer on Reddit’s Wall Street Bets forum.

The stock has consolidated sideways over the past two-months, but shares have moved to the upside in recent days alongside its “meme stock” sidekick AMC Entertainment, which is up 49% since the start of the week.

The move higher in GameStop is causing short-sellers more pain, as short interest in the company has remained elevated even after hedge fund Melvin Capital capitulated out of its bet against the company. According to data from MarketBeat, 21% of GameStop’s share float is sold short, and month-to-date, GameStop short-sellers have lost $442 million, according to data from ORTEX.

GameStop has capitalized on its epic year-to-date share-price rally of more than 1,100%. The company raised more than $550 million via an at-the-market share offering, retired debt, and has implemented a turnaround strategy led by Chewy.com co-founder Ryan Cohen.

That turnaroun plan was on full display on Tuesday after the company revealed that it is building an NFT platform on the Ethereum blockchain.

“gamestop? GAME ON!!!!” said a Wall Street Bets post in reaction to the recent rise in shares of GameStop. The post had about 18,000 upvotes as of Wednesday morning.

Shares of GameStop are still about 50% below its record intra-day high of $483 reached during the wild January short-squeeze.

gamestop charrttt.JPG
Read the original article on Business Insider

Nikola jumps 24% as board member Jeffrey Ubben defends the EV maker following scandal-induced 90% collapse

FILE PHOTO: Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017.  REUTERS/Andrew Kelly
Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event “The Future of Shareholder Activism” in Manhattan, New York, U.S.

  • Nikola surged as much as 24% on Thursday after board member Jeff Ubben defended the company on CNBC.
  • Scandals at Nikola over the past year have led to a 90% decline in the stock price since its peak at about $94.
  • Ubben said Nikola has its head down and is working towards its goals of launching an electric semi-truck.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Nikola soared as much as 24% on Thursday after its board member Jeffrey Ubben defended the electric vehicle company in an interview with CNBC’s David Faber.

Ubben told CNBC’s David Faber that despite the controversy over its founder and former chairman and ceo Trevor Milton, the company had its head down and is working towards achieving its goals.

That scandal includes the company rolling a prototype truck down a hill in a promotional video, which led to General Motors pulling the plug on its planned $2 billion equity investment in the company.

Shares of Nikola have fallen as much as 90% since its peak at $93.99 last June. But Ubben said the company is on target with its timeline of launching its electric semi-truck sometime between 2022 and 2023.

Ubben is managing partner of Inclusive Capital Partners. Ubben owns 4.8% of Nikola, according to SEC filings.

Nikola did seem to make some progress on Thursday, as it announced a collaboration with TravelCenters of America to install hydrogen fueling stations at two locations in California. The hydrogen fueling stations are expected by be commercially operational by the first quarter of 2023, and will serve as a potential roadmap for developing nationwide hydrogen fueling infrastructure with TravelCenters in the future.

Comments from Ubben, who has sold Nikola shares in the past, come about one week before a sizable lock-up period expires for company insiders. In November, Nikola’s board members, executive officers, and their affiliates voluntarily agreed to extend their original lock-up provisions through April 30, 2021.

The lock-up expiration will allow 136.7 million Nikola shares to be sold, roughly doubling its current share float of 144 million shares.

nikola chart.JPG
Read the original article on Business Insider

Virgin Galactic falls 9% after founder Richard Branson unloads $150 million stake in the company

Virgin Galactic debut NYSE
  • Virgin Galactic fell as much as 9% on Thursday after its founder Richard Branson sold about $150 million worth of the company.
  • The share sales took place between April 12 and April 14 at prices ranging from $26.82 to $28.73.
  • Despite the share sale, Branson remains the largest shareholder of Virgin Galactic with a 24% stake.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of Virgin Galactic dropped by as much as 9% on Thursday after founder Richard Branson sold a $150 million stake in the company, according to an SEC filing.

Branson’s 5.5 million share sale occurred in multiple lots between April 12 and April 14, at prices ranging from $26.82 to $28.73. Virgin Galactic currently trades at $25.35, representing a 60% decline from its all-time high of $62.80 reached in mid-February.

The proceeds from the share sale will be used to fund Branson’s travel and leisure businesses, and to develop new and existing ventures, a Virgin Group representative said. Despite the $150 million share sale, Branson still remains the largest shareholder of the spaceflight company, owning a 24% stake worth about $1.6 billion.

Branson isn’t the only insider who has reduced his exposure to Virgin Galactic. In early March, Virgin Galactic’s chairman Chamath Palihapitiya sold his entire remaining stake in the company for more than $200 million.

Shares of Virgin Galactic were already under pressure this week, with the stock down 13% as its competitor Blue Origin launched a successful test flight of its New Shepard rocket.

Read more: Coinbase’s IPO is driving cryptos to record highs. A former Morgan Stanley trader who now runs a crypto finance firm breaks down why a near-term correction in Bitcoin might actually be a good thing for the industry.

Read the original article on Business Insider

Dogecoin extends two-day gain to 94%, bringing market cap to $18 billion

Dogecoin
The #98 Dogecoin / Reddit.com Ford, driven by Josh Wise, is seen in the garage during practice for the NASCAR Sprint Cup Series Aaron’s 499 at Talladega Superspeedway on May 2, 2014 in Talladega, Alabama.


A broad rally in cryptocurrencies on Wednesday helped extend Dogecoin’s two-day gains to as much as 94%, according to pricing data from Coinbase.

The surge higher helped push the dog-meme-cryptocurrency’s total market value to as much as $18 billion, based on its current outstanding circulating supply of 129.2 billion dogecoin.

Besides being created as a joke, Dogecoin is unique from other cryptocurrencies in that an unlimited amount of the coin can be mined, meaning the is limitless supply of dogecoin. Alternatively, bitcoin has a fixed supply of 21 million coins, of which nearly 19 million bitcoin have already been mined.

But some are buying into the dog-meme joke, including celebrities like Tesla CEO Elon Musk and Guy Fieri of Diners, Drive-Ins, and Dives, who have both tweeted support for the Shiba-Inu inspired cryptocurrency.

“Rollin’ out to the MOON [rocket emoji] #Dogecoin,” Fieri tweeted on Tuesday, accompanied with a picture of Fieri in an astronaut suit holding a space-suited up Dogecoin mascot.

Dogecoin isn’t the only cryptocurrency that has surged to record highs this week. Amid growing anticipation of Coinbase’s direct listing later today, bitcoin surged to record highs above the $64,000 level. Ethereum also touched record highs on Wednesday, while litecoin, and XRP touched multi-year highs.

dogecoin fieri.JPG
Read the original article on Business Insider

FuboTV jumps after securing exclusive streaming rights to World Cup 2022 qualifying matches

Manchester United

Shares of FuboTV jumped as much as 8% on Friday after it announced the acquisition of exclusive streaming rights to the qualifying soccer matches of the South American Football Confederation for the 2022 world cup, which is being held in Qatar.

The deal includes 70 qualifying matches that are set to begin in June and extend into early 2022. FuboTV said it would produce original content to bolster the soccer content offering, with pre, half-time, and post match shows to air throughout the season.

The deal also gives FuboTV rights to air highlights and re-runs of the soccer matches. Terms of the deal were not disclosed.

FuboTV has become one of the go-to streaming providers for consumers looking to add a sports package to their streaming lineup after cutting the cable TV cord.

Despite Friday’s gain, shares of FuboTV are still down 20% year-to-date.

fubbbo.JPG
Read the original article on Business Insider

General Motors rises 4% after it confirms plans to sell all-electric Chevy Silverado pickup truck

2020 Chevrolet Silverado
Chevrolet Silverado.


Shares of General Motors extended their gains on Tuesday to as much as 4% after the company confirmed plans to sell an all-electric Chevy Silverado pickup truck.

GM made the announcement at a media event at its factory in Detroit, Michigan. The all-electric Silverado will be built in the same factory as the Hummer EV and utilize the same Ultium battery technology platform that is unique to the company.

The move comes as the 112 year-old car manufacturer accelerates its transition from internal combustion engines to battery powered electric motors with the upcoming launch of the Hummer EV.

Investors are cheering GM’s pivot, given that its stock price has more than doubled since it doubled down on its its electric vehicle plans last October.

The electric Silverado will have 400 miles in range on a single charge and is expected to be released in 2023 or 2024, according to a report from Car and Driver.

“The GMC Hummer EV SUV joins its stablemate in the realm of true supertrucks, and Chevrolet will take everything Chevy’s loyal truck buyers love about Silverado, and more, and put it into an electric pickup that will delight retail and commercial customers alike,” said GM President Mark Reuss.

But GM will be facing increased competition in the EV pickup truck space once the Silverado EV launches, as battery-powered trucks from Rivian, Tesla, and Lordstown Motors are expected to be available for sale by then. But the EV Silverado’s most direct competitor will likely be Ford’s highly anticipated electric F-150, which is expected to launch in 2022.

gm charrt.JPG
Read the original article on Business Insider

These are the 10 best performing stocks since the market bottomed 1 year ago today

trader, NYSE

The stock market marks its one-year bull market anniversary today, marked by the official bottom amid the onset of the COVID-19 pandemic.

Stocks had staged the fastest bull market in history after peaking on February 19, 2020, falling more than 20% in just 16 days. The S&P 500 ultimately fell as much as 34% as investors grappled with the uncertainty related to stay-at-home orders that swept across the country.

Since then, the S&P 500 has surged 76% from its bottom, marking the strongest start to a bull market on record, according to LPL.

The swift recovery in stocks was driven by unprecedented fiscal and monetary stimulus, as well as better-than-expected earnings from technology companies that saw a surge in business due to the pandemic. More recently, cyclical stocks that are poised to benefit from a reopening of the economy have helped the stock market continue its bull run.

These are the 10 best performing S&P 500 stocks since the index closed at a low of 2,237.40 one-year ago today.

10. MGM Resorts International

Ticker: MGM
1-YR Performance: 328%

mgm chartt.JPG

9. United Rentals

Ticker: URI
1-YR Performance: 344%

uri chart.JPG

8. L Brands

Ticker: LB
1-YR Performance: 514%

lbrands.JPG

7. Enphase Energy

Ticker: ENPH
1-YR Performance: 520%

enph.JPG

6. Freeport-McMoRan

Ticker: FCX
1-YR Performance: 534%

fcx.JPG

5. Etsy

Ticker: ETSY
1-YR Performance: 594%

etsy.JPG

4. Tesla

Ticker: TSLA
1-YR Performance: 684%

tesla.JPG

3. ViacomCBS

Ticker: VIAC
1-YR Performance: 738%

viac.JPG

2. Caesars Entertainment

Ticker: CZR
1-YR Performance: 747%

czr chart.JPG

1. Penn National Gaming

Ticker: PENN
1-YR Performance: 1,055%

pennc hart.JPG
Read the original article on Business Insider

Tesla jumps 6% after Cathie Wood says the stock can hit $3,000 because of possible robotaxi service

elon musk laugh
  • Tesla jumped as much as 6% on Monday after Cathie Wood released a new $3,000 price target for the EV manufacturer.
  • Much of the upside potential for Tesla is predicated on its ability to launch an autonomous robotaxi service, according to Ark.
  • In a bear and bull case scenario, Ark expects Tesla to trade in between $1,400 and $4,000 per share, respectively.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of Tesla jumped as much as 6% on Monday after Ark Invest’s Cathie Wood assigned a new 2025 price target of $3,000 for the EV manufacturer, representing potential upside of 359% from Friday’s close.

That’s a sizable increase from Ark’s previous 2024 price target of $1,400, and would give Tesla a valuation of about $3 trillion. Investors are taking notice due to the accuracy of Wood’s previous eye-popping price predictions for Tesla stock.

The price target incorporates expectations that Tesla will launch an autonomous robotaxi service built upon its full self-driving tech platform, which could bring in as much as $327 billion in revenue, according to Ark.

“In preparation for its robotaxi service, Tesla could launch a human-driven ride-hail network first, delivering a highly profitable recurring revenue stream and limiting the downside of a failed autonomous service,” Ark explained.

In its bear case, Ark expects Tesla to trade to $1,500 per share as it sells 5 million cars per year. In its bull case, Ark expects Tesla to trade to $4,000 per share as it sells upwards of 10 million cars per year. In 2020, Tesla sold about 500,000 vehicles.

The valuation model utilized by Ark incorporates Tesla’s relatively new insurance business, but doesn’t include its energy storage and solar business, nor its $1.5 billion allocation to bitcoin.

Tesla remains the largest holding for Ark Invest across all of its ETF strategies, and this isn’t the first time the investment management firm had a sky-high price target for Tesla.

In 2018, Wood said Tesla would hit $4,000 when the stock was trading at a split-adjusted price of about $250. The stock went on to trade at a split-adjusted price of $4,500 in early 2021, two years ahead of schedule.

tsla stock chart.JPG
Read the original article on Business Insider

SenesTech soars 87% after concluding successful deployments of its ContraPest agricultural technology

Trader

Shares of SenesTech soared as much as 87% on Friday after the company concluded that its pest control solution demonstrated success in two agricultural deployments.

ContraPest, which is a bait system designed to reduce rat populations in agricultural settings, saw positive results within six months of deployment, according to the company.

A west coast poultry farm saw a 90% reduction in rat populations within 12 months of utilizing ContraPest, while an east coast poultry farm saw an 88% improvement in pullet survival after reducing the population of rodents with ContraPest, the company said.

Rodent populations can be a costly nuisance for farmers, as they can spread disease to livestock and destroy costly grain feed.

“While these results were from deployments at poultry facilities, the results are immediately applicable to many other agricultural situations,” CEO Ken Siegel said.

ContraPest utilizes an approach that targets the reproductive capabilities of both sexes in rat populations, inducing egg loss in female rats and impairing sperm development in males.

Read the original article on Business Insider