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Rivian Automotive (RIVN) shares sank Friday as the electric vehicle maker missed third-quarter delivery estimates and slashed its full-year production outlook because of difficulties in getting a part.
Rivian said it built 13,157 EVs in the quarter, and delivered 10,018. Analysts surveyed by Visible Alpha were looking for 12,08O deliveries. The company's latest news extended a recent slide in a stock that has fallen from levels seen this summer following an investment from Volkswagen.
The company cut its 2024 production estimate because of a supply shortage of a component used to build its R1S SUV and RCV commercial van. It added that the issue began in the third quarter, and “has become more acute in recent weeks and continues.”
Rivian now anticipates it will manufacture 47,000 to 49,000 EVs this year, down from its previous forecast of 57,000. Visible Alpha estimates were for 54,910. The company reaffirmed its guidance for deliveries of a low-single-digit increase from 2023, putting it in a range of 50,500 to 52,000. The company is slated to report third-quarter financial results after the market's close on Nov. 7.
Shares of Rivian Automotive have lost nearly half their value in 2024. The stock was recently down about 6%.
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Investopedia
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Summit Therapeutics (SMMT) shares surged Friday morning, a day after after the biopharmaceutical company said its developmental lung cancer drug was granted Fast Track designation by the Food and Drug Administration (FDA).
Summit said it has completed the enrollment process for a Phase 3 trial of ivonescimab, which will include patients across North America, Europe, and China. It said it looks forward to completing its first global study of the drug, which has been used to treat more than 1,800 patients in previous trials.
"As our belief in the potential for ivonescimab to make a meaningful, positive difference continues to grow, we are pleased that the FDA has granted Fast Track designation for ivonescimab," Summit Chief Executive Officer (CEO) Robert Duggan said.
Positive results in a previous Chinese trial for the drug sent Summit's stock skyrocketing last month, more than doubling in value to a record close of $31.93 over five trading sessions.
Summit shares have since retreated, but were up 13% to $21.05 soon after markets opened Friday.
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Instablog9ja
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Nollywood veteran Binta Ayo Mogaji is urging women over 35 to think about having children outside of marriage.
In a recent interview with Oyinmomo TV, the 60-year-old actress, who became a mother at 40, encouraged unmarried women who want to experience motherhood to explore the option of having children without waiting for marriage.
“What I’m saying is, once you’re 35 or older and you don’t have a husband, but there’s someone in your life who is with you but not ready for marriage, and he wants a child, have a child with him, even if he won’t accept responsibility for the child.
When she is looking for a husband at 35, they’ll say she’s too old and won’t be able to wash clothes for her mother-in-law or be controlled.
They’ll advise the man to find a younger lady to listen to him. Even if she’s fortunate to marry at that age, she’ll already be old when her child grows up. Some people at 45 or 50 are already grandmothers.
When your mates are grandmothers, and you’re still saying you’re looking for a husband, when will you find a husband and become a grandmother?
So, my advice is, if God blesses you with someone who likes you and you can have children together, go ahead and do it.
If you find someone you like, ask him to impregnate you as long as you want a child and can take care of the child. But if you want a child and cannot find a man to impregnate you, then consider adoption.”
#Instablog9jaNews #Information #Awareness #StayUpdated
Investopedia
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The September jobs report comes as the Federal Reserve keeps a close eye on unemployment; U.S. dockworkers agree to end a three-day strike after port operators offer pay hike; Spirit Airlines (SAVE) shares are sinking in premarket trading on a report it's reviewing bankruptcy options; the European Union (EU) votes to impose new tariffs on electric vehicle (EV) batteries made in China, risking retaliation by Beijing; and shares of EV maker Rivian Automotive (RIVN) are falling after it cut its deliveries outlook. Here's what investors need to know today.
Investors will be closely watching today's 8:30 a.m. ET release of the September U.S. employment report, which could help influence future Federal Reserve action on interest rates. Economists expect the unemployment rate to remain at 4.2%, while employers are expected to have added 150,000 jobs in September, up from 142,000 the prior month, according to forecasters polled by and . It's the first job report since the Fed cut interest rates last month as it raised worries about a rising unemployment rate, which some analysts have projected will move higher in today's report.
U.S. dockworkers agreed to suspend a massive three-day strike until Jan. 15, after reaching a tentative agreement with port operators on wages. Over the course of six years, dockworkers will see their minimum hourly pay increase to $63 from $39, a 62% bump, according to . Economists projected that the strike could have cost the U.S. economy as much as $4.5 billion per day. European shares of shipping giants Hapag-Lloyd and Maersk are declining by 12% and 6%, respectively, on the development.
Spirit Airlines (SAVE) shares are falling by 35% in premarket trading after a report that the budget carrier is reviewing bankruptcy options following its failed $3.8 billion merger with JetBlue Airways (JBLU). reported that Spirit executives were in discussions with bondholders over the terms of a Chapter 11 bankruptcy filing as the carrier grapples with a debt load of $3.3 billion. The news is helping boost shares of rivals JetBlue and Frontier Airlines parent Frontier Group Holdings (ULCC) more than 4% each in premarket trading.
The European Union (EU) on Friday voted to impose tariffs on Chinese-made electric vehicles (EVs), risking further retaliation from Beijing, which in August launched an anti-subsidy investigation into EU dairy imports. The move comes after Europe warned it would target Chinese EVs for new tariffs over subsidies from Beijing. Earlier this year, the U.S. and Canada boosted tariffs on Chinese EVs, with the White House saying the move was aimed at protecting American workers "from China's unfair trade practices."
Shares of EV maker Rivian Automotive (RIVN) are falling more than 8% in premarket trading after it cut its full-year deliveries projection, citing a production slowdown stemming from shortage of a shared component on the R1 and RCV platforms. "This supply shortage impact began in Q3 of this year, has become more acute in recent weeks and continues," it said. Rivian lowered its annual production guidance to between 47,000 and 49,000 vehicles, down from earlier projections of 57,000.
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Instablog9ja
4 hrs
9
American celebrity couple singer, Halle Bailey and rapper, Darryl Dwayne Granberry Jr, aka DDG’s relationship has officially packed up.
The actress and her rapper partner got together in December 2021 and welcomed their only son to the world approximately two years later in December 2023, following a very secretive pregnancy.
Yet 10 months later, the pair have called it quits with DDGbelieving it’s “the best path forward” for them both as he stresses the pair are still on amicable terms and are close friends.
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Investopedia
4 hrs
12
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Stellantis (STLA) shares tumbled Thursday after the Chrysler and Jeep parent reported a significant drop in U.S. sales, prompting concerns that the company could rein in its generous payout to investors through dividends and buybacks.
On Monday, the company slashed its full-year profit outlook, noting that it was reducing its North American inventory amid softening global industry dynamics and intensifying competition from Chinese rivals.
Following the automaker's weaker-than-expected U.S. sales and profit warning, analysts at Barclay's reduced their rating on the stock to "equal weight" from "overweight," noting they see no recovery for Stellantis until at least the first half of next year. Since the start of the year, the company's shares have fallen around 44% through Thursday's close.
The shares fell 4% to close at $13.08 on Thursday.
Below, we take a closer look at the automaker's weekly chart and apply technical analysis to identify important price levels worth watching.
Since setting their record high in March, Stellantis shares have trended lower within a narrow descending channel, falling below the closely-watched 50- and 200-week moving averages (MAs) in the process.
Importantly, volumes have steadily increased since late July, with share turnover this week registering its highest level since late October 2019 to indicate conviction behind the recent selling.
Upon a breakdown below the descending channel’s lower trendline, investors should monitor two crucial levels on the Stellantis chart.
The first sits around $11.50, a region where the shares could attract buying interest near the prominent July and October 2022 swing lows, particularly given that the relative strength index (RSI) indicator points to oversold conditions in the stock.
A failure to hold this level may see the shares revisit lower support around $8.50, a location on the chart where investors could seek lower entries near a series of comparable trading levels positioned just above the March 2020 pandemic low.
If Stellantis shares undergo a reversal, it’s worth watching two key overhead levels on the chart.
Firstly, an initial recovery could test the $15 level, where the price may run into resistance near last week’s pre-gap lows, an area that also aligns with multiple peaks and troughs on the chart dating back to early January 2021.
A rally above this level could see a move up to around $18.50, a chart location where investors may look to lock in profits near the 200-week MA and a multi-year trendline connecting a range of comparable price action from December 2020 to October last year.
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