Nio Says NOP Autonomous Driving System 'Less Aggressive' Than Rivals As EV Maker 'Prioritizes Safety'

Benzinga - 13min

Electric vehicle maker Nio Inc (NYSE: NIO) suggested on Wednesday the autonomous driving system on its ET7 electric sedan is deliberately "less aggressive" than rivals to prioritize safety.

Hospital Stocks' Rally Points to Post-Covid Growth

WSJ Markets - 14min

The sector has trounced the market this year, and the steps they took to get through the pandemic could keep the rally going.

Cathie Wood Sells Another $7.3M In Warren Buffett-Backed BYD, Buys $6.3M In Uipath

Benzinga - 28min

Cathie Wood-led Ark Investment Management on Wednesday shed 123,982 shares, estimated to be worth about $7.3 million, in the Chinese automaker BYD Co (OTC: BYDDY), its third straight sale in the company this week.

45 Biggest Movers From Yesterday

Benzinga - 38min

Gainers Entera Bio Ltd. (NASDAQ: ENTX) shares surged 44.8% to close at $6.50 on Wednesday after the company reported topline Phase 2 bone mineral density data for EB613.

Economic Data Scheduled For Thursday

Benzinga - 39min

Data on durable goods orders for May will be released at 8:30 a.m. ET. Durable goods orders, which dropped 1.3% in April, are expected to increase 2.0% in May. Gross Domestic Product report for the first quarter is scheduled for release at 8:30 a.m. ET. The first-quarter GDP is expected to increase 6.4%.

Stock Futures Tick Up Ahead of Jobless Claims Data

WSJ Markets - 42min

S&P 500 futures rose ahead of fresh data on the number of Americans applying for unemployment benefits and orders for durable goods.

New York City to Install First Curbside Electric-Vehicle Charging Station

WSJ USBusiness - 47min

New York City will install its first curbside electric-vehicle charging stations this year, part of an effort to address the dearth of charging options in the city.

5 Stocks To Watch For June 24, 2021

Benzinga - 1hr

Some of the stocks that may grab investor focus today are:

Apple Looks To Widen China Revenue Streams With Launch Of Search Advertising Service

Benzinga - 1hr

Apple Inc. (NASDAQ: AAPL) is looking to expand its revenue streams in China with the launch of its search advertising service this week, AppleInsider reported Wednesday.

Alibaba's Ant Says NFTs Aren't Cryptocurrencies As 16,000 Art Copies Get Sold Out In A Blink

Benzinga - 1hr

Alibaba Group Holding Limited (NYSE: BABA)-backed Ant Group has sought to clarify that non-fungible tokens (NFTs) are not cryptocurrencies, according to a

Benigno Aquino III, Ex-Philippine President Who Resisted China, Dies at 61

WSJ World - 1hr

Former Philippines President Benigno Aquino III, who belonged to one of the country’s most prominent political families and during his term pushed back against China’s expansive claims in the South China Sea, has died.

Elon Musk Says Will Do His 'Best' To Give Long-Term Tesla Shareholders Preference In Starlink IPO

Benzinga - 1hr

SpaceX founder Elon Musk said on Thursday he would look to give long-term Tesla Inc (NASDAQ: TSLA) shareholders preference in the Starlink initial public offering as and when that happens.

Earnings Scheduled For June 24, 2021

Benzinga - 2hr

  Companies Reporting Before The Bell • GMS (NYSE:GMS) is projected to report quarterly earnings at $0.82 per share on revenue of $858.90 million.

A 6.7-Inch iPhone At $900? Analyst Says Apple Will Bring This Product To Market Next Year

Benzinga - 2hr

Apple Inc (NASDAQ: AAPL) will launch two lower-end iPhones with larger screens next year, as per analyst Ming-Chi Kuo.

Jim Cramer Says Moderna 'Excellent Company And Stock' With Reach Beyond COVID-19

Benzinga - 2hr

CNBC host Jim Cramer believes biotechnology company Moderna Inc. (NASDAQ: MRNA) is an “excellent company and stock” that has a reach far beyond COVID-19.   What Happened: Cramer made the comments on Twitter.

'The Big Short' Fame's Michael Burry Takes Bearish Stand On Bitcoin After Earlier Warning On 'Mother Of All Crashes'

Benzinga - 3hr

Michael Burry — hedge fund manager, investor, and physician— has repeated his bearish stance on Bitcoin (CRYPTO: BTC) days after issuing a grim warning, which prophesied losses on trendy assets approaching “the size of countries.”

House Panel Votes to Curb Tech Giants

WSJ USBusiness - 4hr

The tech companies, including Google and Facebook, will take the battle over the proposed new regulations and oversight to the House floor and Senate.

Apple Working On A 'Journalism Project' With New York Magazine

Benzinga - 4hr

Apple Inc (NASDAQ: AAPL) is working with New York Magazine in a journalism project with connections to Apple News, David Hasell, the Editor-in-Chief of New York Magazine revealed in a WWD

Michael Burry Issues Grim Warning On Cryptocurrency, Stonks: Losses Will 'Approach The Size Of Countries'

Benzinga - 4hr

Scion Asset Management founder Michael Burry issued a series of tweets last week warning retail traders about cryptocurrencies and the so-called Stonks — the stocks unusually favored by retail investors — according to a Bloomberg News

Elon Musk's Development Efforts Could Give Dogecoin A 'Value Floor,' Hopes Cardano Founder

Benzinga - 5hr

Cardano (CRYPTO: ADA) founder and Ethereum (CRYPTO: ETH) co-founder Charles Hoskinson said in an interview that he hopes Tesla Inc (NASDAQ:

Emergency Landing for China's Flying Pig Prices

WSJ Markets - 5hr

After two years of plenty for pork producers—and pain for pork lovers—China’s supply crunch has finally eased.

Infrastructure Negotiators Agree to Framework for Package

WSJ USBusiness - 6hr

Members of a bipartisan group negotiating a roughly $1 trillion infrastructure proposal said they had agreed to a framework for a package, with plans to meet with President Biden on Thursday to complete a deal.

Broader Stock Indexes Slip as Nasdaq Hits Record

WSJ Markets - 6hr

U.S. stocks held on to most of their gains from earlier in the week as the S&P hovered just shy of its all-time high.

Indigenous Group in Canada Says Hundreds of Unmarked Graves Discovered

WSJ World - 7hr

The remains were discovered at the site of the Marieval Indian Residential School, a boarding school that operated in Saskatchewan for nearly a century until it closed in the 1990s.

Biden Administration Removes Fannie, Freddie Overseer

WSJ USBusiness - 8hr

Supreme Court decision clearing path for new overseer is a blow to investors betting that the mortgage giants would be returned to private hands after more than 12 years of government control.

Brazilian Environment Minister Steps Down Amid Illegal Logging Probe

WSJ World - 9hr

Ricardo Salles, widely criticized by environmental activists over rising deforestation of the Amazon under his watch, will be replaced by Joaquim Alvaro Pereira Leite.

Morgan Stanley Requires Employees to Get Vaccinated Before Going to the Office

WSJ Markets - 9hr

Starting July 12, the bank’s employees will be required to confirm that they have been vaccinated before entering Morgan Stanley buildings in New York City and Westchester County.

John McAfee Is Found Dead in Spanish Jail

WSJ USBusiness - 10hr

The creator of the eponymous antivirus software died as a Spanish court ruled to extradite him to the U.S., where he faced tax-related criminal charges.

BuzzFeed Nears Deal to Go Public Via SPAC

WSJ USBusiness - 11hr

The company hopes scale will make it easier to compete for ad dollars with Google, Facebook and Amazon.

ViacomCBS Taps Paramount+ Programming Chief in Content Leadership Shift

WSJ USBusiness - 11hr

Media giant is latest industry player to reorganize its ranks to prioritize streaming.

Chinese Covid-19 Gene Data That Could Have Aided Pandemic Research Removed From NIH Database

WSJ World - 11hr

A U.S. researcher says he recovered gene sequences after a Chinese scientists asked that they be removed from a government archive.

Fed's Bostic Says Bond Buying Drawdown Near, Sees Rate Rise in Late 2022

WSJ USBusiness - 12hr

Federal Reserve Bank of Atlanta President Raphael Bostic said Wednesday he has moved forward his expectations for a central bank rate rise to next year and that the time is coming soon for the Fed to pare its bond buying stimulus efforts.

Yellen Says U.S. Could Breach Debt Limit in August

WSJ USBusiness - 13hr

The Treasury secretary urged Congress to raise or suspend the borrowing limit, or debt ceiling, to keep paying the government’s bills in full, saying a default would be unthinkable.

Kabul Could Fall Six Months After U.S. Pullout, Intelligence Assessment Says

WSJ World - 14hr

American intelligence agencies revised their previously more optimistic estimates about the survival of the government of Afghanistan as the Taliban swept through the country’s north last week.

Nasdaq Composite ekes out another record close as Dow, S&P 500 edge lower

MarketWatch - 14hr

Stocks ended mostly lower Wednesday, though the Nasdaq Composite eked out its second consecutive record finish. The Dow Jones Industrial Average fell around 72 points, or 0.2%, to finish near 33,873, according to preliminary figures. The S&P 500 closed near 4,242, a delcine of around 5 points, or 0.1%. The Nasdaq edged up around 18 points, or 0.1%, to end near 14,272, marking its 16th record close of 2021.

Self-Driving Truck Startup Embark to Go Public in $5.2 Billion SPAC Deal

WSJ Markets - 14hr

The company is merging with a special-purpose acquisition company to go public, becoming the latest self-driving truck firm to tap public markets in recent months.

Yellen says extraordinary measures to avoid default could run out in August

MarketWatch - 14hr

Treasury Secretary Janet Yellen on Wednesday urged Congress to raise or suspend the U.S. debt limit, saying failure to do so would have "catastrophic" consequences for the U.S. economy. Speaking at a Senate hearing on the Treasury's budget, Yellen said she would plead with Congress to raise the limit "as soon as possible." A suspension of the debt limit expires after July 31. The Treasury would after that have to take so-called extraordinary measures to prevent the U.S. from defaulting, and Yellen told lawmakers that the point of default could come in August. Yellen earlier this year said her department was concerned that such measures would last a limited time.

NFL Explores Strategic Options for Media Properties

WSJ USBusiness - 15hr

The football league has hired Goldman Sachs to aid in the hunt for potential partnerships, which could include selling stakes.

Inside Comcast's Plan to Become a Streaming Giant

WSJ USBusiness - 15hr

The broadband and cable company, which owns NBCUniversal, sticks with its marriage of content and delivery, though AT&T has reversed course. Another question facing CEO Brian Roberts is whether to build or buy to reach the company’s goal.

Oil futures rise, with U.S. crude settling just above $73 a barrel

MarketWatch - 15hr

Oil futures settled higher on Wednesday, buoyed by U.S. government data that showed a 7.6 million-barrel drop in domestic crude inventories for the week ended June 18. Oil production, as well as gasoline supplies, fell for the week, according to the Energy Information Administration. The numbers from the EIA can only be described as "bullish as crude inventories are at levels we haven't seen since March of last year," said Tariq Zahir, managing member at Tyche Capital Advisors. However, traders need to watch the OPEC+ meeting on July 1, he said, to see if the group agrees on a production increase. "Russia has already come out and hinted they want an increase in production," but Saudi Arabia is likely "quite happy with prices and where they are," said Zahir. The Saudis may "increase production to capture market share and prevent the fracture of the production cut agreements by other OPEC countries." West Texas Intermediate oil for August delivery edged up by 23 cents, or 0.3%, to settle at $73.08 a barrel on the New York Mercantile Exchange.

Bill Ackman Makes His Case for Music

WSJ USBusiness - 16hr

The hedge-fund billionaire is bullish on streaming, profitability and industry growth ahead of his investment in Universal Music Group.

Southwest Airlines CEO to Step Down in February

WSJ USBusiness - 16hr

Gary Kelly, who has served as chief executive since 2004, will be succeeded by company veteran Bob Jordan, as the carrier plots its path out of the pandemic.

Gold ends at highest price in a week

MarketWatch - 16hr

Gold futures gained on Wednesday, with prices reversing their loss from a day earlier to settle at their highest in a week. Demand for gold is "slowly coming back as Wall Street grows more confident" that despite the Federal Reserve's "pivot over talking about removing stimulus, they are still probably years away from doing tightening," said Edward Moya, senior market analyst at Oanda. August gold rose $6, or 0.3%, to settle at $1,783.40 an ounce, the highest most-active contract finish since June 16, FactSet data show.

Sprinklr shares soar 11% in trading debut after downsizing IPO and pricing below range

MarketWatch - 17hr

Sprinklr Inc.'s shares rose 11% in their trading debut Wednesday, after the company's downsized initial public offering priced below the expected range, lowering what the customer-experience software company raised to $266 million from a previous expectation of up to $380 million. The company said overnight that it sold 16.625 million shares in the IPO which priced at $16 a share, compared with a previous expectation of an offering of 19.000 million shares to price between $18 and $20 a share. At the IPO pricing, Sprinklr was valued at $4.01 billion. The stock is trading on the NYSE under the ticker symbol "CXW." Morgan Stanley, J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities were the lead book-running managers. The company recorded a net loss of $41.8 million on revenue of $386.9 million for the fiscal year ended Jan. 31, after a loss of $39.1 million on revenue of $324.3 million the year before. The company is going public at a time that the Renaissance IPO ETF has gained 3.5 over the past three months while the S&P 500 has advanced 8.6%.

How Home Builders Are Contributing to Housing Frenzy

WSJ Markets - 17hr

Some builders are waiting until a home is further along in the construction process before they sell, giving them further visibility into costs before locking in a price.

Taco Bell tests a plant-based Chalupa option to reach the 'veggie-curious'

MarketWatch - 17hr

Taco Bell said Wednesday that is testing the Naked Chalupa with Crispy Plant-Based Shell, another menu addition to reach vegetarian, vegan and "veggie-curious" customers. This latest item will be available at one location in Irvine, Calif. starting June 27 while supplies last. The Naked Chalupa with Crispy Plant-Based Shell can be made with lettuce, cheddar cheese, diced tomatoes and avocado ranch sauce, or customers can add or remove items to meet their dietary needs. According to the Taco Bell website, a traditional Chalupa Supreme isn't made with the plant-based shell and can include seasoned beef, beans and sour cream. Taco Bell has previously partnered with plant-based protein company Beyond Meat Inc. and last year introduced "Veggie Mode," a menu of meat-free items that customers can order at self-ordering kiosks. Taco Bell is part of the Yum Brands Inc. portfolio. Yum stock is up 7.8% for the year to date while the S&P 500 index has gained 13.1% for the period.

Fannie Mae and Freddie Mac shares dive after Supreme Court ruling

MarketWatch - 18hr

Shares of Fannie Mae and Freddie Mac collapsed on Wednesdayafter the Supreme Court dismissed a challenge from shareholders over the sweep of profits to the Treasury. The high court ruled that as the Federal Housing Finance Agency acts as a conservator, it may aim to rehabilitate the companies in a way that serves the public and not the companies' best interest. The Supreme Court did agree that the structure of the agency violates the separation of powers and didn't rule out some form of compensation for shareholders. Over-the-counter shares of Fannie Mae fell 32% and Freddie Mac shares lost 28%. One preferred class of Fannie Mae shares lost 61%.

Store Brands Could Make a Name for Themselves This Year

WSJ Markets - 18hr

After a boost from the 2008 recession, private-label food has seen stagnating market share. This year could change that.

Glaxo Talks Up Growth Prospects as Activist Investor Elliott Looms

WSJ USBusiness - 18hr

The pharmaceutical giant provided further details of the long-planned separation of its consumer-healthcare business, as it seeks to ward off a potential clash with hedge fund Elliott Management.

Bed Bath & Beyond launches its fifth private brand this year

MarketWatch - 19hr

Bed Bath & Beyond Inc. has launched its fifth owned brand this year, Wild Sage, which covers a broad assortment of home goods geared towards younger shoppers, including college students and Gen Z. Timed for the launch of the back-to-school shopping season, the brand includes sheets, towels and lighting. Bedding is priced from $20 to $80, decor is priced from $25 to $200 and bath items from $4 to $40. Other brands launched at Bed Bath & Beyond this year include Simply Essential and Haven. Bed Bath & Beyond shares have rallied 64.7% for the year to date while the S&P 500 index is up 13.1% for the period.

U.K. Denies Russia Fired Warning Shots at Warship

WSJ World - 19hr

Russia’s Defense Ministry said its armed forces fired warning shots at a British destroyer that was violating its territorial waters near Crimea, but the U.K. government denied that such events took place.

EIA reports a nearly 8 million-barrel decline in U.S. crude supplies

MarketWatch - 19hr

The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 7.6 million barrels for the week ended June 18. On average, analysts polled by S&P Global Platts forecast a decline of 6.3 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 7.2 million-barrel decrease, according to sources. The EIA also reported that gasoline supplies fell by 2.9 million barrels, while distillate stockpiles rose by 1.8 million barrels for the week. The S&P Global Platts survey forecast supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub declined by 1.9 million barrels for the week. Oil prices pared some of their early gains, with August West Texas Intermediate crude up 83 cents, or 1.1%, at $73.68 a barrel on the New York Mercantile Exchange. Futures were trading at $73.80 before the supply data.

Biden's Vow Not to Raise Taxes on Most Americans Limits Infrastructure Options

WSJ USBusiness - 19hr

Republicans’ tax opposition and the president’s push for a corporate-tax increase leave little room for bipartisan agreement on revenue.

Southwest Airlines names CEO successor

MarketWatch - 20hr

Southwest Airlines Co. said Wednesday that Robert Jordan will succeed Gary Kelly as chief executive, effective Feb. 1, 2022. Jordan has been with the company since 1988 and has served in a number of roles including executive vice president of corporate services. Most recently, he led the voluntary leave and early separation programs during the pandemic, which the company says helped it to avoid furloughs and layoffs. Kelly will move into the executive chairman role in 2022, where he plans to remain until 2026. He has been with the company for 35 years, and has served as CEO since 2004. Southwest stock has gained 18.4% for the year to date while the S&P 500 index is up 13.1% for the period.

Amazon's Prime Day event kicks off the back-to-school shopping season with 600,000 backpacks and 240,000 notebooks sold

MarketWatch - 20hr Inc.'s Prime Day event has kicked off the back-to-school shopping season with 600,000 backpacks, 240,000 notebooks, 40,000 calculators, and 220,000 Crayola products sold. As in most years, technology was a hot category, with one million laptops sold, and Amazon devices among the top sellers. The Waterpik Electric Water Flosser, Orgain plant-based protein powder and 23andMe DNA tests were best sellers in the U.S. Also similar to previous years, Amazon did not release a Prime Day sales tally, but the e-commerce giant emphasized small business sales. In the two weeks leading up to Prime Day, Amazon says customers spent $1.9 billion on more than 70 million products sold by small businesses. Last year, Prime Day was pushed back to October due to COVID-19. Amazon stock is up 8% for the year to date while the S&P 500 index has gained 13.2% for the period.

Stocks open slightly higher as Nasdaq builds on record close

MarketWatch - 20hr

Stocks opened slightly higher Wednesday, with the Nasdaq Composite building on the previous session's record close and the S&P 500 traded near record territory a day after Federal Reserve Chairman Jerome Powell emphasized the central bank still expects inflation pressures to prove transitory. The Dow Jones Industrial Average was up around 17 points, or less than 00.1%, near 33,962. The S&P 500 rose 0.1% to 4,251.78, not far off its record close of 4,255.15 set on June 14. The Nasdaq , meanwhile, rose 0.3% to trade at 14,295.33.

EA to purchase WarnerMedia's Playdemic gaming studio for $1.4 billion

MarketWatch - 20hr

Electronic Arts Inc. plans to acquire mobile-gaming studio Playdemic, which is currently owned by AT&T Inc.'s Warner Media, for $1.4 billion in cash. Playdemic, which developed the game "Golf Clash," will factor into EA's mobile-games portfolio, as the gaming powerhouse looks to bolster its sports content. "In addition to the ongoing success of 'Golf Clash,' the talent, technology and expertise of Playdemic will be a powerful combination with our teams and IP [intellectual property] at Electronic Arts," EA Chif Executive Andrew Wilson said in a Wednesday release announcing the deal. "This is the next step building on our strategy to expand our sports portfolio and accelerate our growth in mobile to reach more players around the world with more great games and content." The remainder of WarnerMedia's gaming portfolio is included in a deal announced last month that will combine WarnerMedia with Discovery Inc. .

UPDATE: Carnival to add two ships to fleet by 2023, resumes sailings in U.S., Caribbean and Europe

MarketWatch - 20hr

Carnival Cruise Line, part of Carnival Corp. , said Wednesday it will two ships to its fleet by 2023, by taking the delivery of an Excel-class ship previously intended for its sister line AIDA Cruises that is expected to arrive in late 2023, as well as the Costa Magica from another European sister line that will arrive in mid-2022. The two are in addition to the Mardi Gras, the company's first LNG-powered ship due to sail from Port Canaveral on July 31 and the sister ship Carnival Celebration that will sail from Miami in late 2022. That will bring the Carnival fleet to 27 ships by the end of 2023. "While our immediate focus is on our restart of guest operations this summer, this is another cause for excitement at Carnival, and we will be announcing more detailed plans about homeports, itineraries and ship names very soon," said Christine Duffy, president of Carnival Cruise Line, in a statement. Separately, Carnival said its brands have resumed cruises in the U.S., Caribbean and Europe. Shares have gained about 30% in the year to date, while the S&P 500 has gained 13%.

Study: There were at least 17 million undiagnosed COVID-19 cases in the U.S. through July 2020

MarketWatch - 20hr

There were likely up to 17 million undiagnosed cases of COVID-19 in the U.S. through July 2020, based on new research that says the number of COVID-19 cases in the U.S. most likely exceeded the number of reported cases. The National Institutes of Health said Wednesday that for every 1 diagnosed case of COVID-19, there were 4.8 undiagnosed cases during the first six months of the pandemic in the U.S. This is thought to include many of the asymptomatic cases that contributed to the spread of the virus. The results came from a cohort of about 8,000 people who submitted blood samples for antibody analysis as part of the NIH SARS-CoV-2 Seroprevalence Project. The study was published Tuesday in Science Translational Medicine.

Sabre delivers upbeat outlook as travel landscape improves

MarketWatch - 20hr

Sabre Corp. said Wednesday that it expects better sequential revenue performance in the second quarter relative to the first quarter as the travel landscape improves. The company, which makes software for the travel industry, issued an outlook calling for $400 million to $420 million in second-quarter revenue, while the three analysts surveyed by FactSet were expecting $391 million on average. Sabre cited "higher travel volumes" in its Wednesday filing with the Securities and Exchange Commission. The company also disclosed that its business mix for the second quarter was expected to be more skewed toward domestic leisure bookings, which it said generate below-average unit revenue and profit. Shares have gained 65% over the past 12 months as the S&P 500 has risen 36%.

Where to Find Rare Business-Class and First-Class Deals

WSJ USBusiness - 21hr

As airlines work to recover from the pandemic, they’re selling some high-end seats abandoned by business travelers for 70% off.

Warren Buffett Says He's Quitting Gates Foundation

WSJ USBusiness - 21hr

Warren Buffett is stepping down from the Bill and Melinda Gates Foundation. The billionaire said he has been an “inactive trustee” for years at the foundation, to which he contributes funds.

OPEC Alliance Considers Boosting Production Amid Uneven Recovery

WSJ Markets - 21hr

The Saudi-led organization and its allies are considering boosting the group’s collective output by some 500,000 barrels a day when they meet next week, delegates said, representing a modest boost to the world’s supply of crude.

Biogen now says it plans to complete 'confirmatory' study for Alzheimer's drug earlier than required

MarketWatch - 21hr

Shares of Biogen Inc. were up 0.8% in premarket trading on Wednesday after the company and Eisai Inc. said they plan to speed up the completion of what is called a "confirmatory" clinical trial for its recently approved Alzheimer's disease treatment. In the weeks since the drug's approval in the U.S., Aduhelm has faced criticism over how it was priced and whether or not the clinical data were strong enough to support the approval. In the new statement, the companies said they they now plan to complete the confirmatory study in advance of the 2029 deadline. They also said they do not plan to raise Aduhelm's price for four years. The drug currently has an annual cost of $56,000. Up to 2 million people with mild Alzheimer's disease are considered potential patients for this drug. Biogen's stock is up 52.9% so far this year, while the broader S&P 500 is up 13.0%.

Embark Trucks to go public via merger with SPAC Northern Genesis in $4.55 billion deal

MarketWatch - 22hr

Embark Trucks Inc., a maker of self-driving technology for the trucking industry, said Wednesday it is going public via a merger with special purpose acquisition corporation Norther Genesis Acquisition Corp. II , in a deal with a pro forma implied enterprise value of about $4.55 billion. "Over the last five years, Embark has operated America's longest running road-testing program for self-driving trucks to refine the company's sophisticated self-driving software -- purpose-built to navigate Class 8 trucks on long-distance freight trips," the companies said in a joint statement. Once the deal closes, expected in the second half of 2021, Embark will have about $614 million of cash, and a $200 million private investment in public equity, or PIPE, backed by anchor investors including Pension Plan Investment Board (CPP Investments), Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors. Elaine Chao, former Secretary of Transportation and Labor, and wife of Sen. Mitch McConnell, has joined the Embark board. The funds raised are expected to support the company through 2024, when it expects to commercialize its tech.

Patterson shares slide 11% premarket as profit and guidance fall short of estimates

MarketWatch - 22hr

Patterson Cos. Inc. shares tumbled 11% in premarket trade Wednesday, after the maker of dental and animal health products missed profit estimates for its fiscal fourth quarter and offered guidance that lagged consensus. St. Paul, Minn.-based Patterson said it had net income of $28.8 million, or 30 cents a share, in the quarter to April 24, after a loss of $608.6 million, or $6.44 a share, in the year-earlier period. Excluding deal amortization, integration and business restructuring expenses, an investment loss and goodwill impairment, adjusted per-share earnings came to 38 cents a share, below the 52 cents FactSet consensus. Sales of $1.56 billion were up 21.4% from a year ago and ahead of the $1.52 billion FactSet consensus. Dental sales came to $616 million, up from $409.6 million a year ago, and accounted for about 40% of total sales. Animal health sales came to $939.3 million, up from $853.2 million, and accounted for about 60% of total sales. The company is now expecting fiscal 2022 adjusted EPS of $1.90 to $2.05, below the current FactSet consensus of $2.10. Shares have gained 18.5% in the year to date, while the S&P 500 has gained 13%.

SoftBank Latin America Fund Leads $28 Million Atom Finance Funding Round

WSJ Markets - 22hr

The deal, a bet on the retail investing boom, values the startup around $150 million.

Sprinklr stock set to start trading, as downsized IPO priced below expected range

MarketWatch - 22hr

Sprinklr Inc.'s downsized initial public offering priced below the expected range, lowering what the customer-experience software company raised to $266 million from a previous expectation of up to $380 million. The company said overnight that it sold 16.625 million shares in the IPO which priced at $16 a share, compared with a previous expectation of an offering of 19.000 million shares to price between $18 and $20 a share. At the IPO pricing, Sprinklr was valued at $4.01 billion. The stock is expected to begin trading Wednesday on the NYSE under the ticker symbol "CXW." Morgan Stanley, J.P. Morgan, Citigroup, Barclays and Wells Fargo Securities are the lead book-running managers. The company recorded a net loss of $41.8 million on revenue of $386.9 million for the fiscal year ended Jan. 31, after a loss of $39.1 million on revenue of $324.3 million the year before. The company is going public at a time that the Renaissance IPO ETF has gained 2.7% over the past three months while the S&P 500 has advanced 8.6%.

Amazon, Others Race to Buy Up Renewable Energy

WSJ USBusiness - 23hr

The race to secure electricity deals for power-hungry data centers has tech companies reshaping the renewable-energy market and grappling with a new challenge: how to ensure their investments actually reduce emissions.

Chinese EV Maker XPeng Plans to List in Hong Kong

WSJ Markets - 23hr

The rival to NIO is targeting a July debut and aims to raise up to $2 billion, a person familiar with the situation said.

Central-Bank Tapering Is Coming, and the Market Never Gets It Right

WSJ Markets - 24hr

Investors rely too much on “supply and demand” explanations of quantitative easing, which is why they have once again been wrong-footed by the Federal Reserve.

Jack Ma's Ant in Talks to Share Data Trove With State Firms

WSJ Markets - 24hr

Ant Group is in talks with Chinese state-owned enterprises to create a credit-scoring company that will put the fintech giant’s proprietary consumer data under regulators’ purview.

Jack Ma's Ant in Talks to Share Data Trove With State Firms

WSJ USBusiness - 24hr

Ant Group is in talks with Chinese state-owned enterprises to create a credit-scoring company that will put the fintech giant’s proprietary consumer data under regulators’ purview.

The Bonds That Cried Major Default Risk

WSJ Markets - 1d

Evergrande is in the midst of another financial squeeze. It has shrugged them off before, but the task at hand looks daunting, and previous false alarms don’t make that any less true.

Millions of Americans Refinanced Last Year---but Fewer Black and Latino Homeowners Did

WSJ Markets - 1d

Both practical and historical factors are likely holding Black and Latino households back from taking advantage of refinancing, according to Fed researchers.

Blue Owl, Newest Private-Equity Creation, Sees Wisdom in Simplicity

WSJ Markets - 1d

The company gets all of its earnings from management fees, avoiding the less predictable performance-related income to which public investors typically assign a lower value.

South Korea's Answer to Robinhood and Venmo Lands $7 Billion Valuation

WSJ Markets - 1d

A South Korean company whose app lets users transfer money, take out loans, trade stocks and check their credit scores has raised funds at a valuation of more than $7 billion.

Nasdaq Hits Record as Stocks Push Higher

WSJ Markets - 1d

Shares of consumer discretionary companies led the advance ahead of Federal Reserve Chairman Powell’s testimony.

Why There Is No 'Taper Tantrum' This Time Around

WSJ Markets - 1d

Markets aren’t reacting to signals of tighter Federal Reserve policy as they did in 2013, and there are two possible explanations.

Earnings Bonanza Could Dwarf Fed Worries

WSJ Markets - 1d

A better economy might deliver earlier Federal Reserve tightening, but first it will deliver stronger corporate profits.