Share
China’s GDP grew at an annualized pace of 4.5% in the first quarter of 2023 which is higher than the 4% which analysts polled by Reuters had expected and marks the fastest pace of expansion in a year. Last year, China’s GDP expanded by 3% which was below the 5.5% which the country originally targeted….
Share
Tesla’s CEO Elon Musk is reportedly building an AI startup to take in ChatGPT’s parent company OpenAI. While Musk was among OpenAI’s co-founders he has criticized the company and was also a signatory to a letter calling for a pause on AI. The Financial Times reported that Musk is in talks with several Tesla and…
Share
Lucid Motors stock (NYSE: LCID) is trading sharply lower in US premarket price action today after the company reported below-par production and delivery report for the first quarter of 2023. The company produced 2,314 cars in the quarter and delivered 1,406 of these. The metrics were below the fourth quarter where it had produced 3,493…
Share
Former Twitter executives have sued the social media company seeking reimbursements of over $1 million related to legal expenses. The lawsuit was filed by Parag Agarwal, Twitter’s former CEO, Ned Segal, Twitter’s former CFO, and Vijaya Gadde who was the company’s former chief legal officer. Musk fired the company’s top executives soon after he acquired…
Share
Amazon (NYSE: AMZN) has been on a cost-cutting spree and has announced two rounds of mass layoffs this year. Wall Street analysts are meanwhile turning bullish on the stock amid the aggressive cost cuts. In January, Amazon announced that it would lay off 18,000 employees which were higher than the 10,000 job cuts that it…
Share
Rivian stock (NYSE: RIVN) closed lower yesterday after it released its first-quarter delivery report. Tesla stock too fell as the EV giant’s first-quarter deliveries fell short of estimates. Here are the key takeaways. Rivian produced 9,395 vehicles in the first quarter of 2023 and delivered 7,946 of these. The deliveries were largely in line with…
Share
With a YTD loss of 25%, Rivian stock (NYSE: RIVN) is underperforming the markets as well as EV (electric vehicle) peers in 2023. Can the startup EV company recover from the lows? Here’s what Wall Street thinks. 2022 was a bad year for EV stocks, to say the least. Tesla had its worst year ever…
Share
Rivian (NYSE: RIVN) stock is trading sharply lower in US premarket price action today after it reported mixed earnings for the fourth quarter of 2022. Here are the key takeaways from the company’s earnings report. Rivian reported revenues of $663 million which fell well short of the $742 million that analysts expected. Rivian produced 10,020…
Share
Zoom Video Communications (NYSE: ZM) stock is trading higher in US premarket price action today after it reported better-than-expected earnings for its fiscal fourth quarter of 2023 and also provided upbeat guidance. Zoom reported revenues of $1.12 billion in the fiscal fourth quarter that ended in January. The revenues rose 4% YoY on a reported…
Share
Coinbase (NYSE: COIN) released its earnings for the first quarter of 2022 yesterday. The stock whipsawed in post-market trading after the earnings release. Coinbase reported revenues of $629 million in the quarter which was ahead of the $590 million that analysts were expecting. The company’s revenues rose from the $576 million that it posted in…
