Former General Motors Company (NYSE: GM) executive Barry Engle and his team at Qell Acquisition Corp. raised $380 million in less than a month to invest in a next-generation mobility company.
(Source: SPACInsider) "Look, taking a company public is a serious matter and a SPAC is not meant to be able to give a company that's not ready and not deserving access to public markets," Engle said.
Battery electric and fuel cell truck maker Nikola Corp. (NASDAQ: NKLA), hybrid electric driveline maker Hyliion Holdings Corp. (NYSE: HYLN) and LiDAR maker Velodyne (NASDAQ: VLDR) are just three companies that began public life following the SPAC path.
Battery system technology developer Proterra is the kind of company Qell Acquisition Corp. would be interested in taking public in a reverse merger.
Related articles: Lordstown Motors SPAC vote set amid unique business risks Blank check companies target battery and charging suppliers SPAC shareholders approve merger to make Hyliion public Click for more FreightWaves articles by Alan Adler.
The agreement includes integrations that will feature custom content segments, DraftKings' betting odds and daily fantasy statistics, original content, personalized automated alerts and editorial across the Turner Sports network.
“Regulated betting is quickly becoming a fixture of modern sports entertainment, and this collaboration with Turner Sports further scales the reach of our products and content to engage fans,” Ezra Kucharz, chief business officer at DraftKings, said in a statement.
The multiyear deal will see DraftKings provide sports-betting information and daily fantasy content across Turner Sports telecasts and Bleacher Report's digital channels as well as the B/R app.
The trade accounts for 0.6% of DraftKings’ total shares available for trading, according to Bloomberg.
DraftKings (DKNG) - Get Report fell Tuesday after the lockup from the online sports betting platform’s secondary offering in June ended.
Ford and Volkswagen (OTCPK:VWAGY) split an 80% majority stake in Argo earlier this year.
The vehicles are the automaker's fourth generation of self-driving test vehicles with Argo AI.
What this means is that with a well-defined architecture and platform in the Escape Hybrid, our team can continuously test and refine performance over the coming years to better prepare us for launch.
The automaker says the vehicles will be tested alongside self-driving Fusion hybrids in Austin, Detroit, Miami, Palo Alto, Pittsburgh and Washington, D.C. Ford Autonomous Vehicles LLC Chief Engineer John Davis: "The systems we're incorporating into our newest test vehicles are 'launch-intent' in terms of the components we believe will be needed to support commercialization.
Ford (F ) plans to launch its self-driving commercial business in 2022 with vehicles based on the Ford Escape Hybrid crossover.
ATLANTA, Oct. 20, 2020 /PRNewswire/ -- nexAir announced Friday that it has acquired the business operations and customers of Atlanta Medical Gases, LLC ("Atlanta Medical Gases"), a medical gas supplier located in the Atlanta, Georgia area.
The healthcare customers of Atlanta Medical Gases will complement nexAir's strong medical gas presence in the greater Atlanta area and will benefit from a broad range of offerings nexAir provides to ensure the success of its customers.
"The addition of the strong customer relationships at Atlanta Medical Gases to our current healthcare-related services and operations will be beneficial to everyone and expand nexAir's customer base in the greater Atlanta area," according to Bill Proctor, nexAir's President.
Proctor added, "nexAir is committed to a seamless transition for the customers of Atlanta Medical Gases and will provide the same high level of quality and service the customers have come to expect from Atlanta Medical Gases."
In addition to industrial, medical and specialty gases and welding supplies, nexAir also distributes specialized medical equipment, automation welding equipment and dry ice.
Those final three days accounted for pretty much all of my profits through last week, about $115,000 between my main trading account and my IRA account.
Finally, I was able to tag up on the big move in Hertz Global Holdings, Inc. (NYSE: HTZ) in Friday’s premarket and then catch Kaixin Auto Holdings (NASDAQ: KXIN) after it came out of a halt.
Those initial days of last week were mostly flat for my trading account, though Monday started off rocky with sizable losses in Monday’s leading gap stocks, Medley Management Inc. (NASDAQ: MDLY) and Lizhi Inc. (NASDAQ: LIZI).
While the broad market seems to be in a holding position until the U.S. presidential election on November 3, the stocks I traded through last week saw a good amount of momentum after a brief period of choppiness on Monday and Tuesday.
I’m hopeful this week will see more of the follow-through that the back half of last week had, but I’m still going to keep my max share size reasonable in case the market starts to waver in its support.
Nikola's stock had tumbled 16.1% on Friday, after Nikola Chief Executive Mark Russell reportedly indicated that the company could manage if GM decides to walk away from the deal, but would cancel plans to produce the Badger truck.
Coster said he believes Nikola and GM are still likely to enter a strategic partnership by Dec. 3.
"Nikola needs access to GM's supply-chain, engineering resource, the Ultium battery and Hydrotec fuel cells to de-risk the Class 8 truck initiative," Coster wrote in a note to clients.
"GM needs to realize a return on billions of dollars of investment in Hydrogen fuel cells, and Nikola might be the best available option."
Nikola's stock has tumbled 60.0% over the past three months through Friday, while the SP 500 SPX, +0.01% has gained 8.0%.
Story continues below advertisement Auto sales marked a sixth straight month of gains in September while Ford Motor Co’s China vehicle sales jumped 25 per cent in the third quarter from a year earlier.
CONSUMERS STEP UP China’s retail spending has lagged the comeback in factory activity this year as heavy job losses and persistent worries about infections kept consumers at home, even as restrictions lifted.
That would make China the only major economy expected to report growth in 2020, albeit at the slowest annual pace since 1976, the final year of Mao Zedong’s Cultural Revolution.
Story continues below advertisement “There is a risk that the return of lockdowns in Europe and another wave of infections in the United States will hurt consumer spending and trigger more job losses, which would be a negative for China’s economy.”
Andy Wong/The Associated Press China’s economic recovery accelerated in the third quarter as consumers shook off their coronavirus caution, although the weaker-than-expected headline growth suggested persistent risks for one of the few drivers of global demand.
Granite Investment Advisors LLC lessened its holdings in shares of Automatic Data Processing (NASDAQ:ADP) by 20.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission.
Lester Murray Antman dba SimplyRich lifted its stake in shares of Automatic Data Processing by 1.7% in the 2nd quarter.
Stifel Nicolaus cut their target price on shares of Automatic Data Processing from $155.00 to $142.00 and set a “hold” rating for the company in a research note on Thursday, July 30th.
JPMorgan Chase & Co. increased their target price on shares of Automatic Data Processing from $138.00 to $151.00 and gave the company a “neutral” rating in a research note on Monday, August 17th.
Finally, Citigroup cut their target price on shares of Automatic Data Processing from $148.00 to $144.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th.
Tesla sells Model 3, Model S, and Model X vehicles in South Korea priced at $44,000, $102,600, and $108,900 respectively, noted Yonhap.
In September, Tesla sold 2,056 vehicles, accounting for 91% of all South Korean EV sales in the month.
What Happened: The Elon Musk-led automaker sold 10,518 vehicles in the country between January and September — making up for 79.6% of electric vehicle sales in the country, according to industry data reported by Yonhap.
Tesla Inc (NASDAQ: TSLA) has registered substantial growth in South Korea this year due to increasing demand for electric vehicles in the country, Yonhap News Agency reported Monday (Seoul time).
South Korea-based automaker giant Hyundai Motor Co (OTC: HYMTF) could prove to be a major competitor to Tesla, with its dedicated “Ioniq” brand of battery EVs — unveiled in August.
Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company.
Bank of America boosted their price target on AutoNation from $76.00 to $77.00 and gave the stock a “buy” rating in a report on Thursday.
SunTrust Banks upped their price objective on AutoNation from $42.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, July 24th.
Morgan Stanley increased their price objective on shares of AutoNation from $38.00 to $54.00 and gave the stock an “underweight” rating in a research note on Monday, July 27th.
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"SNL" Made Fun Of Trump And Biden's Town Halls In Their Cold Open, So Here Are The Highlights It's just like the real thing!
As usual, the show kicked off with a political sketch, this time about Trump and Biden's respective town halls.
The cold open switched back and forth between ABC's town hall with Joe Biden and NBC's broadcast of Trump, which they described as a "Hallmark movie" vs. an "alien autopsy."
The show briefly addressed the backlash NBC has faced for running Trump's town hall at the same time as Biden's: And really set the tone for what the rest of the sketch would be like: The vibes switched up completely when the sketch returned to Biden, who was giving a soothing, albeit long-winded, response to an audience member: Of course, Paulette — the woman who made her move on Trump at his town hall despite planning to vote for Biden — made an appearance at Trump's town hall: Maya Rudolph surprised us with a Kamala Harris cameo, asking the question we all had about what the heck was going on there: Meanwhile, Savannah and Trump were brawling full-WWE style on NBC: And finally, we saw a contrastingly soothing Biden take on another childhood favorite, Bob Ross: Well, here's to seeing what wild things this week's final Presidential debate brings us on SNL.
You can watch the whole sketch for yourself below: NBC / youtube.com TV and Movies Get all the best moments in pop culture entertainment delivered to your inbox.
Bowling Portfolio Management LLC purchased a new stake in shares of Sonic Automotive, Inc. (NYSE:SAH) in the 3rd quarter, Holdings Channel reports.
Advisor Group Holdings Inc. lifted its position in shares of Sonic Automotive by 75.2% in the second quarter.
Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Sonic Automotive by 48.4% in the first quarter.
In other Sonic Automotive news, CFO Heath Byrd sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 5th.
The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products.
We detail the new camera systems in the iPhone 12 Pro and iPhone 12 Pro Max, specifically the larger sensor and new optical image stabilization technology found in the iPhone 12 Pro Max model only.
Next, if 5G isn't automatically the big reason to buy a new iPhone, the improved cameras may well be.
Although 5G is not the only reason to buy a new iPhone, it's a significant one and you need to know how Verizon, AT&T, and T-Mobile 5G service is doing in the US.
Since Apple's "Hi, Speed" event, new details have been revealed regarding the feature disparity between the new HomePod mini and the larger HomePod.
Examining the subtle differences across the entire iPhone 12 lineup, plus an overview of the state of 5G coverage in the US, plus HomePod versus HomePod mini — and all the ways you can upgrade to Apple's new devices.
But the real EV revolution — one that's attainable and realistic for most US buyers, anyway — is already well underway in the form of highly capable plug-in hybrid cars.
For a long time, when people thought of a hybrid car, they thought of a Toyota Prius — an objectively fine vehicle, but one that was perceived to be driven by tree-huggers and hippies, despite having sold more than 6 million examples since its introduction in the late 1990s.
An AAA study from last year found that about 40 million US buyers will consider a battery-electric car, but The Drive reported that the biggest thing keeping more buyers from buying an electric car is range anxiety.
The consumer is deprived of the perfect, versatile transportation solution in a plug-in hybrid, while the changing climate remains in a waiting game for EVs to achieve escape velocity.
But even with Tesla's success and traditional automakers such as GM and VW launching dozens of EVs in the coming years, EV growth in mature regions like the US and Europe has been sluggish.
Bank of America upgraded shares of Pentair from an underperform rating to a buy rating and set a $46.00 price objective for the company in a report on Thursday, July 9th.
BofA Securities upgraded shares of Pentair from an underperform rating to a buy rating and set a $46.00 price objective for the company in a report on Thursday, July 9th.
Citigroup upgraded shares of Pentair from a neutral rating to a buy rating and upped their price objective for the stock from $44.00 to $51.00 in a report on Monday, September 14th.
Finally, Stifel Nicolaus upped their price target on shares of Pentair from $40.00 to $44.00 and gave the company a hold rating in a report on Friday, July 24th.
The Aquatic Systems segment manufactures and sells residential and commercial pool equipment and accessories, including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment, and pool accessories for residential and commercial pool maintenance, pool repair, renovation, service and construction, and aquaculture solution applications.
Stock Yards Bank & Trust Co. lessened its stake in shares of Ford Motor (NYSE:F) by 16.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC).
Lenox Wealth Management Inc. raised its stake in shares of Ford Motor by 93.0% during the second quarter.
Citigroup increased their price objective on Ford Motor from $5.50 to $7.50 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th.
Barclays increased their price objective on Ford Motor from $4.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Friday, July 24th.
Finally, UBS Group raised their price target on Ford Motor from $4.30 to $6.70 and gave the company a “neutral” rating in a research report on Wednesday, July 1st.
General Motors (GM ) unveils its first electric vehicle-only factory, reconfiguring its Detroit-Hamtramck Assembly Center to produce its GMC Hummer EV pickup and other EV models.
GM says it will invest $2.2B - the single-largest by the company for any plant in its history - to retool and upgrade the facility to build EVs, including the Cruise Origin, a purpose-built electric, self-driving, shared vehicle.
The facility, renamed Factory Zero, will be GM's flagship assembly plant "in our journey to an all-electric future," the company says.
GM says it is committed to sourcing 100% of its U.S. facilities with renewable energy by 2030, and all global facilities by 2040, including Factory Zero, which features a 30 KW solar carport and 516 KW ground mount solar panel system.
GM also announced yesterday that Cruise plans to begin testing unmanned autonomous vehicles by the end of this year in San Francisco.
So when the BMW M4 Convertible gets caught testing at the Nurburgring, we take notice.
In this new spy video from Automotive Mike, we check out the new BMW M4 Convertible (G83) at the Nurburgring, wearing some camouflage.
I like how BMW put camo on the front and rear ends, as if we haven’t already seen the new M4 already.
The new M4 is longer and wider than the previous car and it’s bordering on baby-GT car territory, especially when you consider the fact that it will be closer to M8 Competition Coupe weight that any enthusiast would like.
BMW’s S58 engine is sensational and we can’t wait to hear it at full-chat with the roof down in the new M4 Convertible.
Hertz Global (NYSE: HTZ) shares are trading higher on Friday after the company announced it secured commitments of $1.65 billion in debtor-in-possession financing.
Hertz Global Holdings Inc operates an automotive vehicle rental service through the Hertz, Dollar, Thrifty, and Firefly brands.
The company offers cars, crossovers, and light trucks for rent; ancillary products and services; rental of industrial, construction, and material handling equipment; and fleet-leasing and fleet-management services.
The company operates a network of car rental locations and licenses its brands to associates and franchisees.
The highest segment by revenue is the U.S. car rental unit.
U.S. retail sales for the July to September period are up 3.6% from last year, suggesting a record contribution to third quarter GDP figures later this month.
U.S. retail sales surged higher in September, the Commerce Department said Friday, setting up a record contribution for consumer spending to third quarter GDP.
Retail sales rose 1.9% from last year, the data indicated, and were 1.4% higher once volatile components such as auto, gas and building materials were stripped out, compared to a 0.1% pullback in August, with gains linked to unemployment benefits paid to millions of workers left at home during coronavirus shutdowns and back-to-school clothing sales, which helped boost activity at department stores around the country.
Total retail sales for the July to September period, the Commerce Department said, rose 3.6% from last year and suggests consumer spending, the most important contributor to U.S. economic growth, could lead to a third quarter GDP reading that is higher than 35%.
The first estimate of third quarter GDP data will be published on Thursday October 29, just four days prior to the November Presidential elections.