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This basket consists of stocks with companies that benefit from new families.
Costco Wholesale Corporation
Lowe's Companies, Inc.
General Mills, Inc.
General Motors Company
Ford Motor Company
Newell Brands Inc.
Tempur Sealy International, Inc.
Bed Bath & Beyond Inc.
Shares of DiamondPeak Holdings (NASDAQ: DPHC) were surging on Monday morning after the company announced that it will merge with electric-pickup start-up Lordstown Motors in a deal that will take Lordstown public. As of 10:30 a.m. EDT today, DiamondPeak's shares were up about 11.1% from Friday's closing price. DiamondPeak is a special-purpose acquisition company, or SPAC, a type of company created specifically to acquire (or merge) with one or more other companies.
Electric-pickup start-up Lordstown Motors is going public: The Ohio-based company said today it has agreed to a merger with DiamondPeak Holdings (NASDAQ: DPHC), a special-purpose acquisition company (or SPAC), in a deal that will provide it with the funding needed to put its electric pickup truck into production. Lordstown, which owns a former General Motors (NYSE: GM) factory and counts GM among its investors, is planning to have its Endurance pickup truck in production by the end of 2021.
(Bloomberg) -- Lordstown Motors Corp., the electric-truck startup that stepped in to save a shuttered General Motors Co. factory in Ohio, will be listed on the Nasdaq and gain an infusion of $675 million through a merger with a publicly traded funding vehicle.The company will trade under the symbol RIDE after the deal with DiamondPeak Holdings, it said in a statement Monday. Lordstown plans to use the proceeds to fund production of its Endurance electric pick-up truck at the former GM plant, which is expected to begin in the second half of next year.The startup’s deal with the blank-check company is the latest in a series of reverse mergers that have supercharged electric-vehicle startups with little to no revenue by taking them public in one quick transaction. So-called special purpose acquisition companies have acquired and funded the ambitions of electric-vehicle makers Nikola Inc. and Fisker Inc. in recent months.“That should get us all the way to the finish line,” Lordstown Motors founder and Chief Executive Officer Steve Burns said in a phone interview. “It will get us into production and also help bring new models quicker than we could have.”The transaction, which is expected to close in the fourth quarter, includes an investment of $75 million from GM. The combined entity would have a value of $1.6 billion, Lordstown said. GM’s stake will be significant but less than 10%, Burns said.DiamondPeak is controlled by David Hamamoto, a former executive at Northstar Realty, and Mark A. Walsh, a former real estate banker at Lehman Brothers and now a partner at investment fund Silverpeak. Shares of DiamondPeak rose as much as 17% to $11.95 as of 9:32 a.m. in New York. Workhorse Group Inc., which owns a small stake in Lordstown Motors, rose as much as 5.7%, and Nikola shares were up as much as 6.3%.Lordstown Motors purchased the factory after GM decided to close the plant, which was founded in 1966. Its closure was a liability for U.S. President Donald Trump, who a year earlier went so far as to discourage rally-goers from selling their homes because of all the jobs he would bring back to the area.Burns said he has been staffing the plant with contractors while getting ready to start production but won’t begin replacing them with full-time workers. He said he will need 600 production employees and as many as 400 engineers to get the old Lordstown plant running.When GM made the Chevrolet Cruze compact in the plant, it employed about 3,000 workers on several shifts. It gradually downsized output as demand for small cars declined and closed the plant in 2019.His plan is to build 20,000 truck in the first full year of production. The company has a letter of intent from potential customers for 27,000 vehicles, he said.The transaction also includes funding from Fidelity Management & Research Co., Wellington Management Co., Federated Hermes Kaufmann Small Cap Fund, and funds and accounts managed by BlackRock Inc., among others. Goldman Sachs served as the exclusive finance adviser to DiamondPeak, with Deutsche Bank serving as an additional capital markets adviser.(Updates with share prices in the sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
While Harley-Davidson (HOG), General Motors (GM) and Ford (F) post dismal year-over-year Q2 results, O'Reilly (ORLY) manages to put up an impressive show despite coronavirus woes.
Stocks are America's favorite investment. More Americans believe investing in the stock market is a better option than investing in real estate over the next decade, according to a new study by Bankrate. The commission-free stock-trading platform allows new and experienced investors alike to quickly and cost-effectively invest in their favorite companies.
Russia's Anti-Monopoly Service said on Monday it had approved Hyundai's <005380.KS> possible acquisition of a General Motors <GM.N> factory in St Petersburg, the Interfax news agency reported. Hyundai's Russian unit confirmed last month it was discussing the acquisition of the factory, but declined to provide further details. Russia's auto market has come under strain from the coronavirus crisis, which caused new car sales to plunge earlier this year.
(Bloomberg Opinion) -- You might think that 2020 was the year everyone gave up on petroleum-powered transport. Royal Dutch Shell Plc Chief Executive Officer Ben van Beurden has expressed doubts about whether oil demand will ever return to pre-Covid levels. The world’s largest carmaker Volkswagen AG pledged that more than a fifth of its vehicles will be battery-driven by 2025.The International Energy Agency is pushing for 30% of vehicle sales to be electric by 2030 and expects gasoline demand to peak late this decade even under current policies. Major oil refineries are switching to manufacture raw materials for plastics and jet fuel on the expectation that consumption in their core market of powering road transportation is in decline.Seven & i Holdings Co. has a different view. It’s impossible to see the 7-Eleven owner’s $21 billion offer to buy Marathon Petroleum Corp.’s Speedway convenience stores as anything but a wager on the future of their main sales item: gasoline. Seven & i’s motivation is straightforward. Speedway has 3,900 sites concentrated in the Midwest and South of the U.S. That’s equivalent to about 40% of 7-Eleven’s existing North American network, and turns over about $1.5 billion of annual earnings before interest, taxes, depreciation and amortization. By using its convenience-store expertise, Seven & i(1) can upgrade Speedway’s shelves to a more attractive and profitable mix of own-brand products. Fuel, which accounts for about three-quarters of revenue and half of gross profit, will largely look after itself.As we've written, that prediction looks like a mistake. Even under a Trump administration that’s worked hard to tear up fuel-economy rules, gas demand has stood still for four years. Despite evidence that urban traffic has rebounded close to pre-pandemic densities and long holiday road trips are exceeding former levels, on a trailing 12-month basis, gasoline consumption is currently at its slowest since the early 2000s.The increasing efficiency of conventional vehicles is already enough to reduce the amount that car owners spend filling the tank and the number of trips they make to gas stations, a dynamic that will hurt both the fuel and non-fuel sides of the business.Add in the impact of electric vehicles and the effect will be compounded. At present, there are just 1.5 million on U.S. roads; by the end of the decade, General Motors Co. expects to see at least twice that number sold there every year, equivalent to nearly 20% of annual sales. While gas stations can install chargers to accommodate this market, battery vehicles charged at home or in workplaces won’t have to make the regular visits to the pump and convenience store that even hybrid cars require.The risk for Seven & i is that it’s willfully blind to these looming changes. Battery cars as a share of U.S. vehicle sales will rise to just 5% in 2030 and 11% in 2050, according to its presentation. That’s drastically lower than most carmakers and oil companies are predicting (BloombergNEF pegs the share at around 25% in 2030 and above 60% by 2040). Remarkably, Seven & i posits as one of the “reasons for the acquisition” the way that taking control of Marathon’s store network will help it achieve environmental, social and governance goals such as installing energy-efficient lighting, switching stores to renewable power, and reducing use of plastic packaging. This misses the forest for the trees. The overwhelming majority of emissions from a gas station aren’t the Scope 1 and Scope 2 type generated on-site and from buying electricity, but the Scope 3 carbon generated when the fuel it sells is burned in car engines.Unlike the ESG initiatives that Seven & i boasts about, this isn’t just a nice-to-have factor to stick in the corporate responsibility report. The shift that the automotive and petroleum industries expect to see in the power-trains of road vehicles over the coming decade is a challenge to the core of the fuel retail model. With this deal, 7-Eleven will go from depending on gas for 20% of its gross profit to 30%. It’s heading the wrong direction down a one-way street.(1) Although the 7-Eleven brand is used around the world, we're using "7-Eleven" in this article to refer to the North American unit owned by the Japanese parent company, Seven & i.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Ford's second-quarter results weren't nearly as bad as management had initially expected, but the iconic automaker remains a work in progress.
The Institute for Supply Management said its manufacturing index rose to 54.2 in July, up from 52.6 in June. Investors should expect more improvement ahead, but that doesn’t mean the sector is out of the woods.
Lordstown Motors will merge with DiamondPeak, joining the surge in electric car stocks to emerge via a blank check company.
Yahoo Finance’s Brian Sozzi and Alexis Christoforous speak with Newell Brands CEO Ravi Saligram about the company’s wide portfolio of brands, expectations after COVID-19, how the virus has brought the Newell Brands workforce together, and investing in the outdoor industry.
Beyond Meat Inc. said Monday that its Beyond Burgers will be sold at Walmart Inc.'s warehouse chain Sam's Club, and at BJ's Wholesale Club Holdings Inc. . Beyond Meat began selling at Costco Wholesale Corp. last summer. The news comes just days after rival plant-based burger maker Impossible Foods Inc. began rolling out its Impossible Burgers at nearly 2,100 Walmart Supercenters and Neighborhood Markets nationwide. Walmart is also selling Impossible Burgers on its website. Beyond Meat stock is up 2.5% in Monday premarket trading, and has soared 66.5% for the year to date. The S&P 500 index is up 1.3% for 2020 so far.
Ferrari reported second quarter earnings Monday morning. Results were good not great and the stock is down a little in premarket trading, eating into year to date gains.
Bed Bath & Beyond Inc. said it will be closing its stores on Thanksgiving Day, joining other mass retailers, including Walmart Inc. that will give workers the day off for the holiday. The home goods retailer also said it would soon announce plans for the holidays. Target Corp. has already talked up its holiday plans, as retailers move quickly past back-to-school and get a jump on the big Christmas shopping season. Bed Bath & Beyond stock has slumped 37.5% for the year to date while the S&P 500 index has gained 1.3% for the period.
Lordstown Motors has agreed to go public through a merger with blank-check company DiamondPeak Holdings in a deal that values the electric pickup truck start-up at pro forma equity value of $1.6 billion, the companies said on Monday. The combined company will be called Lordstown Motors Corp following the closure of the deal in the fourth quarter and will trade on the Nasdaq under the ticker symbol "RIDE", the companies said. A blank-check company is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years.
Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced plans to close its stores on Thanksgiving Day in the U.S. and Canada, including Bed Bath & Beyond®, buybuy BABY®, Christmas Tree Shops®, Harmon® Face Values® and Cost Plus World Market®. The Company will provide a full range of shopping options leading up to each country's Thanksgiving Day, including newly introduced 2-hour Buy-Online-Pickup-In-Store (BOPIS) and contactless Curbside Pickup services, to make the Holiday shopping experience as safe and easy as possible. Customers will also be able to find all the latest Holiday deals online throughout the Thanksgiving period, for delivery in-home or to their local store.
After years of being part of a future that never quite arrived, the coronavirus pandemic has put U.S. online car sellers on the map. Now comes a race to spend vast sums on digital commerce platforms specifically designed to handle auto sales. Without deep pockets, many startups and others trying to join the online game will likely be left in the dust.
Small businesses who are facing financial pressures due to COVID-19 across the United States can now apply for relief grants from Lowe's Companies Inc. (NYSE: LOW).What Happened: The retail company has reportedly joined hands with a non-profit organization Local Initiatives Support Corporation (LISC). Lowe had earlier provided a $55 million commitment grant to the group through which LISC is now providing emergency grant assistance that small businesses desperately need to stay afloat.Why It's Important: The group has allocated $30 million to assist small business owners or enterprises led by minorities and women. The remaining $25 million is allocated in supporting enterprises in rural communities.LISC is now providing grants up to $20,000 to small business owners who might need it for: * Paying rent and utilities * Meeting payroll * Paying outstanding debt to vendors * Upgrading technology infrastructure * Other immediate operational costsLowe's President and CEO Marvin Ellison, while commenting on the partnership said, "Together, we can make a meaningful difference, especially for those in historically disinvested communities and areas hit hardest by COVID-19."What's Next: Business owners can now apply for the grant until Monday, as 3rd August is the application deadline. Those who are willing to apply can click here for more details on the application.Related Links: Lowe's boosts total pandemic assistance to nearly 0 million with additional bonus to support frontline associates in AugustSee more from Benzinga * Uncertainty Surrounds Microsoft's Potential TikTok Acquisition * Salmonella Outbreak Linked To Red Onions: FDA * Bitcoin Crosses ,400 Mark, Beats Major Indexes In July Gains(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
General Motors Co. (GM) and EVgo are collaborating to add more than 2,700 fast chargers in the US over the next five years, in a move set to help boost widespread use of electric vehicles.Financial terms of the partnership weren’t disclosed. The two companies will add fast charging stations to cities and suburbs, which will be available to customers starting early 2021. The charging stations will be located at grocery stores, retail outlets, entertainment centers and other high-traffic locations providing increased charging access to drivers, who can’t install chargers, or might not have access to workplace charging.“We are moving quickly to bring new EVs to market that customers will love,” said GM CEO Mary Barra. “We know how important the charging ecosystem is for drivers, one that includes access to convenient and reliable public fast charging.”Barra added that the EVgo partnership will bolster the public fast charging network available to EV customers ahead of increased market demand and reinforce GM’s commitment to an “all-electric, zero-emissions future”.With fast charging available where people typically spend 15-30 minutes, customers can charge their vehicles in the time it takes to run their errands. Stations will be located in highly visible areas and most will be able to charge at least four vehicles simultaneously. Additionally, stations will feature new charging technology with 100-350-kilowatt capabilities to meet the needs of an increasingly powerful set of EVs coming to market. The approach builds on EVgo’s existing portfolio of more than 800 station locations across the US.Earlier this year, GM announced its commitment for all US plants running on renewable energy by 2030 and all global plants running on renewable energy by 2040. Last year, EVgo became the first North American charging company to contract for 100% renewable energy to power its chargers.Shares in GM have been hit hard and are still down 32% year-to-date with the $32.08 average price target suggesting that analysts expect the stock to advance 29% in the coming year. (See GM stock analysis on TipRanks).Following GM’s financial results last week, Credit Suisse analyst Dan Levy reiterated a Buy rating on the stock with a $34 price target (37% upside potential), saying that 2Q20 EPS beat in a quarter in which GM North America (GMNA) volume was down more than 60%, which he believes is a key accomplishment."It debunks one of the bear concerns on how GM will perform in a downturn, and tells us that GM likely has a better SAAR [seasonally adjusted annualized rate] breakeven level than the 10-11mn it has guided,” Levy wrote in a note to investors. “Nevertheless, in spite of the strong result, GM stock saw no reward.”The analyst remains positive on GM and believes now is the right time in the cycle to own the stock, saying that “it has a strong 2H ahead, and we believe it merits a multiple re-rating".Overall, Wall Street analysts are cautiously optimistic on the stock. The Moderate Buy consensus is based on 10 Buys versus 4 Holds and 1 Sell.Related News: GM To Release Electric Truck Next Year With 20 More EVs By 2023 Microsoft Plans To Become Carbon Neutral By 2030 Apple Announces Plan To Become Carbon Neutral By 2030 More recent articles from Smarter Analyst: * B&G; Foods Profit Leaps 86% On Pandemic Food Demand; Jefferies Sticks To Hold * Microsoft Said To Halt TikTok Talks As Wedbush Says Deal Makes ‘Strategic Sense’ * Pinterest Pops 36% After Quarterly Revenue Beat Fueled By Ad Recovery * Spirit To Slash 1,100 Jobs Due To 737 MAX Production Cut, Covid-19 Woes
U.S.-listed EV stocks we track, excluding Tesla, are worth some $30 billion, more than Ford Motor. Include Tesla, and the number jumps to more than $300 billion.
Image source: The Motley Fool. Newell Brands Inc. (NASDAQ: NWL)Q2 2020 Earnings CallJul 31, 2020, 11:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning, and welcome to Newell Brands' Second Quarter 2020 Earnings Conference Call.