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(Bloomberg) -- Tesla Inc. secured its own lithium mining rights in Nevada after dropping a plan to buy a company there, according to people familiar with the matter.The automaker held discussions in recent months with Cypress Development Corp., which is seeking to extract lithium from clay deposits in southwest Nevada, but the parties didn’t reach a deal, the people said, asking not to be named because the information isn’t public. The electric car maker, which has vowed to slash its battery costs by 50%, instead focused on the plan that Chief Executive Officer Elon Musk outlined last week to dig for lithium on its own in the state.Producing lithium from clay has so far proven difficult and costly. No company has been able to produce commercial quantities using the practice. But a push into mining is at the center of Tesla’s plan to cut battery costs and deliver on a promise...
General Electric announced that its aviation unit received certification by the US Federal Aviation Administration (FAA) for its GE9X engine to be used in the Boeing 777X, in what marks a key milestone in the journey to roll out the new twin-engine aircraft.GE (GE) said that the FAR (Federal Aviation Regulation) Part 33 certification involved 8 test engines. The GE9X test engines completed just under 5,000 hours and 8,000 cycles for certification. GE disclosed that it has received orders and commitments for more than 600 GE9X engines. In addition, 8 GE9X test engines and 2 test spares have been produced and delivered to Seattle for 4 of Boeing’s 777X test airplanes. Shares in Boeing jumped 6.5%, while GE rose 1.4% on Monday.“There is no substitute that can achieve the combination of size, power and fuel efficiency of the GE9X,” GE Aviation John Slattery said. “This engine will deliver unsurpassed value and...
United Natural Foods fell 3.4% in extended trading on Monday after the company announced the retirement of its CEO Steven L. Spinner. Spinner will leave the food products company once a successor is appointed or his term ends on July 31, 2021. He will remain on the Board as Executive Chairman following his retirement.The announcement comes as United Natural Foods’ (UNFI) reported strong 4Q results on Monday. Adjusted EPS increased to $1.06 from $0.35 in the year-ago quarter, surpassing analysts’ expectations of $0.74. The company’s bottom-line results mainly benefited from higher revenues and income tax benefits.The company’s 4Q revenues of $6.76 billion beat the Street consensus of $6.63 billion. Quarterly sales grew 8% year-over-year on a 13-week comparable basis mainly driven by strong customer demand and benefits from cross-selling. The company’s retail identical store sales jumped 21% year-on-year during the quarter. (See UNFI stock analysis on TipRanks).In 4Q, United Natural Foods...
Shares of Inovio Pharmaceuticals plunged 28.3% on Monday after the biotechnology company announced that the US Food and Drug Administration (FDA) halted the start of the Phase 2/3 trials of its COVID-19 vaccine. The stock dropped another 3.6% in Monday's extended market session.Inovio (INO) said that the US regulatory body is seeking more information about its vaccine candidate INO-4800, including details of the delivery device used to inject genetic material into cells. The company stated that it would respond to FDA’s queries in October, after which the agency will have up to 30 days to make a decision.“This partial clinical hold is not due to the occurrence of any adverse events related to INOVIO's ongoing expanded Phase 1 study of INO-4800, the conduct of which may continue and is not impacted by the FDA's notification,” the company said in a statement. (See INO stock analysis on TipRanks).Meanwhile, Maxim Group analyst Jason McCarthy upgraded...
PepsiCo Inc’s third quarter is expected to be a positive catalyst for the stock with an expected organic topline and EPS beat, according to Morgan Stanley equity analyst Dara Mohsenian, who also forecasts Q3 EPS of $1.50 and 2.4% y-o-y growth in organic sales....
The COVID-19 pandemic has led to significant job losses and impacted consumer spending on several discretionary categories, including fashion and luxury goods. As per Boston Consultancy Group, fashion retailer sales could decline as much as 35% Y/Y in 2020 and luxury store owners could face sales deficits of 45%. The consulting firm also estimates that 75% of fashion and luxury companies could suffer cash shortages.Using the TipRanks Stock Comparison tool, we will place two popular companies in the luxury space—Tapestry and Capri Holdings alongside each other to see which stock has a better chance of recovery.Tapestry (TPR)Tapestry, owner of luxury brands Coach, Kate Spade, and Stuart Weitzman, was already under pressure due to continued weakness in its Kate Spade brand and the impact of COVID-19. To add to its woes, Jide Zeitlin resigned as the Chairman and CEO in July amid an investigation into his personal behavior. CFO Joanne Crevoiserat was...
Huawei Technologies has built up stakes in Chinese semiconductor companies and other tech businesses as the world's largest telecoms equipment maker bolsters its supply chain in the face of pressure from the United States. Habo Investments, set up by Huawei in April 2019, has closed 17 deals for stakes in Chinese tech companies since August last year, public records show. The investment arm was established in response to what Huawei's rotating chairman, Guo Ping, last week described as "suppression" by the United States after escalating restrictions that have cut off Huawei's supplies of many overseas chips and effectively barred it from building its own....
