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☆ 'Golden opportunity': Morgan Stanley says it's a good time to buy gold stocks — and names its top global picks
▼ + stars: | 2023-11-09 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Now is a good time to buy gold stocks, according to Morgan Stanley. Notably, gold stocks underperformed gold prices by about 20% in the last three months, the investment bank's analysts, led by Sandeep Peety, wrote in a Nov. 2 note. Morgan Stanley named several stocks to play the "golden opportunity." 'Preferred play' Morgan Stanley named Endeavour Mining , a London-headquartered multinational mining company, as its "preferred play." Other overweight-rated stocks Other gold mining companies that the investment bank gave an overweight rating include Australia's Evolution Mining and Regis Resources and China's Zijin Mining Group .

Persons: Morgan Stanley, Sandeep Peety, — CNBC's Michael Bloom Organizations: Endeavour Mining, Regis Resources, Zijin Mining, Mining, Compania De Locations: Israel, London, EDV, Ivory, Massawa, Senegal, Compania De Minas Buenaventura

July 17 (Reuters) - Shares of Endeavour Group (EDV.AX), Australia's biggest pub owner, hit a record low on Monday after a surprise state government decision to impose identification checks and gambling limits on poker machine users. Victoria, Australia's second-most populous state, said at the weekend it would make poker machine users register for an ID card to prevent money laundering and set a loss limit in advance to restrict problem gambling. Analysts were divided on the scale of the impact on Endeavour, the country's biggest owner of poker machine licences, given the company does not break out poker machine profit in its results. The change also adds pressure on other states, particularly New South Wales (NSW), to follow suit and heed community demands for greater regulation of poker machine gambling. Australia is home to one-fifth of the world's poker machine licences, the most of any jurisdiction outside Las Vegas.

Persons: Australia's, midsession, Today's, Byron Kaye, Himanshi, Navya Mittal, Subhranshu Sahu, Stephen Coates Organizations: Endeavour Group, Australia's, Analysts, Endeavour, Woolworths, Labor, Jefferies, Thomson Locations: New South Wales, NSW, Sydney, Australia, Las Vegas, Bengaluru

Heading into a state election on Saturday, the conservative coalition has promised to rein in the powerful "pokies" industry in a jurisdiction with nearly one-tenth of the world's million machines, second only to Las Vegas. "This is the first time in our state's history ... that poker machine reform is actually an election issue," said Stu Cameron, CEO of Wesley Mission, a charity that supports the homeless, addicts and others. Reuters Graphics Reuters Graphics"We are the epicenter of pokie machine addiction not just in Australia but across the world. McMillan, the air conditioning repairman, said cashless machines alone could not stop problem gambling, but "I would promote any change that could help people". Since then, a quarter of its 400 groups have taken grants from slot machine interests, Reuters' analysis of publicly available documents showed, in a sign of the industry's grassroots hold.

☆ Rivian to lay off 6% of its workforce as EV price war concerns grow
▼ + stars: | 2023-02-01 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Workers inspect a Rivian R1T electric vehicle (EV) pickup truck on the assembly line at the company's manufacturing facility in Normal, Illinois, US., on Monday, April 11, 2022. Electric truck maker Rivian Automotive said it is laying off 6% of its workforce in a bid to conserve cash as it braces for a possible industry-wide price war. In an email to employees that was seen by CNBC, CEO RJ Scaringe said improving the company's operating efficiency must be a "core objective." Rivian went public via a successful initial offering in late 2021, raising nearly $12 billion. Rivian had about $13.8 billion in cash remaining as of the end of September, after posting losses of $5 billion through the first three quarters of 2022.

The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA.O) and Ford Motor Co (F.N). The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group (LCID.O) and British startup Arrival , which Monday said it would lay off half its staff. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes (MBGn.DE). As of Sept. 30, 2022, the automaker reported having $13.27 billion in cash and cash equivalents, down from over $18 billion a year earlier.

☆ EV maker Rivian to cut 6% of jobs amid price war
▼ + stars: | 2023-02-01 | by ( ) edition.cnn.com time to read: +3 min

Reuters —Rivian Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry-wide price war. The company is focusing resources on ramping up vehicle production and reaching profitability, Chief Executive R.J. Scaringe said in an email to employees on Wednesday announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla (TSLA) and Ford Motor Co. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier.

[1/3] An excavator clears out rocks into a dumper at the gold mine, operated by Endeavour Mining Corporation in Hounde, Burkina Faso February 11, 2020. Acquired by Burkina-based firm Néré Mining from Endeavour Mining (EDV.L) in March, Karma is one of at least four gold mines that halted production this year because of security risks. Gold is Burkina Faso's main export, accounting for 37% of total exports in 2020, and mining is a leading source of jobs. At current rates, Burkina Faso is set to produce 13% less gold this year than in 2021, in part because of mine closures, government statistics show. The Burkina Faso mines ministry did not respond to Reuters' questions.

☆ Rivian’s CEO created buzzy, outdoorsy EVs. Now big automakers are coming after it
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. Jamie Kelter Davis/Bloomberg/Getty ImagesEver since he was a child growing up in Melbourne, Florida, Scaringe wanted to start his own car company. At the time, the idea of starting a car company seemed very farfetched. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child.

☆ Rivian’s founder had an early advantage with his electric truck. Now rivals GM and Ford are closing in
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. A Rivian R1T pickup truck at the company's manufacturing facility in Normal, Illinois. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child. In 2021, Ford revealed the F-150 Lightning electric truck, which went into production this year.

☆ Here are Tuesday's biggest analyst calls of the day: Apple, Amazon, Tesla, Microsoft, Rivian & more
▼ + stars: | 2022-10-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Tuesday's biggest calls on Wall Street: Piper Sandler initiates Deckers as overweight Piper said it's bullish on the company's Hoka shoe brand. Bernstein reiterates Tesla as underperform Bernstein said it's concerned about China competition for Tesla. Mizuho reiterates Rivian as buy Mizuho said Rivian is best positioned with China concerns and potential EV slowdowns globally. Morgan Stanley reiterates Tesla as overweight Morgan Stanley lowered its price target on Tesla to $330 per share from $350 and said it's changing estimates to account for "unexpected headwinds." JPMorgan reiterates Apple as outperform JPMorgan said it has "resilient expectations" heading into Apple earnings later this week.

☆ Rivian shares slump after the company announced a big recall
▼ + stars: | 2022-10-10 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Through the end of September, Rivian had built about 15,300 vehicles since starting production in the fall of 2021. The company had set a goal to reach 25,000 vehicles produced by the end of the year. If the fastener isn't tight, Rivian said, it could affect the alignment of the front wheels, potentially causing vibrations and noise and changing the feel of the steering. Rivian said that it is aware of seven reports of issues that could be related to the fastener in question. The company had $15.5 billion on hand as of the end of the second quarter, far more than most rival EV startups.

☆ Giants like Amazon, Walmart, and FedEx are desperate for electric delivery vans. Here are 7 hot names racing to win them over and lead in the projected $370 billion market.
▼ + stars: | 2022-02-14 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +10 min

Major players like Amazon, UPS, and FedEx are driving demand for electric delivery vehicles. Here's a look at seven new names tapping into the red-hot commercial electric-vehicle sector, according to industry experts. The Walmart order was especially noteworthy, as budding commercial electric-vehicle players race to win contracts with the world's largest e-commerce giants. RivianThe EV startup Rivian began turning heads in 2019 when Amazon announced it was ordering 100,000 of its electric delivery vans. Lightning eMotors recently struck a deal to electrify certain General Motors medium-duty truck platforms that can be used for buses, delivery trucks, and work trucks.

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