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☆ Nvidia hits record high as AI boom lifts bets on another strong forecast
▼ + stars: | 2023-08-22 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The shares eased 1.1% from a record high of $481.87 hit minutes after the market opened, crossing its previous peak of $480.88 on July 14. Reuters GraphicsThe company had in May forecast second-quarter revenue that was more than 50% above expectations. "To keep the stock price where it is, we would want to see bottom line start to support those share gains," said Brian Mulberry, client portfolio manager at Zacks Investment Management, which owns Nvidia shares. Nvidia shares have more than tripled in value so far this year. If Nvidia were to miss (expectations), this market would be in a world of pain," Dick said.

Persons: Ann Wang, Dennis Dick, Brian Mulberry, Goldman Sachs, Dick, Medha Singh, Amruta Khandekar, Anil D'Silva, Arun Koyyur Organizations: REUTERS, Nvidia, Wall, Triple D Trading, Reuters Graphics, Big Tech, Zacks Investment Management, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

Their new platform is cryptocurrency exchange Coinbase Global (COIN.O), which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers. Yet, trading volumes in derivatives decreased by nearly 13% in July to $1.85 trillion, the lowest monthly volume since December 2022 and second lowest derivatives trading volumes since 2021, research firm CCData reported. Derivatives made up 78.2% of the total cryptocurrency trading volume on centralized exchanges in July, CCData reported. Spot cryptocurrency trading volumes also fell 10.5% to $515 billion in the same period, CCData showed. This essentially means that there is potential for growth in derivatives trading.

Persons: Dado Ruvic, Lucas Kiely, languish, disinclined, Todd Groth, CCData, Dessislava Aubert, Lisa Mattackal, Medha Singh, Sumanta Sen, Vidya Ranganathan, Mark Potter Organizations: REUTERS, Derivatives, Research, Reuters, Thomson Locations: United States, Bengaluru

☆ Nvidia drops from record high, tracking market fall; AI bets support outlook
▼ + stars: | 2023-08-22 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. Rising bets that Nvidia's revenue target will once again surpass Wall Street estimates have lifted the stock about 19% from a two-month low hit last week. That pushed its market capitalization above $1 trillion, making its stock the best performer on the S&P 500 index (.SPX). At least 19 brokerages have this month raised their target price on Nvidia, pushing the median view to $500, which is a 6.5% increase to the stock's last closing price. If Nvidia were to miss (expectations), this market would be in a world of pain," Dick said.

Persons: Ann Wang, Dennis Dick, Brian Mulberry, Goldman Sachs, Dick, Medha Singh, Amruta Khandekar, Gertrude Chavez, Dreyfuss, Anil D'Silva, Arun Koyyur, Lisa Shumaker Organizations: REUTERS, Nvidia, Dow, Nasdaq, Wall, Triple D Trading, Reuters Graphics, Big Tech, Zacks Investment Management, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru, Bengalaru, New York

☆ Nvidia shares rise as AI boom lifts hopes of another strong revenue forecast
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

A view of a Nvidia logo at their headquarters in Taipei, Taiwan May 31, 2023. Rising hopes of Nvidia's revenue target once again surpassing Wall Street estimates have fueled a 16.5% surge in shares over the past week. Reuters GraphicsThe company had in May forecast second-quarter revenue that was more than 50% above expectations. "Nvidia (and) AI story is what is driving the market right now. If Nvidia were to miss (expectations), this market would be in a world of pain," Dick said.

Persons: Ann Wang, Dennis Dick, Frank Lee, Dick, Medha Singh, Amruta Khandekar, Arun Koyyur Organizations: REUTERS, Nvidia, Wall, Triple D Trading, Reuters Graphics, Big Tech, HSBC Global Research, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Vietnam's EV firm skids for third session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. That may be a material overhang for VinFast shares for some time to come," Benowitz said. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) closed down 7% in Ho Chi Minh trading.

Persons: Mike Blake, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Ho Chi, Bengaluru

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

☆ Hawaiian Electric shares plunge further as S&P downgrades utility to junk
▼ + stars: | 2023-08-15 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

REUTERS/Jorge Garcia/File Photo Acquire Licensing RightsNEW YORK, Aug 15 (Reuters) - Shares of Hawaiian Electric Industries (HE.N) were down 20.3% in afternoon trading Tuesday, extending this week's sharp losses, as S&P downgraded the credit rating on the electric utility to junk status in the wake of wildfires in Maui. Hawaiian Electric did not immediately respond to a request for comment on the downgrade. He added that Hawaiian Electric does not have a formal shut-off program and precautionary shut-offs have to be arranged with first responders, CNN reported. Also on Tuesday, brokerage Guggenheim cut its price target on the company's stock to $18 from $32. Wells Fargo and Morningstar cut their price targets for Hawaiian Electric on Monday.

Persons: Jorge Garcia, Jim Kelly, Guggenheim, Morningstar, Caroline Valetkevitch, Medha Singh, Michelle Price, Lisa Shumaker Organizations: REUTERS, Hawaiian Electric Industries, Hawaiian, Electric, National Weather Service, Hawaiian Electric, CNN, Reuters, Guggenheim, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Wells

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ AMC stock sinks, preferred units climb after conversion settlement
▼ + stars: | 2023-08-14 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The common shares dropped to $3.45, levels just before the meme stock mania of January 2021 when retail traders hyped up the stock on online forums like Reddit. The preferred stock units called "APE" , which trade at a significant discount to common shares, jumped 15% to $2.05. Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan. Wedbush analysts said they expect AMC and APE shares to converge around $3 per share before the conversion. Aron said the company has raised $418 million in cash through the sale of "APE" units over the past 12 months.

Persons: Adam Aron, David Swanson, Thomas Hayes, Aron, JJ Kinahan, Medha Singh, Akash Sriram, Saumyadeb Chakrabarty Organizations: AMC Entertainment, Milken, Global Conference, REUTERS, AMC, Great, Great Hill Capital, Twitter, IG North America, Thomson Locations: Beverly Hills , California, U.S, Great Hill, New York, Bengaluru

☆ Retail investors flock to penny stocks WeWork, Amyris, Proterra
▼ + stars: | 2023-08-11 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The three penny stocks, up in the range of 40% to 120%, were the most actively traded U.S. shares at 10:45 a.m. Amyris (AMRS.O) and WeWork (WE.N) were the second and third most traded stocks by retail investors, respectively, while Proterra (PTRA.O) was twelfth on the list at 10 a.m. Some of the latest speculative bets on the penny stocks were pinned on hopes of a merger and acquisition or a turnaround for the struggling businesses. Another set of retail traders are looking to capitalize on the volatility, especially by squeezing bearish investors on highly shorted stocks. Last week retail traders had piled into shares of Tupperware Brands (TUP.N) and trucking firm Yellow (YELL.O).

Persons: Kate Munsch, Amyris, Proterra, WeWork, Lucas Mantle, AJ Bell, Russ Mould, Matthew Tuttle, Medha Singh, Shounak Dasgupta Organizations: REUTERS, U.S, Biotech, Vanda Research, Hertz, Tuttle Capital Management, Tupperware Brands, Thomson Locations: San Francisco , California, U.S, Bengaluru

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Shares of Tupperware Brands (TUP.N) surged 44% on Friday, after the kitchen storage container maker finalized a debt restructuring deal as it attempts a turnaround of its business, reinvigorating retail investors' interest in the company. It was the seventh most traded stock by retail investors at 10:00 a.m. The share gains were reminiscent of eye watering "meme stocks" rallies, where retail investors coordinate on social media and typically focus their speculative bets on companies that were financially struggling or had high short interest. Tupperware was the second most actively traded single stock by retail traders over the past week, according to a J.P.Morgan note.

Persons: Brendan McDermid, Tupperware, Bartosz, stocktwits.com, Peter Earle, Medha Singh, Savyata Mishra, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Tupperware Brands, American Institute for Economic Research, American, Corp, Thomson Locations: New York City, U.S, Florida, Bengaluru

Worldcoin says 2.2 million have signed up, mostly during a trial period over the last two years. Worldcoin raised $115 million from venture capital investors including Blockchain Capital, a16z crypto, Bain Capital Crypto and Distributed Global in a funding round in May. Macieira said Worldcoin would continue rolling out operations in Europe, Latin America, Africa and "all the parts of the world that will accept us." "The idea is that as we build this infrastructure and that we allow other third parties to use the technology." Michael Will, president of the Bavarian regulator, said it would look into whether Worldcoin's system is "safe and stable".

Persons: Medha Singh, Sam Altman, Worldcoin, Ricardo Macieira, Macieira, Michael Will, Will, Rainer Rehak, Web3, Nette Noestlinger, Matthias Baehr, Elizabeth Howcroft, Tomasz Janowski Organizations: WorldCoin, REUTERS, Reuters, Co, Humanity, Blockchain, Bain Capital Crypto, Companies, Bavarian State Office, Data Protection, Union, Weizenbaum Institute, Worldcoin Foundation, Thomson Locations: Bengaluru, India, Britain, France, Germany, Europe, San Francisco, Berlin, Latin America, Africa, Japan, Bavarian, blockchain, Cayman Islands

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Home and kitchen product maker Tupperware Brands Corp's stock rose more than 32%, after sky-rocketing by more than 575% over the past seven sessions despite no material changes to the company's health. The original meme stock rallies, most famously, involved retailer GameStop and movie theater chain AMC Entertainment. Market orders from retail traders made up 17.6% of total market flows on July 31, up from a near six-month low of 14.8% on July 20, according to J.P. Morgan data. Roundhill's Meme index (.MEME) had hit a more than one-year high on Monday.

Persons: Brendan McDermid, Tupperware, JJ Kinahan, Kinahan, Nikola Corp, Morgan, Dan Raju, Raju, Medha Singh, Devika Syamnath, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Tupperware Brands Corp, Apollo Global Management, Tupperware, Revlon, Hertz Corp, IG North America, GameStop, AMC Entertainment, Corp, Nikola, Tesla, Thomson Locations: New York City, U.S, Bengaluru, Chibuike, New York

NEW YORK, July 31 (Reuters) - Shares of SoFi Technologies Inc (SOFI.O) rose by more than 22% on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations. That result exceeded the average analyst estimate of $476.2 million and $261.3 million for SoFi's revenue and NII, according to Refinitiv data. SoFi's shares rose as high as $11.70, the highest level since March last year, before closing at $11.45 on Monday - a nearly 20% gain from the previous session. "(Second quarter) results beat expectations and were largely positive with continued rapid member and deposit growth," Jefferies analysts, led by John Hecht, said in an investor note. "We highlight that results were more from net interest income and less from fair value marks relative to our forecast, which represents recurring revenues," the analysts added.

Persons: John Hecht, Jefferies, Chibuike Oguh, Medha Singh, Nick Zieminski, Susan Heavey Organizations: YORK, SoFi Technologies, JPMorgan, Jefferies, Wall, Thomson Locations: San Francisco, New York, Bangalore

☆ Enphase Energy slumps as lukewarm US demand weighs on revenue forecast
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Shares of Enphase Energy (ENPH.O) slumped nearly 11% on Friday, after the solar inverter maker's third-quarter revenue target fell well short of analyst estimates due to weak demand. The Fremont, California-based company forecast revenue between $550 million and $600 million for the quarter ending Sept. 30, compared with analysts' estimate of $746.5 million. Therefore, we are taking aggressive and prudent actions in the U.S. to manage down the channel inventory," said Enphase Energy CEO Badrinarayanan Kothandaraman. Enphase also announced a new $1 billion share buyback plan, which failed to stem the share selloff. Reporting by Medha Singh and Mrinalika Roy in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Badrinarayanan Kothandaraman, Wells Fargo, Enphase, Medha Singh, Mrinalika Roy, Krishna Chandra Organizations: Enphase Energy, SolarEdge Technologies, Thomson Locations: United States, Texas, Arizona, Fremont , California, U.S, Bengaluru

☆ Dish Network to offer wireless services to Amazon Prime users
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

July 26 (Reuters) - Dish Network Corp (DISH.O) said on Wednesday it would offer unlimited wireless postpaid services for a fixed price of $25 a month to Amazon.com Prime customers. U.S. Prime members who purchase the Boost Infinite SIM kit would receive unlimited talking, texting and data services, Dish said. Talks of the U.S. satellite TV service provider's tie up with Amazon were first reported in May. Reporting by Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Medha Singh, Shinjini Organizations: Dish Network Corp, Amazon.com, Dish, U.S ., Amazon, Thomson Locations: Bengaluru

☆ Dish Network partners with Amazon to offer wireless services
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: 1 min

July 26 (Reuters) - Dish Network Corp (DISH.O) is partnering with Amazon.com (AMZN.O) to sell wireless postpaid service plans through its platform, and offer unlimited mobile services to Prime customers for a fixed price of $25 a month. Boost Infinite, a unit of Dish Network, said on Wednesday its Infinite SIM kit will be sold through Amazon in the United States, and will offer discounts to Prime members for unlimited talking, texting and data services. Talks of the U.S. satellite TV service provider's tie up with Amazon were first reported in May. Shares of Dish rose 8.5% in premarket trading. Reporting by Medha Singh in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Medha Singh, Shinjini Organizations: Dish Network Corp, Dish Network, Amazon, U.S ., Thomson Locations: United States, Bengaluru

July 25 - XRP has become the unlikely white knight of crypto, thwarting its regulatory foes and dragging the market out of the doldrums. Its market cap has ballooned to $36 billion from $25 billion and its crypto market share to 3.5% from 2% before the ruling, according to CoinMarketCap. The market cap of XRP, the token issued by Ripple, increased by more than 60% after a U.S. judge ruled in its favour. XRP VS STABLECOINSIt's certainly not all smooth sailing for Ripple, or altcoins more generally, though. Ripple Labs said last week that its pursuit of sound crypto regulation in the U.S. was far from concluded.

Persons: XRP, it's, Matteo Greco, Ben Weiss, STABLECOINS, stablecoins, Joseph Edwards, Edwards, Lisa Pauline Mattackal, Medha Singh, Pravin Organizations: Ripple Labs, Fineqia, SEC, Enigma Securities, Pravin Char, Thomson, Reuters Locations: U.S, cryptoland, altcoins, ethereum, Bengaluru

The project launched on Monday, with eyeball scans taking place in countries including Britain, Japan and India. Applicants lined up to have their irises scanned by the device, before waiting for the 25 free Worldcoin tokens the company says verified users can claim. Worldcoin's data-collection is a "potential privacy nightmare," said the Electronic Privacy Information Center, a U.S. privacy campaigner. Worldcoin tokens were trading around $2.30 on the world's largest exchange, Binance, on Tuesday. For many users, the promise of financial gains from the crypto coins was enough to make them hand over personal data.

Persons: Sam Altman, Saeki Sasaki, Worldcoin, Ali, Madeleine Stone, Sujith, Elizabeth Howcroft, Medha, Mark Potter Organizations: Reuters, Privacy, Big Brother Watch, Thomson Locations: TOKYO, BENGALURU, Britain, Japan, India, Tokyo, U.S, London, Bengaluru, Medha Singh, Anton

☆ Meme stock AMC jumps as investors cheer stock conversion plan halt
▼ + stars: | 2023-07-24 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Shares of retail traders' favorite AMC Entertainment Holdings (AMC.N) soared on Monday after a U.S. court blocked the theater chain's stock conversion plan that risked diluting investors' holdings. AMC had told investors it was burning cash at an unsustainable rate and warned that an inability to raise capital could force it into bankruptcy. The company has filed a revised petition for the stock conversion plan addressing the Delaware court's concerns, CEO Adam Aron said on Sunday. The highly shorted AMC common shares were the most traded U.S. stocks at 9:41 a.m. "Trying to short AMC during a short squeeze is about as smart as burning money," said Matthew Tuttle, chief executive offier at Tuttle Capital Management, adding that there is "not much juice left in the squeeze."

Persons: Adam Aron, Thomas Hayes, Oppenheimer, Ortex, Matthew Tuttle, offier, Tuttle, Medha Singh, Krishna Chandra Eluri Organizations: AMC Entertainment Holdings, AMC, Great, Great Hill Capital, Tuttle Capital Management, GameStop, Koss Corp, Thomson Locations: Delaware, Great Hill, New York, Bengaluru

☆ AMC shares jump as stock conversion plan halted, preferred shares slide
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

July 24 (Reuters) - Meme stock AMC Entertainment Holdings (AMC.N) soared in premarket trading on Monday after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company. The highly shorted AMC common shares were the most traded across all stocks trading before the opening bell at 05:58 a.m. Preferred shares "APE" fell 2.8% to $1.75. AMC investors had sued the company in February, alleging a plan to convert preferred stock to common stock was enacted to circumvent the will of common stock holders who opposed the issuing of new shares. The company filed a revised petition for a stock conversion plan addressing the Delaware court's concerns over other shareholders, CEO Adam Aron said on Sunday.

Persons: Adam Aron, Oppenheimer, Medha Singh, Krishna Chandra Organizations: AMC Entertainment Holdings, AMC, GameStop, Koss, Thomson Locations: Delaware, United States, Canada, Bengaluru

☆ Sirius XM shares pull back after 'wild' gains with short squeeze in focus
▼ + stars: | 2023-07-21 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

July 21 (Reuters) - Shares in Sirius XM Holdings (SIRI.O) were down 10.5% on Friday, erasing some of their dramatic gains in the previous day's session with analysts attributing the volatility to a short squeeze, as well as a rebalance of the Nasdaq 100 (.NDX). U.S. satellite and online radio company, Sirius XM, which is majority owned by Liberty Media (FWONA.O), last traded at $6.99 after closing up 42% at $7.81 on Thursday for its biggest one-day percentage gain since March 2009. A short squeeze is when these investors are forced to quickly cover their bets to limit losses if a stock gains ground instead of falling. "However, the large number of shares held short along with a relatively small float provided fertile ground for a short squeeze as seen on July 20," wrote Macker who estimates a $7.50 fair value for the stock. Evercore analyst Vijay Jayant said the upcoming rebalance of the Nasdaq 100, of which Sirius is a member, was also a factor for the short squeeze as well as related options trading.

Persons: Neil Macker, Macker, Vijay Jayant, Jayant, David Joyce, Joyce, Sinéad Carew, Medha Singh, Lance Tupper, Sharon Singleton Organizations: Sirius XM Holdings, Nasdaq, Sirius XM, Liberty Media, Atlanta Braves, Sirius, Liberty's, Research Partners, Thomson

☆ Carvana shares surge on plans to cut debt load
▼ + stars: | 2023-07-19 | by ( Nathan Gomes | ) www.reuters.com time to read: +4 min

Companies Carvana Co FollowJuly 19 (Reuters) - Carvana (CVNA.N) shares soared as much as 43% on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion. Carvana had long-term debt of $6.54 billion as of June end, relatively unchanged from a year earlier. But Carvana has been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Carvana shares have lost 87% of their value in the past two years. In premarket trading on Wednesday, Carvana's shares rose as high as $57, in what traders said looked like a short squeeze.

Persons: John Zito, Carvana, Ernest Garcia's, Carvana's, Ortex, they're, Dennis Dick, Nathan Gomes, Bansari Mayur, Shivansh, Raechel, Medha Singh, Sriraj Kalluvila, Saumyadeb Chakrabarty, Anil D'Silva Organizations: Triple D, Carvana, Thomson Locations: Bengaluru

☆ Highly shorted Nikola jumps as retail army scoops up shares after BayoTech deal
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

July 14 (Reuters) - Shares of Nikola Corp (NKLA.O) jumped 14% on Friday, a day after a short squeeze sent the electric-truck maker's shares soaring in their busiest trading session on record. The stock surged nearly 61% to a more than four-month high on Thursday after Nikola entered a deal to sell 50 EVs to BayoTech and purchase low-carbon hydrogen from the firm. The short squeeze in Nikola, after short sellers rushed to exit bearish bets due to a rise in the stock's price, led to a record 317 million shares traded on Thursday. For the week, Nikola shares have surged 57%. About 22.7% of Nikola shares were in short position on July 12, according to analytics firm Ortex.

Persons: Nikola Corp, Nikola, Lucas Mantle, Peter Hillerberg, Medha Singh, Shinjini Organizations: Nikola, Vanda Research, Thomson Locations: Bengaluru

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