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☆ GM, Lithium Americas to develop Thacker Pass mine in Nevada
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

Jan 31 (Reuters) - General Motors Co (GM.N) and Lithium Americas Corp (LAC.TO) on Tuesday announced they would jointly invest to develop the Thacker Pass mine in Nevada. Under the agreement, GM will make an equity investment of $650 million in Lithium Americas. Lithium carbonate from Thacker Pass will be used in GM's proprietary Ultium battery cell. U.S.-listed shares of Lithium Americas rose over 9% in premarket trade. Production at Thacker Pass, which is expected to create 1,000 jobs in construction and 500 in operations, is projected to begin in the second half of 2026, the companies said in a statement.

[1/4] Ford Mustang Mach-E GT is seen during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond. "Ford just cut Mustang EV prices in response to Tesla’s price cut. "Tesla’s price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla’s Model Y," said Garrett Nelson, an analyst at CFRA Research. Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut.

Jan 26 (Reuters) - U.S. defense contractor Northrop Grumman Corp (NOC.N) on Thursday forecast full-year sales above Wall Street estimates, as it benefits from strong demand for weapons from countries ramping up their defense spend. "We're raising our sales outlook for 2023 and expect to deliver strong multi-year cash flow growth," Northrop Grumman Chief Executive Kathy Warden said. Northrop, which produces the fuselage for the F/A-18 Super Hornet fighter jet, posted sales of about $10.03 billion for the quarter ended Dec. 31, ahead of analysts' average estimate of $9.66 billion. Sale in its defense unit, which makes integrated battle management systems, weapons systems, rose to $1.66 billion, from $1.38 billion. Overall adjusted net income stood at $7.50 per share, ahead of analysts' average estimate of $6.57 per share.

☆ General Dynamics forecasts weak 2023 as supply, labor challenges persist
▼ + stars: | 2023-01-25 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

[1/2] A General Dynamics NASSCO ship yard entrance is shown in San Diego, California, U.S., June 17, 2019. REUTERS/Mike Blake/File PhotoJan 25 (Reuters) - U.S. defense contractor General Dynamics Corp (GD.N) on Wednesday forecast lower-than-expected 2023 results, as the industry struggles with labor and supply shortages, though strong demand for weapons helped it beat quarterly estimates. An "abnormally high retirement" of workers has impacted General Dynamics' electric boat unit, which assembles nuclear-powered submarines, company executives said on an investor call. General Dynamics said it was working with the U.S. Navy to mitigate the effect of worker shortages, which plagued the defense industry in 2022. "We're seeing demand signals resulting from the war in Ukraine, but we've only just begun to see that manifest in our backlog," General Dynamics Chief Executive Phebe Novakovic said.

☆ Union Pacific posts weak profit as storm delays shipments
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Union Pacific Corp (UNP.N) reported lower-than-expected fourth-quarter profit on Tuesday, hurt by delayed shipments amid labor shortages and a winter storm that crippled freight operations across the United States. Union Pacific, which connects 23 states in the western two-thirds of the country by rail, suffered shipment delays over the Christmas period as the winter storm Elliott hit its railroad networks. The storm brought sub-freezing temperatures and impacted business operations nationwide, also causing freeze-ins at several oil production sites. Union Pacific's operating ratio, a key profitability metric for railroads, was 61% in the quarter compared with 57.4% a year earlier. "Revenue growth was more than offset by elevated operating expenses from operational inefficiencies and a higher inflationary environment," Fritz said.

☆ Defense firms set to post higher sales, McCarthy's election clouds outlook
▼ + stars: | 2023-01-23 | by ( Nathan Gomes | ) www.reuters.com time to read: +3 min

** Raytheon is expected to post quarterly revenue of $18.15 billion and a profit of 92 cents a share. ** General Dynamics is estimated to report quarterly revenue of $10.69 billion and a profit of $3.55 per share. ** Northrop is expected to report quarterly revenue of $9.66 billion and a profit of $6.58 per share. Median 12-month price target is $495. Median 12-month price target is $566.

☆ Water tech firm Xylem to buy Evoqua in $6.42 bln deal in industrial market push
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Xylem Inc (XYL.N) said on Monday it would acquire Evoqua Water Technologies Corp (AQUA.N) in an all-stock deal valued at $6.42 billion, boosting its wastewater treatment solutions and providing it access to several industrial markets. Evoqua stockholders will receive 0.480 share of water technology company Xylem for each share held, representing a premium of about 29% based on the shares last close. Xylem, which manufactures equipment used in water and wastewater applications, in 2016 acquired Sensus USA Inc, a provider of advanced metering technologies to utilities. Pittsburgh, Pennsylvania-based Evoqua operates in more than 150 locations across nine countries and provides wastewater treatment solutions to industrial, municipal and recreational customers. After the deal closes, the combined company will be led by Xylem’s president and chief executive officer, Patrick Decker.

☆ Shell unit to acquire EV charging firm Volta for about $169 mln
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Volta Inc (VLTA.N) said on Wednesday that a Shell Plc (SHEL.L) subsidiary would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million. Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in cash in a deal that is expected to close in the first half of the year, Volta said. Shell and other companies such as France's EDF (EDF.PA) and Norway's Statkraft [RIC:RIC:STATKF.UL] have been investing in EV charging infrastructure to cash in on the growing demand for EVs. As part of the deal, Shell USA will also provide loans to Volta to help the company through the closing of the deal. Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.

☆ Options Action: Bearish on airlines
▼ + stars: | 2023-01-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Bearish on airlinesRiskReversal's Dan Nathan gets bearish on airlines with an options play. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman and Guy Adami.

☆ Emerson makes $7.6 bln offer for NI Corp public after rebuffed approaches
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Jan 17 (Reuters) - U.S. industrial and software firm Emerson Electric Co (EMR.N) on Tuesday made public its offer to buy NI Corp (NATI.O) in a deal with an enterprise value of $7.6 billion after the automated testing equipment maker rebuffed earlier approaches. The software firm's all-cash bid of $53 per share represents a premium of about 13% to NI's close on Friday. Shares of NI were up 13%, at the offer price, in trading before the bell, while Emerson fell 4%. Texas-based NI, formerly known as National Instruments, specializes in making automated testing and measurement tools to aid in research and validation of new technologies. Emerson said NI has not engaged 'meaningfully' since its bid of $53 per share was made privately in November.

Airfares from China are now 160% higher than before the pandemic, data from travel firm ForwardKeys shows, due to limited supply. Since Jan. 4, Air China (601111.SS), Hainan Airlines (600221.SS) and China Southern Airlines (600029.SS) have filed schedules with the U.S. Department of Transportation proposing to increase flights to as much as daily on some routes. Foreign carriers seeking to add flights to China require approvals from the Civil Aviation Administration of China, which did not respond to a request for comment. However, other flights were paused as it assessed market demand and government regulations. Many Western airlines parked large planes when international traffic plunged and production of new twin-aisle jets has been limited.

☆ Carvana terminates more workers amid weak used car sales -WSJ
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - Carvana Co (CVNA.N) is terminating more workers and take other measures such as reduced work hours as the used-car retailer contends with weak sales, the Wall Street Journal reported on Friday. Carvana, best known for its automated car vending machines, did not immediately respond to a Reuters' request for comment. The demand for used cars has fallen over the past year as consumers opt for alternative means to commute in an attempt to trim expenses. That slump in demand has also forced the Tempe Arizona-based company to sell many used cars at lower prices. (This story has been corrected to say company is terminating more workers, not laying off, in headline and paragraph 1)Reporting by Nathan Gomes in BengaluruOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON/CHICAGO, Jan 12 (Reuters) - U.S. airline operations returned to normal on Thursday even as the Federal Aviation Administration (FAA) continues to investigate pinpoint the cause of a computer outage that grounded flights nationally and to prevent it from happening again. "FAA operations are back to normal, and we are seeing no unusual delays or cancellations this morning," the FAA said in a tweet. More than 11,300 flights were delayed or canceled on Wednesday in the first national grounding of domestic traffic in about two decades. As of noon Thursday, 1,400 U.S. flights were delayed and 117 were canceled, according to FlightAware, a typical aviation day given current weather issues. Major carriers Delta Air Lines (DAL.N), United Airlines (UAL.O), American Airlines Group Inc (AAL.O) and Southwest Airlines (LUV.N) all were reporting normal operations on Thursday.

☆ American Airlines forecasts higher fourth-quarter profit on strong demand
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - American Airlines Group Inc (AAL.O) on Thursday forecast a higher fourth-quarter profit on strong demand for travel during the key holiday season, sending its shares up more than 3% in premarket trading. U.S. carriers have benefited from strong consumer demand during the holiday season. Airlines were also able to mitigate some of the higher fuel and labor costs through higher ticket prices. The carrier's update comes at a time when a worsening economic outlook coupled with high inflation has sparked concerns about consumer demand. American Airlines now expects revenue to rise between 16% and 17% from the fourth quarter of 2019.

FAA officials said a preliminary review traced the outage to a damaged database file, but added there was no evidence of a cyberattack and the investigation was continuing. FAA officials said they were working to "further pinpoint the causes" so the problem can be avoided in the future. One issue airlines are facing is trying to get planes in and out of crowded gates, which is causing further delays. He described confusion as airline employees and many passengers were initially unaware of the FAA's moves and flight delays. The U.S. Travel Association, which represents the travel industry including airlines, called the FAA system failure "catastrophic."

☆ Explainer: Why U.S. flights were grounded by a FAA system outage
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +4 min

Over 4,000 flights were delayed and more than 600 canceled because of the outage as of early Wednesday morning. The FAA system that is meant to distribute notices to pilots on hazards failed at about 2 a.m. Eastern Time, officials said. [1/3] Passengers wait for the resumption of flights at O'Hare International Airport after the Federal Aviation Administration (FAA) had ordered airlines to pause all domestic departures due to a system outage, in Chicago, Illinois, U.S., January 11, 2023. REUTERS/Jim Vondruska 1 2 3The NOTAMs sent by the U.S. Federal Aviation Administration are part of a global safety system managed through the United Nations' aviation agency. The incident, and the information overload that pilots complain the system encourages, prompted the effort to change the way the system operates.

☆ Ford reports smaller drop in 2022 U.S. sales as inventory levels improve
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

The company sold 1,864,464 vehicles in 2022, down about 2.2%. General Motors Co (GM.N) on Wednesday reclaimed the top spot in U.S. auto sales from Toyota Motor Corp (7203.T) aided by higher inventory levels. Ford said on Thursday it sold 15,617 units of its popular F-150 Lightning electric truck in 2022 after they went on sale earlier in the year. Sales of Ford's SUVs, including models such as the Explorer and Bronco, rose nearly 5% in 2022. Truck sales fell 5.5% in the year, compared with a near 8.0% drop in 2021.

☆ U.S. auto sales to fall in 2022, GM set to reclaim top spot from Toyota
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Full-year U.S. auto sales are forecast to be about 13.9 million units, down 8% from 2021 and 20% from the peak in 2016, according to industry consultant Cox Automotive. Inventory shortages, caused by surging material costs and persistent chip shortage, spilled into 2022, hobbling production at many automakers. Reuters GraphicsGM's 2022 U.S. sales are set to rise 2.3%, while Toyota's is expected to fall 9%, according to Cox Automotive. Both automakers are set to report sales figures on Wednesday. Some industry observers fret that price hikes by automakers to blunt inflationary pressures and rising interest rates will take a toll on new vehicle sales in the new year.

Pot RoastWhen Pot Roast became fatally ill last month, heartbroken fans took their grief out on her owner. She added that Pot Roast died in her arms. In the wake of Pot Roast's death in February, Pot Roast's mom was harassed and criticized for using jokes and dark humor to cope with the loss of her pet. Since Pot Roast's passing, Pot Roast's Mom has adopted two new cats: Soup and Coupon. I do be missing her voice rn.”As of December, it appeared Tylers’ account was no longer available on TikTok.

☆ Defense firm L3Harris to buy Aerojet for $4.7 billion with eye on missile demand
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: 1 min

Dec 18 (Reuters) - U.S. defense contractor L3Harris Technologies Inc (LHX.N) said on Sunday it would buy Aerojet Rocketdyne Holdings Inc (AJRD.N) for $4.7 billion in an all-cash transaction, as it looks to tap into rising demand for missiles amid the Ukraine conflict. Reporting by Nathan Gomes and Kanjyik Ghosh in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Defense firm L3Harris to buy Aerojet for $4.7 bln with eye on missile demand
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

Dec 18 (Reuters) - U.S. defense contractor L3Harris Technologies Inc (LHX.N) said on Sunday it would buy Aerojet Rocketdyne Holdings Inc (AJRD.N) in a $4.7 billion all-cash transaction, as it looks to tap into rising demand for missiles amid the Ukraine conflict. Reuetrs had first reported on Saturday that L3Harris was nearing the deal to acquire U.S. rocket maker Aerojet. The deal, which is expected to be completed in 2023, would add on to L3Harris' Space & Airborne Systems unit, which makes electronic warfare equipment and avionics sensors. Aerojet develops and manufactures liquid and solid rocket propulsion and hypersonic engines for space, defense, civil and commercial applications. Aerojet makes the RS-25 engines for NASA's launch vehicle, as well as the RL10 engines that power launch vehicles made by United Launch Alliance, a joint venture between Boeing Co (BA.N) and Lockheed Martin.

☆ Ford hikes price of cheapest F-150 electric truck variant to nearly $56,000
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Ford Motor Co (F.N) has raised the price of the cheapest variant of its F-150 Lightning electric truck by 9% to $55,974, the company's website showed on Thursday. The automaker has raised prices for its electric pickup trucks twice in a span of three months, as it navigates higher costs and supply chain snags. It was, however, not immediately clear when the price hike occurred. The move comes on the heels of the automaker adding a third work crew at an assembly plant near Detroit as it boosts production of its F-150 trucks. Reporting by Nathan Gomes in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ China domestic searches for hotels surge after easing restrictions - KAYAK
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - Travel website KAYAK, owned by Booking Holdings Inc (BKNG.O), said domestic searches for hotels within China surged last week, after the country loosened its COVID-19-related restrictions. KAYAK on Friday said searches for hotels jumped more than 100% over the past two days compared to last year and over 50% compared to 2019, in a market where travel companies have struggled with Beijing's zero-COVID policy. "I anticipate the world's second biggest travel market will fully reopen soon after almost three years," said KAYAK Chief Executive Steve Hafner in a statement. Searches on other travel platforms such as Trip.com also surged last week as the public cheered China's easing travel curbs. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Manchester United raises 2023 revenue outlook
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

Dec 8 (Reuters) - Manchester United on Thursday raised its 2023 total revenue guidance on the back of strong matchday revenue. The soccer club said it expects total revenue in the range of 590 million to 610 million pounds in 2023, up from its prior range of 580 million to 600 million pounds. However, the company posted a bigger first-quarter net loss, hurt by the postponement of two Premier League games due to the death of Queen Elizabeth, as well as the timing of the 2022 FIFA World Cup. The company's net loss for the three months ended Sept. 30 came in at 26.5 million pounds ($32.43 million), compared with a loss of 15.5 million pounds a year earlier. ($1 = 0.8172 pounds)Reporting by Nathan Gomes in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Chief Executive Officer Bob Jordan said the reinstatement reflects "the strong return in demand for air travel" as well as Southwest's "solid" operating and financial performance since March. While mounting economic worries have clouded the outlook for consumer spending, the Dallas-based carrier said it has seen no signs of a slowdown in travel demand. It expects strong leisure revenue trends to continue into the first quarter of next year. Southwest will pay a quarterly dividend of 18 cents per share to shareholders on Jan. 31. "With more than two-thirds of its labor contracts still open,...reinstating dividends just illustrates how far Southwest has veered from its path," said Southwest Airlines Pilots Association President Casey Murray.

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