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Pinterest — Shares of the image-sharing platform pulled back 16% after the company issued a lower-than-expected revenue outlook for the current quarter. Block — The Cash App parent company slumped more than 4.5% after its third-quarter revenue of $5.98 billion missed expectations. Toast — The restaurant management company climbed 13% after it forecast adjusted EBITDA of between $90 million and $100 million for the current quarter. Analysts expected a loss of 30 cents per share on $198 million in revenue, according to LSEG. That said, Lucid's net loss widened in the period, posting $992.5 million versus $630.9 million in the year-ago period.
Persons: Donald Trump, Elon, Airbnb, DraftKings, LSEG, Monster, FactSet, Goldman Sachs, — CNBC's Hakyung Kim, Alex Harring, Sean Conlon Organizations: Trump Media & Technology, Arista Networks, Arista, Capri Holdings, Beverage, Barclays
Electric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a "significant increase" in sales volumes to narrow the company's losses, according to CEO Peter Rawlinson. The Gravity is Lucid's second vehicle following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021. Lucid on Tuesday said customer ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker's website. Other models are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year. "We believe there's about a 6-to-1 ratio … for the SUV over sedan, and that's going to put us in a very strong position."
Persons: Peter Rawlinson, It's, Rawlinson Organizations: Air, CNBC
Shares of Lucid Group dropped by more than 10% during after-hours trading following the electric vehicle startup announcing a public offering of nearly 262.5 million shares of its common stock. Following the transaction, Ayar is expected to maintain its approximate 58.8% ownership of Lucid's outstanding common stock, Lucid said in a release. Lucid said the transaction is subject to "certain conditions, at the same price per share initially to be paid by the underwriter for the public offering." BofA Securities is acting as the sole underwriter for the public offering. The EV maker intends to grant the firm a 30-day option to purchase up to nearly 39.37 million additional shares of Lucid's common stock as well.
Persons: Lucid, PIF Organizations: Saudi, Public Investment Fund, Investment Co, BofA Securities Locations: San Francisco , California, BofA
Check out the companies making headlines before the bell: Palantir Technologies — The data analytics company rallied 11% after raising its full-year revenue forecast. Yum China — Shares surged 8% after the Shanghai-based operator behind Pizza Hut and Taco Bell posted second-quarter earnings that beat expectations. Adjusted earnings of 55 cents per share topped the 47 cents per share anticipated by analysts surveyed by LSEG. Earnings came in at 47 cents per share, topping the 31 cents expected from analysts polled by LSEG. CSX reported earnings of 49 cents per share in the second quarter, above the 48 cents anticipated by analysts in an LSEG survey.
Persons: Taco Bell, Piper Sandler, ZoomInfo, LSEG, Lucid, — CNBC's Michelle Fox, Fred Imbert, Jesse Pound Organizations: Technologies, Taco, LSEG, Revenue, Caterpillar, Nvidia, Micro Computer, Broadcom, Intel, CSX Locations: China, Shanghai
Lucid Group said on Monday its largest shareholder, Saudi Arabia's Public Investment Fund, will inject $1.5 billion in cash, as the electric vehicle maker looks to add new models to its product line. The company also reported second-quarter revenue above analysts' estimates as price cuts helped drive higher sales of its luxury electric sedans during the April-June period. Revenue for the second quarter was $200.6 million, compared with analysts' estimate of $192.1 million, according to LSEG data. The company posted a net loss of $790.3 million in the June quarter, compared with a loss of $764.2 million a year earlier. It ended the second quarter with cash and cash equivalents of $1.35 billion, compared with $1.37 billion at the end of 2023.
Persons: Tesla Organizations: New York, Lucid, Saudi, Public Investment Fund, EV maker's, Ayar, Investment Locations: PIF
Lucid Group reported first-quarter revenue above analysts' estimates on Monday as price cuts helped the company deliver more luxury electric sedans in the first three months of 2024. Revenue for the first quarter was $172.7 million, compared with analysts' estimate of $156.99 million, according to LSEG data. Lucid posted a net loss of $684.76 million, narrower than a $779.5 million loss a year earlier. It ended the first quarter with cash and cash equivalents of $2.17 billion, compared with $1.37 billion in the fourth quarter of last year. The company said it expects capital expenditure of $1.5 billion this year, compared with $910.6 million in 2023.
Persons: Lucid, Elon Musk, Tesla Organizations: Lucid, Air, Revenue, Saudi Arabia's Public Investment Fund Locations: Newark , California
The best cooling mattress topper for hot sleepers take it a step further; they're specially designed with cooling properties that promote airflow with moisture-wicking and temperature-regulating features. For this guide, I slept on 15 mattress toppers and interviewed experts to find the best cooling mattress topper. The best cooling mattress toppers for hot sleepersBest overall: Ghostbed Memory Foam Mattress Topper -See at GhostBedBest heat dissipation: Bear Pro Mattress Topper - See at BearBest budget: Lucid Bamboo Charcoal Memory Foam Mattress Topper - See at AmazonBest for back pain: Tempur-Pedic TEMPUR-Adapt Mattress Topper - See at Tempur-PedicBest overallGhostBed Memory Foam Topper The GhostBed Memory Foam Topper, with its unique airflow-promoting design, did an outstanding job of dissipating heat in our tests while providing soothing comfort for side sleepers. Best heat dissipationBear Pro Mattress Topper (Queen) The Bear Pro Mattress Topper is your best bet if you're looking for a plush topper that offers support, pressure relief, and a cool, comfortable night's sleep. Best budgetLucid 3-inch Bamboo Charcoal Memory Foam Mattress Topper The Lucid Bamboo Charcoal Memory Foam Mattress Topper incorporates bamboo and charcoal for its moisture-wicking and odor-neutralizing properties.
Persons: James Brains, it's, Topper, Pedic, Rebecca Robbins, Robbins, you'll, I've Organizations: Business, Bear, Amazon, Shop, Cal, Brigham, Women's Hospital, Harvard Medical School, Garmin Locations: RVs, Tempur, California
Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.
Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia
Cramer's Lightning Round: 'Buy Toyota'
  + stars: | 2023-11-20 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon SL Green Realty's year-to-date stock performance. Stock Chart Icon Stock chart icon Lucid's year-to-date stock performance. Stock Chart Icon Stock chart icon Schlumberger's year-to-date stock performance. Stock Chart Icon Stock chart icon Toyota's year-to-date stock performance. Stock Chart Icon Stock chart icon Conagra's year-to-date stock performance.
Persons: it's, Xcel, It's, That's, Wynn, Jim Cramer's Organizations: Green, Schlumberger, Toyota, Twist, Boise, Xcel, Excel, Sirius, Sirius XM, Properties Locations: BXP, Boise
Robotaxis are autonomous self-driving cabs which require no human interaction to operate the vehicle. When did driverless cabs become a reality? Cruise followed with its first driverless ride service last year in San Francisco, and slowly expanded to include Phoenix, Arizona, and Austin, Texas. The use of driverless cabs also raises the prospect of job losses and could attract pushback from unions. Regulatory hurdles facing robotaxisCommercializing fully autonomous vehicles, especially robotaxis, has been harder than expected with tough regulations, complicated technology and heavy investments forcing some to cut jobs.
Persons: Elijah Nouvelage, Cruise, Here's, Waymo, Nathan Gomes, Devika Organizations: San, GM Bolt, REUTERS, General Motors, Companies, Technologies, Amazon.com, Ford, Volkswagen, Argo, Thomson Locations: San Francisco, San Francisco , California, U.S, United States, Phoenix , Arizona, Austin , Texas, Bengaluru
[1/3] Lucid’s Gravity electric SUV is seen in a preview at Lucid’s headquarters in Newark, California, U.S. November 3, 2023. Success of the Gravity, which was unveiled in Los Angeles ahead of the auto show opening on Friday, will be crucial for Lucid. To stoke demand, EV makers have joined a price war sparked this year by market leader Tesla (TSLA.O). Many, including Tesla, Ford (F.N) and General Motors (GM.N), have pushed back planned EV and battery factory expansion or additions. That will be key for the full-size luxury Gravity SUV, which features a steering wheel that is more square than round and a 34-inch curved cockpit display.
Persons: Abhirup Roy, Peter Rawlinson, Rawlinson, Tesla, Peter Henderson, Sherry Jacob, Phillips Organizations: REUTERS, Air, U.S, Rivian's, Lucid's, Reuters, stoke, EV, General Motors, Thomson Locations: Newark , California, U.S, Los Angeles, San Francisco
Saudi Arabia's sovereign fund has a 60% stake in Lucid Motors, an EV startup. Months after the company went public, the stake was valued at more than $55B, per Bloomberg. That value dropped about 90% to $5.4 billion as Lucid reports millions in net loss. The steep drop in the value of Saudi's stake coincides with Lucid's latest quarterly earnings. In 2018, PIF invested $1.3 billion in Lucid, and it seems the Saudis have more considerable expectations for the EV company.
Persons: , Chris Bryant, Nora Naughton, Sherry House, PIF, Lucid Organizations: Lucid Motors, Bloomberg, Service, Public Investment Fund, EV Locations: Saudi, Saudi Arabia
An electric pick-up truck is pictured at the Rivian Automotive Inc facility in Costa Mesa, California, U.S.,November 1, 2023. Smaller rival Lucid (LCID.O) cut its production forecast on Tuesday "to prudently align with deliveries", sending its shares down 3%. Last month, it reported third-quarter deliveries above market expectations. The company reported a net loss of $1.37 billion, compared with a loss of $1.72 billion a year earlier. Its third-quarter production fell nearly 30% to 1,550 vehicles.
Persons: Mike Blake, Tesla, Elon Musk, I'm, RJ Scaringe, Scaringe, Rivian, Alec Lucas, Akash Sriram, Zaheer Kachwala, Abhirup Roy, Krishna Chandra Organizations: Rivian Automotive Inc, REUTERS, Rivian, Reuters, Global, Saudi Arabia's Public Investment Fund, Amazon, Wall, Thomson Locations: Costa Mesa , California, U.S, Bengaluru, San Francisco
Cramer's Lightning Round: 'I don't like AT&T'
  + stars: | 2023-11-01 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
Stock Chart Icon Stock chart icon Lucid's year-to-date stock performance. Stock Chart Icon Stock chart icon Occidental Petroleum's year-to-date stock performance. Stock Chart Icon Stock chart icon Adient's year-to-date stock performance. Stock Chart Icon Stock chart icon Marvell's year-to-date stock performance. Stock Chart Icon Stock chart icon Edwards Lifesciences' year-to-date stock performance.
Persons: Northrop, you've, I'm, hasn't, Warren Buffett, Matt Murphy, Matt, Emerson, Edwards Lifesciences, Edwards Organizations: Northrop Grumman, Occidental, Occidental Petroleum, Marvell, Broadcom
Analysts polled by FactSet had expected Lucid to deliver about 2,000 vehicles in the third quarter. Lucid's third-quarter deliveries compare with 1,404 deliveries in the second quarter and 1,398 deliveries in the third quarter of 2022. That compares to 2,173 Airs built in the second quarter and 2,282 Airs a year earlier. Through the end of September, Lucid produced 6,037 EVs in 2023, not including the units in transit to Saudi Arabia at quarter-end. Lucid will report its third-quarter results after the U.S. markets close Nov. 7.
Persons: FactSet, Lucid, Sherry House Organizations: Lucid, CNBC Locations: Saudi Arabia, Saudi, Monday's, U.S
[1/2] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File Photo Acquire Licensing RightsOct 17 (Reuters) - Lucid Group (LCID.O) posted a nearly 4% rise in third-quarter deliveries on Tuesday compared to the prior three months, benefiting from a special lower price to promote the sale of its Air luxury electric sedan. The loss-making startup also said more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. They have lost more than a fifth of their value this year over concerns that EV startups will bear the brunt of Tesla's price war. Reporting by Jaspreet Singh and Akash Sriram in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.
Persons: Hyunjoo Jin, Garrett Nelson, Lucid, Jaspreet Singh, Akash Sriram, Shilpi Majumdar Organizations: REUTERS, Saudi Arabia's Public Investment Fund, Reuters, Thomson Locations: Scottsdale , Arizona, U.S, United States, Saudi Arabia, Bengaluru
Shares of Lucid Group were lower in early trading Thursday after the company launched a cheaper version of its Air electric luxury sedan in a bid to stoke demand. Lucid said it will now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400 with 410 miles of range. That's $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version of the Air Pure, which is still available. The new single-motor Air Pure is available for order immediately, Lucid said. The new rear-wheel-drive version of the Air Pure is the first Lucid offering to start below $80,000.
Persons: Lucid, Lucid's Organizations: Group, stoke, Air, EV, Tesla Locations: Wednesday's, U.S
Lucid opens first international EV factory in Saudi Arabia
  + stars: | 2023-09-27 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 27 (Reuters) - Electric-vehicle maker Lucid Group (LCID.O) said on Wednesday it had opened its first international manufacturing plant in Saudi Arabia's Jeddah city, under a deal designed to further the Middle Eastern country's electrification push. Lucid announced plans for the Jeddah factory last year and said the kingdom had signed an agreement to buy up to 100,000 vehicles from the company over 10 years. In 2022, the kingdom launched its first EV brand Ceer and announced $6 billion in investments for a steel plate mill complex and an EV battery metals plant. Industry leader Tesla (TSLA.O) is also reportedly in early discussions to set up a manufacturing plant in Saudi Arabia. Lucid's other manufacturing plant is in Arizona, United States.
Persons: Andrew Kelly, Lucid, Tesla, Yuvraj Malik, Devika Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Industry, King Abdullah Economic City, Saudi's Public Investment Fund, EV, Thomson Locations: New York City , New York, U.S, Saudi Arabia's Jeddah, Jeddah, China, United States, Saudi Arabia, King Abdullah, Arizona, Bengaluru
BMW Vision Neue KlasseBMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. Mercedes-Benz Vision One ElevenThe Mercedes-Benz Vision One Eleven on display at the IAA Mobility show in Munich, Germany. GTI ConceptThe all-electric Volkswagen ID GTI Concept car on display at the IAA Mobility 2023 show in Munich, Germany. Porsche Mission XThe Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Lego Lamborghini Sián FKP 37A Lego version of the Lamborghini Sián FKP 37 on display at IAA Mobility 2023 in Munich, Germany.
Persons: Olaf Scholz, Ola Källenius, Mercedes, Sven Hoppe, Arjun Kharpal, Leapmotor, Zhu Jiangming, BYD, Warren Buffett, Kharpal, Lucid, Cyberster Organizations: Management, Mercedes, Benz AG, Getty, Mobility, BMW, Neue, CNBC, Benz, IAA, Leapmotor, Opel, CNBC Stellantis, Air, Volkswagen, IAA Mobility, Porsche, Carrera GT, Shanghai Auto, Lamborghini Locations: Munich, GERMANY, Germany, Xpeng, BYD, Hangzhou, Europe
In this article LCID Follow your favorite stocks CREATE FREE ACCOUNTThe Lucid Air Midnight Dream Edition. LucidMUNICH — Lucid is exploring selling its cars in China but has no timeline for when it will enter the world's largest electric car market, a top executive told CNBC. It's the world's largest car market. If you enter China on the wrong terms, you can make a lot of mistakes. "If you enter China on the wrong terms, you can make a lot of mistakes," he added.
Persons: Lucid, Zhu Jiang, Eric Bach, Bach, China's Organizations: CNBC, Air, IAA Locations: China, Munich, Germany, Arizona, U.S, BYD, Nio
Electric vehicle companies Lucid , Fisker and Nikola have had a tough year — and Wall Street expects these stocks have even more downside potential. Nikola, which manufactures electric trucks, has seen its short interest jump nearly 14% to 157.7 million shares, or 27.3% of its float. More than a third of Arcutis Biotherapeutics 's free-float shares have been shorted by Wall Street, or 15.5 million shares. Liver disease treatment company Intercept Pharmaceuticals also saw a 12% jump in short interest, with 9.5 million shares sold short. Below is the full list of the most shorted stocks between July 31 and August 15.
Persons: Nikola, Fisker, Arcutis, scPharmaceuticals, Jerry Durso Organizations: EV, IGM Biosciences, Intercept Pharmaceuticals, U.S . Food, Drug Administration, NASH, Intercept, New York Stock Exchange Locations: FactSet, U.S
As car companies produce more EVs than ever, these cars are starting to pile up on dealer lots for the first time. AdvertisementAdvertisementOn average, electric cars were selling for around $2,000 over sticker price last year, according to Jessica Caldwell, an automotive analyst for Edmunds. AdvertisementAdvertisementOn average, EVs are still more expensive, on average, than gas-powered cars, with EVs going for about $53,469 in July, says Kelley Blue Book (down from $66,000 a year earlier ). And with help from new federal tax credits, leasing deals abound on electric cars . Even some of the more expensive EVs are dropping in price rapidly, too.
Persons: Elon, Jessica Caldwell, Edmunds, Caldwell, Tesla, Kelley, they've Organizations: Tesla, EV, Shoppers
And an ongoing EV price war started earlier this year by Tesla's Elon Musk, is forcing deeper losses as companies chase volume over profits in the EV sector. Ford recently adjusted its electric vehicle timeline to reflect this change in EV demand. After several years of rapid growth from eager early adopters to the electric vehicle segment, EV sellers are facing the first plateau. EV sales hit a high of nearly 6% in the US last year, bringing the segment closer to a predicted 7-10% tipping point. At this level of adoption, EV sales are expected to slow considerably.
Persons: Peter Rawlinson, Chris McNally, Evercore, Lucid, Tesla's Elon, Rivian, Ford Organizations: Morning, Tesla, Air EV, Ford, EV
Most of the supply chain has now come through out of the COVID era," CEO Peter Rawlinson told Reuters. Although logistics and labor costs have come down, there was a "significant amount of opportunity" to cut costs further, she said. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates of $175 million, according to seven analysts polled by Refinitiv. Cash stood at $2.78 billion at the end of June, compared with $900 million three month prior. Lucid is set to unveil its Gravity SUV in November ahead of its launch in 2024.
Persons: Andrew Kelly, Peter Rawlinson, Sherry House, Rawlinson, Cash, Garrett Nelson, Akash Sriram, Abhirup Roy, Anil D'Silva, Jamie Freed, Leslie Adler Organizations: Nasdaq, Lucid Motors, Churchill Capital Corp, REUTERS, Saudi, Public Investment Fund, Reuters, Air, Refinitiv, Thomson Locations: New York City , New York, U.S, Bengaluru, San Francisco
In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. A year ago, Lucid reported a net loss of $555.3 million, or 33 cents per share. Revenue in the second quarter rose to $150.9 million from $97.3 million in the second quarter of 2022. Lucid said on July 12 that it delivered 1,404 Air sedans in the second quarter. The company delivered 1,406 vehicles in the first quarter of 2023, and 679 vehicles in the second quarter of 2022.
Persons: Lucid, Sherry House, Aston Organizations: Lucid, Refinitiv, Refinitiv ., Revenue, Air, EV, Aston Martin, British Locations: Newark , California
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