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☆ Schwab's profit drops less than expected on asset management strength
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Charles Schwab relies primarily on clients' uninvested cash to fund its interest-earning businesses such as purchase of fixed-income assets and lending. Schwab has had to turn to supplementary funding sources to counter this churn. Last month, the Westlake, Texas-based company said it was relying on more expensive funding sources, like borrowing from the Federal Home Loan Bank, to supplement its cash flow. Meanwhile, inflows into the company's funds boosted asset management and administration fees by 12% to $1.17 billion. Excluding one-time costs, Schwab's profit fell 25% to $1.49 billion, or 75 cents per share, for the three months ended June 30.

Persons: Charles Schwab, Schwab, Walt Bettinger, Niket, Sriraj Kalluvila, Shounak Organizations: U.S . Federal Reserve, Federal Home Loan Bank, Thomson Locations: Westlake , Texas, Bengaluru

☆ Netflix shielded from Hollywood strike by global crew, strong pipeline
▼ + stars: | 2023-07-17 | by ( Samrhitha A | ) www.reuters.com time to read: +4 min

Some of the people on strike are also picketing the Netflix offices in Los Angeles. Netflix's international production capabilities are a "huge differentiator", and a lot of their content comes from countries that are not involved in the strike, analysts at SVB MoffettNathanson, Credit Suisse and Insider Intelligence said. Netflix is expected to have added a net 1.77 million subscribers, according to Refinitiv, in what is typically a weak quarter due to school holidays. The company lost nearly 1 million subscribers in the year-ago period. The second quarter also featured some strong programming from Netflix, including hits like "Queen Charlotte: A Bridgerton Story" and "Never Have I Ever Season 4".

Persons: Gal, Michael Nathanson, Nathanson, Jamie Lumley, Charlotte, Samrhitha, Aditya Soni, Shounak Organizations: Netflix, U.S, Credit Suisse, Insider Intelligence, Disney, Reuters, Macquarie, Intelligence, Thomson Locations: Hollywood, Los Angeles, United States, U.S, Bengaluru

☆ Explainer: Auto industry on tenterhooks as UAW kicks off talks with 'Detroit Three'
▼ + stars: | 2023-07-13 | by ( Nathan Gomes | ) www.reuters.com time to read: +6 min

REUTERS/Rebecca Cook/File PhotoJuly 12 (Reuters) - The United Auto Workers (UAW) union will start contract talks with the Detroit Three automakers beginning Thursday, ahead of the mid-September expiration of current four-year labor deals. WHO IS THE UNION NEGOTIATING WITH? The U.S. labor union will officially open talks first with Stellantis, followed by Ford on Friday and GM on Tuesday. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike that shut down its profitable U.S. operations. Fain who took helm of the union in March, has been a UAW member for more than two decades.

Persons: Rebecca Cook, Shawn Fain, Fain, They've, Biden, Tesla, Jim Farley, Ford, Stellantis, GM's, Wells, Colin Langan, Fitch, Steve Brown, Nathan Gomes, Ben Klayman, Shounak Dasgupta Organizations: REUTERS, United Auto Workers, UAW, Detroit Three, General Motors, Ford, Detroit, WHO, GM, EV, Detroit Free Press, Lear Corp, Thomson Locations: Auburn Hills , Michigan, U.S, Detroit, United States, Stellantis, American, Bengaluru, Ben

☆ US FDA reviewing concerns over Logan Paul's PRIME energy drink
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] Youtube personalities Logan Paul of the U.S. and rapper KSI of Britain, meet fans during a Prime soft drink promotional event in Copenhagen, Denmark, June 27, 2023. Ritzau Scanpix/Ida Marie Odgaard via REUTERS/File PhotoJuly 12 (Reuters) - The U.S. Food and Drug Administration said on Wednesday it is reviewing concerns raised by Senate Majority Leader Chuck Schumer against a popular influencer-created energy drink. Prime Energy contains 200 milligrams of caffeine per 12 ounces, equal to six cans of Coca-Cola or nearly two Red Bulls. Canadian health officials told Reuters on Wednesday the energy drink should not be sold in Canada as the product exceeds the acceptable caffeine limits. The Canada health agency is aware that some stores in Canada may be selling Prime Energy without approval and it is actively working to address this issue, a spokesperson said.

Persons: Logan Paul of, KSI, Ritzau Scanpix, Ida Marie Odgaard, Chuck Schumer, Schumer, Logan Paul, Khushi Mandowara, Mrinalika Roy, Shounak Dasgupta Organizations: REUTERS, U.S . Food, Drug Administration, YouTube, Prime Energy, Red Bulls, Reuters, Energy, Thomson Locations: Britain, Copenhagen, Denmark, U.S, Canada, Bengaluru

That compares with a 14.8% gain for the benchmark S&P 500 (.SPX). Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O), Amazon.com (AMZN.O) and Tesla (TSLA.O) combined account for 43.8% weight in the index, according to Refinitiv data as of Monday's close. The special rebalancing may be conducted at any time if the aggregate weight of companies, each having more than 4.5% weight in the index, tops 48%, according to Nasdaq. COULD THE S&P 500 FOLLOW SUIT? Apple and Microsoft are the only two firms with weight over 4.5% in the S&P 500.

Persons: Hogan, Cameron Lilja, Dow, Wells, Sam Stovall, Sruthi Shankar, Medha Singh, Bansari, David Randall, Shounak Dasgupta Organizations: Nasdaq, Microsoft, Apple, Nvidia, Riley, U.S . Securities, Exchange, Dow Jones, Tesla, Booking Holdings, Gilead Sciences, Devices, CFRA, Thomson Locations: Wells, Gilead, Bengaluru, New York

☆ Disney explores strategic options for India business - WSJ
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Walt Disney (DIS.N) is exploring strategic options for its Star India business, including a joint venture or a sale, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. The company has talked to at least one bank about ways to help the India business grow, while sharing some of the costs, according to the report. The talks are in the early stages and it is unclear which options, if any, Disney might pursue, WSJ said. Disney's India business comprises Disney+ Hotstar streaming service and Star India, which it took over when it acquired the entertainment assets of 21st Century Fox in 2019. Star India, which was rebranded as Disney Star last year, encompasses dozens of TV channels and a stake in a movie production company.

Persons: Walt Disney, Hotstar, Yuvraj Malik, Shounak Dasgupta, Shailesh Organizations: Star India, Wall Street, Disney, Century Fox, Disney Star, Thomson Locations: India, Bengaluru

☆ KPMG to invest $2 billion in AI, cloud services
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (MSFT.O), closely following Accenture (ACN.F) in betting on the latest technologies to weather a slowdown in advisory deals. The accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership. Professional services firms face a slowdown in business as their customers downsize or hold off on consulting and transformation projects to save costs in a challenging macro economic environment. The expanded partnership will help support KPMG's clients and 2,500 customers serviced jointly by KPMG and Microsoft. Reporting by Lavanya Ahire, Chandni Shah and Yuvraj Malik in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lavanya Ahire, Chandni Shah, Yuvraj Malik, Shounak Dasgupta Organizations: KPMG, Microsoft, Accenture, Professional, Thomson Locations: Bengaluru

☆ HCA Healthcare discloses leak of certain patient-related data
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: 1 min

July 10 (Reuters) - Hospital operator HCA Healthcare (HCA.N) said on Monday certain patient-related information had been leaked to an online forum. The leaked data did not include payment and clinical information, but included patient names and contact details, the company said. The data theft appeared to be from an external storage used to automate the formatting of email messages, HCA said, adding that the company had reported the breach to law enforcement. HCA said it does not expect the incident to materially impact its business, operations or financial results. Reporting by Khushi Mandowara in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Khushi, Shounak Dasgupta Organizations: HCA, Thomson Locations: Bengaluru

Tesla, which had previously stopped the referral program as it was too expensive, up to now has focused on real-time adjustments to prices posted on its websites. It revived the referral program recently to boost sales, analysts said. The EV sales market globally has become more competitive, forcing automakers to cut prices or boost incentives in several markets. The automaker has used its industry-leading profit margins as a weapon in the EV price war, putting pressure on both legacy automakers as well as cash-strapped EV startups. A number of Tesla owners in China posted their referral codes online and invited others to use them.

Persons: Tesla, Elon Musk, Garrett Nelson, Nelson, Needham, Chris Pierce, Ford, Chavi Mehta, Hyunjoo Jin, Shounak Dasgupta Organizations: Tesla, Thomson Locations: cashback, U.S, United States, China, Germany, France, Canada, Mexico, Hong Kong, Singapore, Bengaluru, San Francisco

☆ Meta's Threads swiftly signs up 30 million users, in clear threat to Musk-owned Twitter
▼ + stars: | 2023-07-06 | by ( Aditya Soni | ) www.reuters.com time to read: +5 min

Mastodon, another Twitter-like app, has 1.7 million monthly active users, according to its website, while Twitter co-founder Jack Dorsey-backed Bluesky has about 265,000 users. Twitter had 229 million monthly active users in May 2022, according to a statement made before Musk's buyout. THREADS HAS CERTAIN LIMITATIONSMeta's Threads app logo is seen in this illustration taken July 4, 2023. Threads does not have hashtags and keyword search functions, which means users cannot follow real-time events like on Twitter. Currently there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Zuckerberg, Elon Musk, Mark Zuckerberg, Twitter's, Jasmine Enberg, Twitter, Meta, Niklas Myhr, Jack Dorsey, Bluesky, Dado Ruvic, hasn't, Marques Brownlee, Linda Yaccarino, Musk, Pinar Yildirim, Aditya Soni, Yuvraj Malik, Bansari Mayur, Akash Sriram, Shounak Dasgupta Organizations: Meta, Twitter, Intelligence, Chapman University, REUTERS, Facebook, University of Pennsylvania's Wharton, Thomson Locations: Las Vegas, Bengaluru

☆ Meta's Threads is a serious threat to Musk-owned Twitter, analysts say
▼ + stars: | 2023-07-06 | by ( Aditya Soni | ) www.reuters.com time to read: +5 min

While Threads is a standalone app, users can log in using their Instagram credentials, which makes it an easy addition for Instagram's more than 2 billion monthly active users. Twitter, by comparison, had 229 million monthly active users in May 2022, according to a statement made before Musk's buyout of the social media platform. Mastodon, another Twitter-like app, has 1.7 million monthly active users, according to its website, while Twitter co-founder Jack Dorsey-backed Bluesky has about 265,000 users. Threads does not have hashtags and keyword search functions, which means users cannot follow real-time events like on Twitter. Overall, analysts said Threads was a strong competitor to Twitter, which has been rocked by abrupt decisions by Musk.

Persons: Elon Musk, Kim Kardashian, Gordon Ramsay, Niklas Myhr, Mark Zuckerberg, Pinar Yildirim, Jack Dorsey, Bluesky, Zuckerberg, Musk, Jasmine Enberg, Marques Brownlee, hasn't, Aditya Soni, Yuvraj Malik, Bansari, Shounak Dasgupta Organizations: Twitter, Chapman University, Facebook, University of Pennsylvania's Wharton, Intelligence, Bloomberg News, Union, Thomson Locations: Las Vegas, Bengaluru

☆ Canada's Quebecor to pull its ads from Facebook, Instagram
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Telecom and media firm Quebecor (QBRb.TO) said on Wednesday it will pull its ads from Facebook and Instagram, following Meta Platforms' (META.O) decision to stop access to news on both the social media platforms in Canada over a law requiring payments to local news publishers. Google and Meta previously said they would block access to news articles in Canada if the legislation is passed. Quebecor, which also owns media outlets and newspapers, did not immediately respond to a request for comment on how much it spends on advertisements on Facebook and Instagram. Meta did not immediately respond to a request for comment. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Meta, Tiyashi Datta, Shounak Dasgupta Organizations: Telecom, Facebook, Google, Meta, Thomson Locations: Canada, Bengaluru

SummarySummary Companies UPS slips after Teamsters say it walked away from talksModerna climbs on deal to develop mRNA medicines in ChinaChip stocks slide on China's export curbsFed minutes awaited at 2:00 p.m. ETFutures down: Nasdaq 0.51%, S&P 0.42%, Dow 0.42%July 5 (Reuters) - Wall Street futures fell on Wednesday as investors awaited minutes of the Federal Reserve's June meeting for clues on the central bank's monetary policy path, while Sino-U.S. tensions and weak economic data from Beijing dented sentiment. Investors are focused on the Fed minutes, expected to be released around 2 p.m. More economic data, including the non-farm payrolls report on Friday, is scheduled for release this week. ET, Dow e-minis were down 146 points, or 0.42%, S&P 500 e-minis were down 19 points, or 0.42%, and Nasdaq 100 e-minis were down 78 points, or 0.51%.

Persons: Ipek Ozkardeskaya, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Moderna, Dow, Wall, Sino, Microsoft, Investors, Fed, Swissquote Bank, Traders, Nvidia, Micron Technology, Netflix, Wolfspeed Inc, Renesas Electronics Corp, Tesla, Dow e, Nasdaq, United Parcel Service, Teamsters, Rivian, Thomson Locations: China, U.S, Beijing, Washington, Germany, Bengaluru

Investors are focused on the Fed minutes, expected to be released around 2 p.m. Bets for a 25-basis-point rate hike in July stood at 83%, while traders have priced in a 32% chance the U.S. central bank would deliver another hike by October, according to Refinitiv data. "Stocks have accounted for another 25 basis point rate hike when the Fed meets later this month, but a lot of people are divided on whether or not there's going to be another rate hike (after July)." More economic data, including the non-farm payrolls report on Friday, is scheduled for release later this week. Declining issues outnumbered advancers by a 3.73-to-1 ratio on the NYSE and a 2.24-to-1 ratio on the Nasdaq.

Persons: Robert Pavlik, Goldman Sachs, Bansari Mayur Kamdar, Johann M, Shounak Dasgupta, Vinay Dwivedi Organizations: Netflix, Dow, Nasdaq, Sino, Dakota Wealth, Fed, Traders, U.S, Nvidia, Micron Technology, Semiconductor, SOX, Renesas Electronics Corp, Tesla, Dow Jones, United Parcel Service, Teamsters Union, Moderna, NYSE, Thomson Locations: China, U.S, Beijing, Washington, Philadelphia, Bengaluru

☆ GM quarterly auto sales rise 19% on strong demand
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: 1 min

Companies General Motors Co FollowJuly 5 (Reuters) - General Motors (GM.N) on Wednesday reported a 19% rise in second-quarter U.S. auto sales as easing supply chain pressures allowed the automaker to ship more cars and trucks to dealers. GM said second-quarter sales jumped to 691,978 vehicles from 582,401 vehicles a year earlier. Reporting by Pratyush Thakur in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pratyush Thakur, Shounak Dasgupta Organizations: General Motors, GM, Thomson Locations: Bengaluru

☆ Tesla extends blistering rally after quarterly deliveries beat
▼ + stars: | 2023-07-03 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

July 3 (Reuters) - Tesla (TSLA.O) shares jumped about 7% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working. The stock, which hit the highest in more than four months, closed up 17.4% in a holiday-shortened session. [1/2]The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. The median price target on the stock stands at $210, which is about 20% below its last closing price. Tesla has a forward price-to-earnings ratio of around 62.9, far above Ford's (F.N) 8.82 and near the 62.66 of Amazon.com (AMZN.O).

Persons: Elon Musk's, Lucy Nicholson, Gene Munster, Tesla, Bernstein, Toni Sacconaghi, Aditya Soni, Akash Sriram, Shounak Dasgupta, Sriraj Organizations: U.S, Rivian, REUTERS, Asset Management, Thomson Locations: Irvine , California, Los Angeles , California, U.S, Bengaluru

July 3 (Reuters) - Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries on higher production and stable demand for its electric vehicles, sending the company's shares up more than 14% on Monday. Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 12,640 vehicles in the second quarter, compared with Visible Alpha estimates of 11,000 vehicles. The company made 13,992 vehicles at its facility in Normal, Illinois, which was 4,597 more than in the first quarter. Rivian's production and delivery numbers come just a day after Tesla beat estimates with record deliveries in the second quarter. Rivian posted a smaller loss in the first quarter in May and its finance chief said last month the company expects demand to remain stable through 2023.

Persons: Tesla, Rivian, Needham, Chris Pierce, Danni Hewson, AJ Bell, Chavi Mehta, Vinay Dwivedi, Shounak Organizations: Rivian, EV, Thomson Locations: Normal , Illinois, Bengaluru

☆ Coherus BioSciences launches biosimilar version of AbbVie's blockbuster Humira
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Coherus BioSciences (CHRS.O) said on Monday it has launched a copycat version of AbbVie's (ABBV.N) Humira in the United States at a discount of more than 85% to the blockbuster arthritis drug. Coherus is the latest to launch a biosimilar to Humira in the U.S. market this month after Boehringer Ingelheim, Sandoz and Organon (OGN.N). Coherus said last month it would sell the biosimilar, branded as Yusimry, at $995 per carton, compared with the current list price of Humira of $6,922 per carton. The company has also partnered with billionaire entrepreneur Mark Cuban's pharmaceutical startup to sell the biosimilar at $569.27 plus dispensing and shipping fees. Usually prices fall, often dramatically, when multiple copycat versions of a widely-used medication enter the market.

Persons: Coherus, Boehringer Ingelheim, Mark, Sriparna Roy, Leroy Leo, Shounak Dasgupta, Arun Koyyur Organizations: Coherus BioSciences, Sandoz, Thomson Locations: United States, Humira, U.S, Organon, Bengaluru

☆ Tesla's blistering rally continues after quarterly deliveries beat
▼ + stars: | 2023-07-03 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

[1/2] The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File PhotoJuly 3 (Reuters) - Tesla (TSLA.O) shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working. "Tesla's price cuts are working in a big way," said Gene Munster, managing partner at investment firm Deepwater Asset Management. The median price target on the stock stands at $210, which is about 20% below its last closing price. "Our money's on Elon," said Canaccord Genuity analyst George Gianarikas, who lifted his price target on Tesla by $36 to $293.

Persons: Lucy Nicholson, Elon Musk's, Gene Munster, Tesla, Bernstein, Toni Sacconaghi, Canaccord, George Gianarikas, Aditya Soni, Shounak Dasgupta Organizations: REUTERS, Asset Management, Thomson Locations: Los Angeles , California, U.S, Elon

The resignations of GV Ravishankar of Peak XV Partners, earlier Sequoia Capital India, Russell Dreisenstock of Prosus, and Chan Zuckerberg Initiative's Vivian Wu mean Byju's board now only comprises the founder's family. In a statement to Reuters on Friday, Byju's said it is in discussions with investors about reshaping the board, including the addition of independent directors. A "few" investors had to vacate their board seats as their shareholding dropped below the required minimum threshold, necessitating a board reshuffle, it said. The confirmation of the resignations comes after Reuters and other media outlets reported on Thursday that three Byju's board members had quit recently. On Friday, sources told Reuters that the edtech was asking its three global investors to reconsider their decision to quit its board.

Persons: Russell Dreisenstock, Chan Zuckerberg, Vivian Wu, Byju's, Akriti Sharma, Shivani Tanna, Shounak Dasgupta, Anil D'Silva Organizations: GV, XV Partners, Sequoia Capital, Blackrock, Reuters, Deloitte, Thomson Locations: Sequoia, Sequoia Capital India, Bengaluru

☆ GE to jointly produce fighter jet engines in India
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] Indian Air Force (IAF) LCA Tejas performs an aerobatic display during the Aero India 2023 air show at Yelahanka air base in Bengaluru, India, February 13, 2023. REUTERS/Samuel Rajkumar/File PhotoJune 22 (Reuters) - General Electric's (GE.N) aerospace unit said on Thursday it has signed an agreement with India's state-owned Hindustan Aeronautics Ltd (HIAE.NS) to make fighter jet engines for the Indian Air Force. The agreement includes the potential joint production of GE Aerospace's F414 engines in India and the engines will be used to power Tejas fighter jets, GE said. Reuters reported in May the Biden administration was poised to sign off on a deal that would allow GE to produce jet engines powering Indian military aircraft. GE first began working with Hindustan Aeronautics and the Aeronautical Development Agency in 1986 to support the development of India's light combat aircraft with F404 engines.

Persons: Samuel Rajkumar, Electric's, Narendra Modi, Biden, Aishwarya Nair, Varun, Shounak Organizations: Indian Air Force, IAF, LCA Tejas, Aero, REUTERS, Hindustan Aeronautics Ltd, Indian, GE Aerospace's, Tejas, GE, Hindustan Aeronautics, Reuters, Aeronautical Development Agency, Thomson Locations: Aero India, Bengaluru, India, United States, Washington

Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - U.S. electric-vehicle startups were set for massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O). Other big gainers such as Nikola and Workhorse Group (WKHS.O) have short interests of 21.7% and 23.9%, respectively. Reuters GraphicsUsed-car retailer Carvana (CVNA.N), another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week. "Carvana probably kick-started this, it is up more than 100% in a couple of weeks on a short squeeze. Nikola and Lordstown have drawn a flurry of bullish options activity in recent days as traders place bets on further gains.

Persons: Dado Ruvic, Nikola, Dennis Dick, Carvana, Tesla, Lordstown, Aditya Soni, Akash Sriram, Saqib Iqbal Ahmed, Shounak Dasgupta Organizations: REUTERS, Lordstown, S3 Partners, Reuters, Triple, EV, U.S, Nasdaq, Thomson Locations: Morgan, Bengaluru, New York

☆ Electric-vehicle startups set to extend blistering rally
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - Electric-vehicle startups from Nikola (NKLA.O) to Lordstown Motors (RIDE.O) were set on Friday to extend a blistering rally in their shares that has put the cash-strapped companies on track for hefty weekly gains. For instance Nikola, which has more than doubled in value this week, has a short interest of 15.7%, according to Refinitiv. The EV startups, meanwhile, have added over $500 million to their collective market value. Nikola shares were 20% higher before the bell on Friday at $1.65, on course to stay above the minimum level for the third straight session. Still, many challenges remain for the EV startups, evidenced by the year-to-date stock price declines of 35% and 75% seen at Nikola and Lordstown, respectively.

Persons: Dado Ruvic, Nikola, Lordstown, Foxconn, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: REUTERS, Nikola, Lordstown Motors, EV, U.S, Faraday, Nasdaq, Thomson Locations: Morgan, Bengaluru

Data showed U.S. retail sales unexpectedly rose in May as consumers spent on a range of goods including vehicles. All 11 S&P 500 sector indexes rose, led by health care (.SPXHC), up 1.55%, followed by a 1.54% gain in communication services (.SPLRCL). The S&P 500 climbed 1.22% to end the session at 4,425.84 points. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 7.1-to-one ratio. The S&P 500 posted 48 new highs and no new lows; the Nasdaq recorded 80 new highs and 72 new lows.

Persons: TD Cowen, Ross Mayfield, Baird, who'd, David Russell, Kroger, Shristi Achar, Sruthi Shankar, Noel Randewich, Vinay Dwivedi, Shounak Dasgupta, David Gregorio Our Organizations: Nasdaq, Dow, U.S . Federal, Treasury, Apple, Microsoft, Fed, U.S, Market Intelligence, Dow Jones, Kohl's Corp, Alibaba, People's Bank of China, Thomson Locations: China, Bengaluru, Oakland, Calif

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