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☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ First Republic seeks new ways to escape unrealized losses
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +5 min

March 21 (Reuters) - First Republic Bank's (FRC.N) efforts to secure a capital infusion continued without success on Tuesday, as the troubled regional lender started to plan for the possibility it may need to downsize or get a government backstop. Bloomberg News reported U.S. officials and Wall Street leaders seeking to aid First Republic were exploring the possibility of government backing that would help overcome the issue of the bank's unrealized losses. JPMorgan is advising First Republic on its options to raise capital from investors, a source familiar with the situation previously said. "There are a number of factors lifting the (financial) stocks, including the comments by Yellen. "We believe First Republic remains in crisis," said Jason Benowitz, senior portfolio manager at CI Roosevelt.

☆ First Republic slumps after report of potential government backing in deal
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +5 min

March 21 (Reuters) - Shares of First Republic Bank (FRC.N) tumbled 14% in extended trade on Tuesday following a report that a potential deal for the troubled bank could rely on government backing to encourage buyers. Potential government backing in a deal to save First National could involve conditions at the expense of the bank's shareholders, said Dennis Dick, a trader at Triple D Trading in Ontario, Canada. While a sale of the entire bank remains possible, First Republic is currently focused on raising capital, the third source said. First Republic's shares had surged as much as 60% on Tuesday before closing up 30%, but even so First Republic's stock has lost over 80% in value in the past two weeks. JPMorgan is advising First Republic on its options to raise capital from investors, a source familiar with the situation previously said.

☆ Banks tumble as SVB ignites broader fears about the sector
▼ + stars: | 2023-03-09 | by ( Sinéad Carew | ) www.reuters.com time to read: +2 min

The SPDR S&P regional banking ETF (KRE.P) was down 6.0% after hitting its lowest point since January 2021. "The Silicon Valley raise got everybody nervous about people's capital levels and what deposits are doing. "It just gets people freaked out because Silicon Valley, historically has been a very strong, well-run bank. If they're having issues right now, people are wondering what about other banks that are lesser quality and that don't have the reputation that Silicon Valley Bank has." Investors were also grappling with the decline of cryptocurrency-focused lender Silvergate Capital (SI.N), which said earlier this month it was evaluating its ability to operate as a going concern.

[1/2] Traders work on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., November 11, 2022. Stock sales reached $4.97 billion in the United States last week, the highest tally since the second week in 2022, according to data provider Dealogic. Globally, stock sales reached $12.3 billion, the most in more than 30 weeks. "Equity markets have regained some momentum and volatility has decreased, driving animal spirits on the buy side," said Santiago Gilfond, co-head of Americas equity capital markets at Credit Suisse Group AG (CSGN.S). A busy week for initial public offerings in early February offered some hope to stock market hopefuls, but advisors remain cautious as stocks sold off in recent weeks.

☆ Canada police probe media reports on alleged Chinese election interference
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, March 6 (Reuters) - Canadian police are investigating media reports that cited secret intelligence on alleged Chinese attempts to influence elections for potential violations of information security laws, the Royal Canadian Mounted Police (RCMP) said on Monday. Prime Minister Justin Trudeau and Canada's top security officials have acknowledged interference attempts by China, but they insist that election outcomes were not altered. They have not confirmed the media reports. "The RCMP has initiated an investigation into violations of the Security of Information Act associated with recent media reports. The Security of Information Act, which was previously known as the Official Secrets Act, deals with protecting sensitive government information.

☆ Unisys, Bed Bath & Beyond slide after removal from small-cap index
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, March 6 (Reuters) - Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index (.SPCY) in two weeks. Shares of Unysis (UIS.N) have fallen 80% over the past 12 months. As of Friday, the company's market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index. Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share. Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Comcast takes advantage of AI rally to sell more BuzzFeed shares
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

It has so far sold more than 11 million BuzzFeed shares (BZFD.O) since Jan. 30, reducing its stake to 15.% from 24%. The sale fetched Comcast about $28 million, according to a Reuters calculation. It sold roughly four million shares for an average price of around $2.90 apiece at the end of January, and most recently dumped another 500,000 shares for an average of $2.05 a share, filings by Comcast (CMCSA.O) showed. NBCUniversal, Comcast's entertainment unit, had invested $200 million in BuzzFeed in 2015 and injected another $200 million in 2016, valuing the company at around $1.7 billion. Retail investor interest in AI-related shares have been rising since last month after OpenAI drew a multi-billion dollar investment from Microsoft Corp (MSFT.O).

☆ Cable maker Credo slumps on forecast hit as top customer cuts orders
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Credo Technology Group Holding (CRDO.O) forecast fourth-quarter revenue well below estimates on Tuesday following a cut in orders from the cable maker's largest customer, sending its shares down as much as 43% on Wednesday. The stock, which fell to $11.07, is set for its worst day since going public in January last year at an issue price of $10. According to a company filing, one of Credo's customers accounted for 44% of its revenue in the second quarter of fiscal 2023. Credo, which makes cables used in data centers, said it was expecting fourth-quarter revenue of $30 million to $32 million, below estimates of $58.3 million, according to Refinitiv data. Credo, which also designs chips, currently outsources all its semiconductor manufacturing to Taiwan Semiconductor Manufacturing Company (2330.TW).

Analysts said the new cash may afford Bed Bath only a few quarters to revive its business, and a weakening economy would diminish any chance of a successful turnaround. Bed Bath declined to comment on Hudson Bay Capital's role in the share sale. "All is on hold," a maker of children's apparel said last week, adding that it had stopped shipping products to Bed Bath since early January. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Reuters reported late last month that Bed Bath had lined up liquidators to close additional stores unless a last-minute buyer emerged.

Hudson Bay Capital is unrelated to Canadian department store chain Hudson's Bay Co. Bed Bath & Beyond declined to comment earlier Tuesday on Hudson Bay Capital leading investment in the share sale. A shopping cart is seen at a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew KellyPrices on Bed Bath & Beyond bonds due in 2024 climbed to 24 cents on the dollar from around 5 cents, a level still indicating financial distress. Bed Bath shares rose 2.7% in extended trading, after closing down 49% on Tuesday.

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☆ U.S. IPO price pops prompt fraud and 'pig butchering' warnings
▼ + stars: | 2022-11-17 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

Some investors harmed by the pump-and-dump schemes appear to be victims of an evolving social media scam called "pig butchering," Finra said. Finra said most of the price spikes it observed involved IPOs of small-cap issuers with operations outside the United States. The IPOs typically raised less than $25 million, valued the firms at under $100 million and issued fewer than 20 million shares. The NYSE and Nasdaq said they were probing the underwriters of the IPOs to ensure they did proper due diligence on registration statements. Reporting by John McCrank; Additional reporting by Lance Tupper; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Saga of Wall Street's pandemic darlings ends with tears
▼ + stars: | 2022-10-12 | by ( Sinéad Carew | ) www.reuters.com time to read: +5 min

Its problems put a spotlight on other pandemic hot-shots like Zoom Video Communications (ZM.O), Nautilus Inc (NLS.N), DocuSign Inc (DOCU.O) and DoorDash Inc (DASH.N). Register now for FREE unlimited access to Reuters.com RegisterGrowth investors pushed Peloton stock to a $171.09 record in early 2021. Others bought exercize gear from Nautilus during the pandemic, sending its stock up to $31.30 in early 2021. So, while people might still be using the Peloton, not enough people are buying the Peloton," said Forrest. While one possible outcome for pandemic favorites with slowing growth could be a buyout by a larger company, Schleif is wary of making this bet.

☆ Harassment is a problem in VR, and it’s likely to get worse
▼ + stars: | 2022-05-05 | by ( Rachel Metz | ) edition.cnn.com time to read: +12 min

But there’s already one problem that some users have reported cropping up in the nascent space: harassment and other unwanted behavior, particularly in social VR apps and games, including in Horizon Worlds. It’s hard to tell how widespread VR harassment is, but a December report from the nonprofit Center for Countering Digital Hate gives a sense of its prevalence in VRChat. In hopes of stopping and preventing bad behavior, social VR apps tend to offer a number of common tools that people can use. There aren’t established normsAn overarching challenge in addressing VR harassment is the lack of agreement over what even counts as harassment in a virtual space versus a physical one. “Because it’s immersive, the embodied feature of social VR, those behaviors kind of feel realistic, which means it could feel damaging because it feels physical, the threat,” Freeman said.

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