Streetbeat News

Products Services

Ford Motor Company (NYSE:F) is scaling back its investment in the BlueOval Battery Park Michigan, reducing the number of jobs created from 2,500 to 1,700 and the annual EV production capacity from 400,000 to 230,000 vehicles. The overall investment in the plant is also being cut from $3.5 billion to approximately $2 billion. This adjustment is part of Ford's broader reduction in its EV strategy, which includes delaying $12 billion in spending on battery-powered models. The company cites slower than expected EV adoption as a reason for the re-timing and resizing of investments.

Portfolio Pulse from Nabaparna Bhattacharya

November 21, 2023 | 5:54 pm

VWAGY

Volkswagen AG has started operations at its first fully owned battery pack production facility in Hefei, China. This move is part of Volkswagen's strategy to expand its electric vehicle production in the world's largest auto market. The plant will begin mass production of electric models by the end of 2023, with an investment of approximately $208.01 million. CEO Oliver Blume is aiming for a €20,000 EV by the latter half of the decade. Volkswagen shares are currently trading down by 2.78% at $12.87.

Portfolio Pulse from Shivani Kumaresan

November 21, 2023 | 5:45 pm

GE Vernova, a division of General Electric Co (NYSE:GE), has signed a memorandum of understanding with Next Hydrogen Solutions Inc. to produce green hydrogen by integrating Next Hydrogen's electrolysis technology with GE Vernova's power systems. This partnership aims to drive the hydrogen revolution and contribute to decarbonization across various industries. The initial phase includes installation, testing, and integration of Next Hydrogen's water electrolyzer with a GE Vernova power supply, with advanced power systems expected to launch in 2024. GE's stock saw a slight decline of 0.29% to $119.72.

Portfolio Pulse from Shivani Kumaresan

November 21, 2023 | 5:39 pm

DELL

Citi analyst Asiya Merchant maintains a Buy rating on Dell Technologies Inc (DELL), citing optimism in PC demand and AI server prospects. Dell's stock has outperformed peers and trades at a modest premium. The company is well-positioned in its core markets, with disciplined operational expense management, improving free cash flow, and a focus on shareholder returns. The inclusion in the S&P 500 is seen as a potential catalyst. Dell shares were up 0.45% at $73.69 in the last check.

Portfolio Pulse from Anusuya Lahiri

November 21, 2023 | 5:33 pm

MSFT

Analysts are optimistic about Microsoft's AI future after hiring Sam Altman, previously fired by OpenAI. Piper Sandler and Mizuho analysts maintain positive ratings on Microsoft with price targets of $425 and $420, respectively. The hiring is seen as a strategic move to control Microsoft's AI destiny and build an end-to-end AI stack. However, there is uncertainty about OpenAI's future, with concerns of rapid value destruction. Microsoft's Q2 revenue and EPS projections are slightly above and below consensus, respectively. MSFT shares saw a slight premarket decline.

Portfolio Pulse from Anusuya Lahiri

November 21, 2023 | 5:13 pm

BYDDF

GELYF

MBGAF

TSLA

Geely Automobile Holdings Ltd. (GELYF) has launched its electric vehicles in Malaysia, competing with Tesla (TSLA) and BYD (BYDDF). Geely introduced three models with prices ranging from $40,640 to $60,640, while Tesla's Model 3 and BYD's Atto are priced at $40,640 and $31,840 respectively in Malaysia. Pro-Net, partly owned by Geely, will distribute the Smart cars and aims for a 10% market share. Geely is also investing in an automotive city in Tanjung Malim. Mercedes Benz Group AG (MBGAF) has started local assembly of its EQS model in Malaysia. Geely's shares closed down 2.44% at $1.20.

Portfolio Pulse from Nabaparna Bhattacharya

November 21, 2023 | 5:08 pm

BABA

BIDU

MSFT

NVDA

TCEHY

Baidu Inc (NASDAQ:BIDU) reported a 6% YoY revenue increase to 4.45 billion yuan in Q3, with shares rising 2%. Despite a challenging macroeconomic environment, Baidu's AI advancements, particularly with its Ernie bot, demonstrate resilience and competitiveness. Microsoft Corporation (NASDAQ:MSFT), with a 49% stake in Open AI, hired ousted Open AI staff, including Sam Altman, strengthening its AI position. Baidu, along with Alibaba (NYSE:BABA) and Tencent Holdings Limited (OTC:TCEHY), remains a key player in China's internet sector, with Tencent also navigating US chip export curbs. Nvidia Corporation (NASDAQ:NVDA) was mentioned in relation to AI chip supplies.

Portfolio Pulse from Upwallstreet

November 21, 2023 | 5:00 pm

DHI

LEN

PHM

TOL

XHB

Despite a slowdown in home sales and high interest rates, homebuilder stocks have outperformed the market in 2023. DR Horton, Lennar Corporation, Toll Brothers, and PulteGroup have seen significant gains. The SPDR Homebuilders ETF also rose. The sector's resilience is attributed to a strong desire for homeownership and limited housing supply. Supply chain issues persist, but housing starts are expected to increase as these ease. The sector's outlook for 2024 is cautiously optimistic, with potential risks from economic slowdown and labor market weakening.

Portfolio Pulse from Neil Dennis

November 21, 2023 | 4:43 pm

RXT

Rackspace Technology (NASDAQ:RXT) is set to participate in AWS re:Invent 2023, showcasing its generative AI applications from Foundry for AI by Rackspace. Celebrating twelve years at the event, Rackspace will have a booth with interactive AI and VR demonstrations, a breakout session with JobTarget, and networking events. The company highlights its strong partnership with AWS, boasting over 2,200+ AWS certifications and 16 AWS Competency designations, and aims to demonstrate its capabilities in enhancing business transformation and customer experiences through AI.

Portfolio Pulse from Benzinga Newsdesk

November 21, 2023 | 4:29 pm

BNY Mellon Corp (NYSE:BK) and Lunate are investing in a new company, Alpheya, to create a wealth management technology platform for the Middle East and North Africa. Alpheya will be based in ADGM with a $300 million capital commitment and is set to start in 2024. BNY Mellon holds a minority share in Alpheya. The company aims to meet the increasing demand for digital wealth management services in the region. BNY Mellon recently reported a Q3 FY23 revenue increase of 2% Y/Y to $4.37 billion, surpassing estimates, with an adjusted EPS of $1.27. BK shares saw a slight increase of 0.21% to $47.22.

Portfolio Pulse from Lekha Gupta

November 21, 2023 | 4:27 pm