Fast-fashion Giant Shein Files for IPO, WSJ Reports
Fast-fashion giant Shein has confidentially filed for a U.S. IPO that could take place next year, the Wall Street Journal reported on Monday. The company, founded in China before relocating to Singapore, has tapped Goldman Sachs, JPMorgan Chase and Morgan Stanley as the offering's lead underwriters, the Journal said. A potential debut in the U.S. would follow a fundraising round in May that valued Shein at roughly $66 billion.
$Tesla(TSLA.US)$ shares rose by 0.27%, closing at $236.08. Its options trading volume is 1.37 million. Call contracts account for 55.4% of the whole trading volume. Tesla's Cybertruck launch is just four days away, and the electric pickup truck from the company's stable appears to be making all the right noises. The much-awaited vehicle, considered Tesla's "iPhone moment" because of the buzz it has generated, will be rolled out to customers at a launch event scheduled for Nov. 30. $AffirmHoldings(AFRM.US)$ shares rose by 11.97%, closing at $29.37. Its options trading volume is 0.27 million. Call contracts account for 61.8% of the whole trading volume. According to a Reuters report citing data from Adobe Analytics, Cyber Monday online sales are now expected to reach record levels of $12 bil
Meta Strikes Deal to Return to China After 14 Years
SINGAPORE -- Meta Platforms has struck a preliminary deal to sell a new, lower-priced version of its virtual-reality headset in China, regaining a foothold among consumers in the country 14 years after Facebook was shut out. The agreement with Tencent Holdings will make the world's largest videogame company the exclusive seller of Meta's headsets in China, people familiar with the matter said, offering the U.S. technology giant a major new market as it looks to boost tepid global demand for its niche gear. Tencent will start selling the headset beginning late 2024, with the two companies reaching a deal after about a year of negotiations. The deal is provisional and details are subject to change. It isn't clear whether Tencent needs to seek formal government approval for introducing Meta's
Rivian Stock Upshifts On Strong Q3 Earnings, Increased Production Guidance and More
$Rivian Automotive(RIVN.US)$ rose some 2% in after-hours trading Tuesday after the EV make reported third-quarter financial results after the bell. Here's a look at the key metrics from the quarter: Earnings Rivian reported third-quarter revenue of $1.337 billion, which beat the consensus estimate of $1.327 billion, according to Benzinga Pro. The company also reported a quarterly loss of $1.19 per share, which beat analyst estimates for a loss of $1.32 per share. Heading into the print, Rivian had beat earnings expectations in six of eight quarters since going public. However, the company had beaten revenue estimates just 50% of the time. "The key drivers of our path to positive gross profit are ramping production and leveraging our fixed costs, material cost reduction, and increasing aver
Ford Reaches Tentative Labor Deal With UAW Six Weeks Into Historic Strike
The United Auto Workers secured a new tentative labor deal with $Ford Motor(F.US)$ Wednesday night, potentially ending a six-week strike at one automaker while negotiations continue at $General Motors(GM.US)$ and Chrysler-parent $Stellantis NV(STLA.US)$. The labor agreement, which is subject to a member vote before being ratified, contains a 25% wage increase during the span of the contract, including an 11% bump in the first year, according to people familiar with the matter. The overall increase, which will be spread out over four years, would put the top wage for assembly workers at around $40 an hour. Terms of the deal also cut the time it takes for new hires to reach the top wage, to three years from eight in the contract that expired last month, the people said. If approved by worker
Solar Stocks Continue to Plunge After Friday SolarEdge Warning
$SolarEdge Technologies(SEDG.US)$ dropped 6.48% Wednesday, leading solar stocks lower. SolarEdge has dropped 35% in five days intraday after the maker of inverters and other equipment for solar-power systems cut its quarterly outlook on lower demand in Europe. On bad forecasts of a slump in European demand for electricity dragged down $Enphase Energy(ENPH.US)$ shares down 2.59%, while shares of $Sunrun(RUN.US)$ dropped by 9.7% and $SunPower(SPWR.US)$ moved lower by 18.65%.
Microsoft Earnings Growth Accelerates on Stronger-Than-Expected Cloud Demand
$Microsoft(MSFT.US)$'s sales growth accelerated last quarter as demand for its cloud computing services warmed amid growing enthusiasm about artificial intelligence. The company reported Tuesday that its revenue grew 13% to $56.5 billion for the quarter through September. That was above analysts' expectations and a step up from growth of 11% during year-earlier period. The growth rate in Microsoft's Azure cloud business was 29%. While that was below the pace that Microsoft posted in the same quarter last year, it was above the preceding quarter and analyst expectations. Microsoft is one of the first technology titans to report quarterly results. Like many in tech, it has been managing a sharp slowdown and reducing staff and other costs after years of high growth when the pandemic shifted w
$Tesla(TSLA.US)$ shares fell by 4.78%, closing at $242.68. Its options trading volume is 1.89 million. Call contracts account for 52.7% of the whole trading volume. The most traded calls are contracts of $255 strike price that expire on October 20th. The total volume reaches 40,871 with an open interest of 10,207. The most traded puts are contracts of a $250 strike price that expires on October 20th; the volume is 36,447 contracts with an open interest of 25,790. Tesla reported a drop in third-quarter earnings as the electric vehicle maker fell short of Wall Street expectations. Tesla reported adjusted earnings of $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two years. Analysts surveyed by Refinitiv had forecast a sl