Connect with us

Published

on

Traders work on the floor of the New York Stock Exchange during morning trading on May 24, 2024 in New York City. 

Michael M. Santiago | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Treasury yields weigh on Wall Street
The
S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia‘s continued rise since its earnings report last week, the tech giant couldn’t prevent the Nasdaq Composite from falling. The Dow Jones Industrial Average also declined, shedding 400 points, with insurer UnitedHealth leading losses. The yield on the 10-year Treasury note rose for a second consecutive day following a lackluster auction of government bonds on Tuesday. Rising yields can dampen consumer spending and make Treasurys and money market funds more appealing than stocks. Oil prices also slipped. 

Salesforce plunges
Shares of Salesforce slumped more than 17% in extended trade after the cloud software company reported weaker-than-expected revenue and issued earnings and revenue guidance that missed analysts’ expectations for the current quarter.  

Peltz dumps Disney stake
Activist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter. In early April, Peltz lost a proxy battle at Disney to elect himself and former Disney Chief Financial Officer Jay Rasulo to the company’s board. Peltz had long taken issue with Disney’s governance, particularly the company’s streaming strategy and a failed succession plan for CEO Bob Iger. 

Bulking up on shale
ConocoPhillips agreed to buy Marathon Oil in an all-stock transaction worth $17.1 billion. The acquisition will add 2 billion barrels of resources to ConocoPhillips’ portfolio, extending the company’s reach across shale fields in Texas, New Mexico and North Dakota. ConocoPhillips CEO Ryan Lance said the deal would immediately grow ConocoPhillips’ earnings, cash flow and shareholder returns after the deal closes in the fourth quarter.  

American sales strategy backfires
Shares of American Airlines slid more than 13% after CEO Robert Isom said the airline would slash capacity in the second half of the year. It comes a day after the carrier parted ways with its chief commercial officer, Vasu Raja, and cut its revenue and profit forecast. Raja led a plan to drive direct bookings at the airline in lieu of third-party sites and travel agencies, a strategy that included gutting the airline’s sales department. Raja will leave the company next month. 

[PRO] The summer trade
The Dow, S&P 500, and Nasdaq all hit record highs in May, but there are doubts that the momentum can carry on through June to August. CNBC’s Brian Evans explores historical data and shares what to expect from markets as well as which sectors typically perform the best. 

The bottom line

The world can be a confusing place at times. You would think we were in the midst of an energy transition, only for that environmental nirvana to be shattered by a multibillion dollar shale deal. ConocoPhillips is set to buy Marathon Oil in a $17 billion deal that would boost its portfolio and push its market cap past that of BP, according to Enverus M&A analyst Andrew Dittmar. 

No amount of federal aid for an energy transition — through Biden’s $369 billion Inflation Reduction Act and the Infrastructure Investment and Jobs Act — can bring about an immediate end to our addiction to oil. 

Toyota, which has been dragging its feet on rolling out all-electric vehicles, unveiled a new range of hybrid engines on Tuesday that can use biofuels to meet tougher emissions standards. The Japanese marque is not the only one resorting to hybrid vehicles as EV sales stall due to range anxiety and insufficient charging infrastructure. 

Meanwhile Chinese automaker BYD introduced a hybrid engine that, when fully loaded with battery and gasoline, can cover 2,100 kilometers (1,300 miles). 

Conoco’s deal couldn’t juice markets, which, after clocking some record highs, are under pressure from rising Treasury yields. With earnings season mostly in the rearview mirror, the focus has returned to the Fed, the economy and inflation. 

Atlas Merchant Capital CEO Bob Diamond told “Squawk on the Street” the Fed would “want to see some economic weakness before they cut rates. I mean 25 basis points doesn’t matter in the scheme of things. Maybe there’s 25 [points] there for signaling reasons. I don’t see the Fed, the FOMC, taking the risk of stoking inflation.” 

While markets are on pace to end on a high this month, Wolfe Research chief investment strategist Chris Senyek expects trading to become a lot “choppier over the summer.” He suggests sticking with large-cap technology stocks. This month, information technology stocks have outpaced all other S&P 500 sectors, up more than 13%. Nvidia alone has advanced more than 30% in May.

“If we’re correct and trading becomes choppier, our sense is that investors are likely to stick with what has worked so far this year,” Senyek wrote. “Said differently, our sense is that the  ‘Mag 7,’ Secular Growers, and Momentum stocks will outperform over the summer.” 

CNBC’s Alex Harring, Pia Singh, Spencer Kimball, Sara Salinas, Scott Wapner, Jordan Novet and Leslie Josephs contributed to this report.

Continue Reading

Environment

Tesla and Rivian are settling their battery tech theft lawsuit

Published

on

By

Tesla and Rivian are settling their battery tech theft lawsuit

Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.

It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.

In 2020, Tesla filed a lawsuit against Rivian over allegedly stealing trade secrets by hiring former Tesla employees and encouraging them to bring documents. Rivian has denied the allegations.

When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.

The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.

A year later, Tesla expanded the lawsuitclaiming more specifically that Rivian was “stealing the core technology for its next-generation batteries.”

At first, the companies tried to settle out of court, but it didn’t work out, so the lawsuit was moved to court last year.

Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):

Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.

Neither Tesla nor Rivian have commented on the reported settlement.

While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.

And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.

Electrek’s Take

The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.

The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.

Rivian is expected to use a taller 4695 battery from LG Energy Solutions for its next-generation vehicles.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Kempower, Proviridis partner on novel electric semi truck charging solution

Published

on

By

Kempower, Proviridis partner on novel electric semi truck charging solution

French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.

By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”

For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.

Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.

“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”

Electrek’s Take

While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.

SOURCE | IMAGES: Kempower.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

For a limited time, save $500 on a Centris folding eBike from Buzz Bicycles

Published

on

By

For a limited time, save 0 on a Centris folding eBike from Buzz Bicycles

In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.

Table of contents

Buzz Bicycles is back with an exclusive new deal

Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.

The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.

The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.

By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.

But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.

Buzz Bicycles

The Buzz Centris is an easy to ride foldable eBike for all

The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.

When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.

You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.

Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.

Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.

The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.

With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:

  • 10-year limited warranty (lightweight aluminum frame protected for full 10 years)
  • 2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
  • 6-month limited warranty (additional bike components protected by a 6-month warranty)
Buzz Bicycles

Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200. That’s a $500 discount in total!

Don’t wait, because this deal only runs through 11:59 PM on December 8, 2024.

We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you. 

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending