JHVE Photo
Listen below or on the go on Apple Podcasts or Spotify
Samsung (OTCPK:SSNLF) will receive $6 billion in chip subsidies next week to expand U.S. production, reports say. (00:26) 99 Cents Only's bankruptcy weighs on dollar stores. (01:57) Norwegian Cruise Line (NCLH) has placed its largest order for eight new ships. (03:03)
This is a summary transcript of the podcast.
The Biden administration is expected to give Samsung Electronics (OTCPK:SSNLF) more than $6 billion next week to help expand chip production in Taylor, Texas.
Sources told Reuters that the chip subsidy will be used to build four facilities in the city. This includes a $17 billion chip manufacturing facility announced in 2021, another factory, an advanced packaging facility, and a research and development center.
The grant also includes investment in another undisclosed location, according to people cited in the report. As part of the deal, Samsung (OTCPK:SSNLF) will more than double its U.S. investments to more than $44 billion.
The award is expected to be the third largest in a program aimed at promoting local chip manufacturing.
Taiwan Semiconductor Manufacturing (TSM) secures up to $6.6 billion in grants and about $5 billion in loans from the Department of Commerce and agrees to build its third factory in Arizona early Monday on Seeking Alpha I told you what I did.
The program's biggest winner was Intel (INTC), which secured $8.5 billion in grants and up to $11 billion in loans to help with chip production.
The funding comes from the Chip Science Act, which provides $52.7 billion in research and development and manufacturing subsidies and $75 billion in loans, but Samsung (OTCPK:SSNLF) does not plan to receive any loans.
99 Cents Only's bankruptcy filing Monday weighed on dollar stores.
99 Cents Only's parent company Number Holdings filed for bankruptcy protection on Sunday.
The company said “significant and persistent challenges” in the retail environment were hampering its ability to operate. The company also cited the “unprecedented” impact of the coronavirus, store reductions, changes in consumer demand and continued inflationary pressures as reasons for its decision to close all 371 stores.
99 Cents Only went public in 1996 and was acquired by Ares Management in 2012 for $1.6 billion.
Bankruptcy filings have reverberated across the industry, sending prices down for Dollar General (DG), Dollar Tree (DLTR), and Five Below (FIVE), all facing similar profitability headwinds. There is.
Dollar General (DG) stock ended the day down -1.4%, Dollar Tree (DLTR) fell 1.9% and Five Below (FIVE) ended in the red by 1.5%.
Norwegian Cruise Line Holdings (NYSE:NCLH) has ordered eight new ships for its three brands. This is the largest order in the company's history.
Norwegian plans to deliver four 200,000-ton ships, each with a capacity of 5,000 passengers, between 2030 and 2036.
Oceania Cruises plans to take delivery of two 86,000 gross tonnage ships, each with a capacity of 1,450 passengers, in 2027 and 2029.
Regent Seven Seas is scheduled to take delivery of two 77,000 gross tonnage vessels with a capacity of 850 passengers each in 2026 and 2029.
In addition to the new ship, the company will add a new pier at Great Stirrup Cay Harbor on a private island in the Bahamas. The pier is expected to be completed by the end of 2025.
Last month, Norwegian Cruise Line (NCLH) reported a 32% increase in fiscal year 2023 revenue compared to pre-pandemic levels and a 17% increase in passenger cruise daily revenue from 2019. Additionally, the balance of advance ticket sales ended 2023 at a record high. $3.2 billion, an increase of 56% from 2019.
Other notable articles on Seeking Alpha:
In Catalyst Watch of the day,
-
Nasdaq releases its latest short-term interest rate data report.
-
The three-day Google Cloud Next event begins. The tech giant will be showcasing its AI-powered assistant Gemini, Generative AI Studio, and AI Platform tools during the event.
Wall Street's major market averages ended unchanged on Monday.
The Nasdaq (COMP:IND) finished +0.03%, the S&P 500 (SP500) -0.04%, and the Dow Jones (DJI) -0.03%.
Sector-wise, five of the S&P's 11 sectors ended Monday's session at the top, with real estate and consumer discretionary leading the way. His two worst performing sectors in the market were energy and healthcare.
Now let's take a look at the market price as of 6am. Dow, S&P, and Nasdaq futures are in the green ahead of today's opening bell. Crude oil remains flat at over $86 per barrel. Bitcoin fell 2.7% to over $70,000.
In global markets, the FTSE 100 rose 0.06% and the DAX fell 0.7%.
The biggest move of the day: Harmonic (HLIT) announced that Nimrod Bennatan will become its new president and CEO, replacing Patrick Hirschman on June 11, 2024. After that, it fell by about 9%.
Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
