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Lucid Group (LCID) rebounded after a new fund investment in Saudi Arabia boosted confidence. (00:24) The world's largest oilfield services company has no plans to exit Russia – FT. (01:31) WeWork (OTC:WEWKQ) founder and former CEO Adam Neumann makes a bid for the company. (02:39)
This is a summary transcript of the podcast.
An affiliate of Saudi Arabia's PIF wealth fund has made a $1 billion investment in Lucid Group (NASDAQ:LCID).
Ayar Saad Investment Company is already a major shareholder in Lucid Group.
Morgan Stanley said that while the capital raise was slightly lower than expected, it was in line with Lucid Group's (LCID) first-half free cash flow loss that it had expected. Analyst Adam Jonas also said the timing was a little earlier than expected. Overall, Jonas and the MS analyst team see an investment in PIF as being moderately positive for the stock.
Even after receiving additional support from LCID's largest shareholder, Morgan Stanley believes that LCID's long-term success will depend on its ability to produce vehicles at a cost below selling price and develop the Gravity model in a profitable and capital-efficient manner. We believe that this will depend on the company's ability to strengthen its performance. Finding other means of extracting value from our IP and technology portfolio.
LCID Monday closing price +5.4%. Pre-market LCID is +1%.
SLB (NYSE:SLB) has no plans to withdraw from Russia two years after invading Ukraine.
The company's CEO, Olivier Le Pouch, told the Financial Times on Monday that the company had not decided whether to sell its Russian business and was honoring its contracts with customers. Ta. If that happens, SLB would follow in the footsteps of rivals Baker Hughes (BKR) and Halliburton (HAL) in oil field services.
“That team is [in Russia] I think it is run autonomously and operates behind the scenes to some extent. We are protecting our assets and that is our priority,” Le Pouche said in an interview with the FT.
Since the collapse of the Soviet Union, SLB (SLB) has built a major business in Russia, generating about 5% of the company's $33.1 billion in revenue last year and employing about 9,000 people.
SLB (SLB) suspended new investment and technology deployment in Russia in March 2022, and stopped shipping products to the country in July 2023 in response to tightening sanctions, but unlike its competitors, it remains It maintains its presence in the country.
WeWork (OTC:WEWKQ) founder and former CEO Adam Neumann has made a bid of more than $500 million to buy back the company, according to media reports.
Neumann resigned as CEO and gave up majority voting rights in September 2019, but reports say he has wanted to return to WeWork for some time.
The Wall Street Journal reported that Mr. Newman's lawyers sent a letter to the company's advisers in February pointing out Mr. Newman's affiliations with hedge fund Third Point and other companies. In early February, Bloomberg reported on a possible bid involving Third Point, led by investor Dan Loeb.
However, a person familiar with the situation said Third Point was not involved.
WeWork filed for Chapter 11 bankruptcy protection in November 2023.
Other notable articles on Seeking Alpha:
Goldman remains bullish on commodities in anticipation of rate cuts
Ron DeSantis signs Florida bill banning social media for children under 14
SPAC Digital World soars after deal with Trump Media, scheduled for Tuesday, closes
In Catalyst Watch of the day,
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Nasdaq releases short selling data for US stocks.
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General Motors (GM), Ford Motor (F), Adient (ADNT), Lear (LEA), and BorgWarner (BWA) are some of the companies scheduled to participate in the Bank of America Global Automotive Summit. is.
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The three-day Adobe Summit Digital Experience Conference begins. Adobe (ADBE) CEO Shantanu Narayan will speak at the conference along with other company executives. General Motors (GM) CEO Mary Barra and Delta Air Lines (DAL) CEO Ed Bastian will be guest speakers.
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United Parcel Service (UPS) will hold an analyst day. In late January, UPS set a lower-than-expected full-year revenue outlook and announced plans to cut 12,000 employees worldwide.
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Caron Petroleum (CPE) shareholders will vote on a takeover offer from APA Corporation (APA).
Major market averages ended trading lower on Monday as Wall Street entered a holiday-shortened trading week.
The Dow Jones Industrial Average (DJI) closed 0.4% lower, the S&P 500 Index (SP500) ended in the red by 0.3%, and the Nasdaq Index (COMP:IND) ended in negative territory by 0.27%.
Eight of the S&P's 11 sectors fell, with industrials and technology falling. Meanwhile, Energy and Utilities were the two sectors that performed best on the day.
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 fell 0.2% to less than $82 per barrel. Bitcoin rose 6% to over $71,000.
In global markets, the FTSE 100 rose 0.1% and the DAX rose 0.6%.
Biggest pre-market move of the day: Stoke Therapeutics (STOK) follows positive results in a study of its drug STK-001 for Dravet syndrome, a genetic epilepsy in children and adolescents. It rose by 80%.
Today's economic calendar:
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.
