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Zach Kittley finalizes agreement to take over as Florida Atlantic coachNone
TORONTO — Canada's main stock index gained more than 150 points Wednesday after the Bank of Canada cut interest rates, while U.S. stock markets were mixed, led by a 1.8 per cent gain on the Nasdaq after the latest inflation report. The Bank of Canada cut its key interest rate by half a percentage point to 3.25 per cent. The outsized interest rate cut didn’t come as a surprise, but was welcomed by markets, said Brian Madden, chief investment officer with First Avenue Investment Counsel. On the TSX, “the leadership seems to be a combination of rate-sensitive areas like real estate and financials, and then pro-growth cyclicals like tech, indicating the strength in the U.S.,” he said. The S&P/TSX composite index closed up 153.37 points at 25,657.70. “With the policy rate now substantially lower, we anticipate a more gradual approach to monetary policy if the economy evolves broadly as expected,” he said. It was noteworthy that the Bank of Canada gave such a strong indication of what’s to come, said Madden. In New York, the Dow Jones industrial average was down 99.27 points at 44,148.56. The S&P 500 index was up 49.28 points at 6,084.19, while the Nasdaq composite was up 347.65 points at 20,034.89. Governor Tiff Macklem said the central bank will likely take a more cautious tack after December. In the U.S., the latest report on consumer inflation showed price growth ticked higher in November to 2.7 per cent. The “hotly anticipated” report came in exactly as expected, said Madden, and markets took it largely as good news. The U.S. Federal Reserve is still “all but certain” to cut its own rate by a quarter of a percentage point next week, said Madden. Also helping markets Wednesday were tech stocks, with Google continuing its gains from the day before after announcing its new quantum computing chip. The tech giant’s stock rose 5.5 per cent. Another tech name in the news was Broadcom, which saw its stock rise 6.6 per cent after an announcement that it’s working with Apple to develop an AI chip, noted Madden. Broadly, Wednesday saw a continuation of the momentum markets have enjoyed since the U.S. election, said Madden. The Canadian dollar traded for 70.65 cents US compared with 70.59 cents US on Tuesday. The January crude oil contract was up US$1.70 at US$70.29 per barrel and the January natural gas contract was up 22 cents at US$3.38 per mmBTU. The February gold contract was up US$38.30 at US$2,756.70 an ounce and the March copper contract was down a penny at US$4.26 a pound. — With files from The Associated Press This report by The Canadian Press was first published Dec. 11, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian PressGoogle forges ahead with its next generation of AI technology while fending off a breakup threatVinFast Auto Ltd. VFS shares are trading higher on Tuesday . The company reported a third-quarter loss per share of 23 cents, which beat the analyst consensus estimate for a loss of 28 cents . Quarterly sales of $511.6 million (+49.3%) beat the street view of $477.25 million. The company delivered delivering 21,912 vehicles, representing a 115% year-over-year increase. “We expect to finish 2024 on a strong note and meet our 80,000-vehicle delivery target, as the momentum in Q3 has continued into Q4,” said Madam Thuy Le, Chairwoman of VinFast. Notably, B2C deliveries experienced a considerable quarterly increase of 163%, highlighting strong market demand for VinFast’s EVs. The gross margin in the third quarter of 2024 was negative 24.0%, compared to the negative 27.0% margin in the same quarter of the previous year. Also Read: Biden Proposes Medicare, Medicaid Access For Popular Weight-Loss Drugs Recently, VinFast said its Founder and Chief Executive Officer, Pham Nhat Vuong, and his associated companies intend to provide up $2.1 billion in free grants to the company and its subsidiaries through the end of 2026. In addition, Vingroup Joint Stock Company intends for it and its subsidiaries to provide VinFast’s subsidiaries incorporated in Vietnam with up to $1.5 billion in loans through the end of 2026. “Our overall liquidity position has been enhanced by the recently announced loans from Vingroup and grants from our Founder, whereby we expect to receive a potential of $3.5 billion injection by the end of 2026,” said Lan Anh Nguyen, Chief Financial Officer of VinFast. VinFast aims to meet its annual delivery target of 80,000 vehicles, driven by strong momentum in Vietnam and North America. The company is focused on cost optimization and improving profitability while expanding its global presence. Price Action: VFS shares are trading higher by 1.15% to $3.975 at last check Tuesday. Read Next: Intel To Receive Nearly $8 Billion In Federal Funding Under CHIPS Act for US Expansion Image via Shutterstock. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Stocks rise marginally after three days of losses
NoneProvident Bancorp, Inc. Adopts Stock Repurchase Program
ATLANTA (AP) — President Joe Biden's administration announced Tuesday that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable. It's unclear whether the administration can complete the loan before Donald Trump becomes president again in less than two months, or whether the Trump administration might try to claw the money back. Trump previously vowed to end federal electric vehicle tax credits , which are worth up to $7,500 for new zero-emission vehicles and $4,000 for used ones. Rivian made a splash when it went public and began producing large electric R1 SUVs, pickup trucks and delivery vans at a former Mitsubishi factory in Normal, Illinois, in 2021. Months later, the California-based company announced it would build a second, larger, $5 billion plant about 40 miles (64 kilometers) east of Atlanta, near the town of Social Circle. The R1 vehicles cost $70,000 or more. The company plans to produce R2 vehicles, a smaller SUV, in Georgia with lower price tags aimed at a mass market. The first phase of Rivian’s Georgia factory is projected to make 200,000 vehicles a year, with a second phase capable of another 200,000 a year. Eventually, the plant is projected to employ 7,500 workers. But Rivian was unable to meet production and sales targets and rapidly burned through cash. In March, the company said it would pause construction of the Georgia plant. The company said it would begin assembling its R2 SUV in Illinois instead. CEO RJ Scaringe said the move would allow Rivian to start selling the R2 sooner and save $2.25 billion in capital spending. Since then, German automaker Volkswagen AG said in June it would invest $5 billion in Rivian in a joint venture in which Rivian would share software and electrical technology with Volkswagen. The money eased Rivian's cash crunch. Tuesday's announcement throws a lifeline to Rivian's grander plans. The company said its plans to make the R2 and the smaller R3 in Georgia are back on and that production will begin in 2028. “This loan would enable Rivian to more aggressively scale our U.S. manufacturing footprint for our competitively priced R2 and R3 vehicles that emphasize both capability and affordability,” Scaringe said in a statement. The Energy Department said the loan would substantially boost electric vehicles made in the United States and support Biden’s goal of having zero-emission vehicles make up half of all new U.S. sales by 2030. “As one of a few American EV startups with light duty vehicles already on the road, Rivian’s Georgia facility will allow the company to reach production volumes that make its products more cost competitive and accelerate access to international markets,” the department said in a statement. The loan includes $6 billion, plus $600 million in interest that will be rolled into the principal. The money would come from the Advanced Technology Vehicles Manufacturing Loan Program, which provides low-interest loans to make fuel-efficient vehicles and components. The program has focused mostly on loans to new battery factories for electric vehicles under Biden, but earlier helped finance initial production of the Tesla Model S and Nissan Leaf, two pioneering electric vehicles. The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for massive battery plants in Tennessee and Kentucky for Ford’s electric vehicles. Democratic U.S. Sen. Jon Ossoff , who has been a vocal supporter of electric vehicle and solar manufacturing in Georgia, hailed Tuesday's announcement as “yet another historic federal investment in Georgia electric vehicle manufacturing.” Ossoff had asked Energy Secretary Jennifer Granholm to support the loan in July. “Our federal manufacturing incentives are driving economic development across the state of Georgia,” Ossoff said in a statement. Georgia Gov. Brian Kemp says his goal is to make Georgia a center of the electric vehicle industry. But the Republican has had a strained relationship with the Biden administration over its industrial policy, even as some studies have found Georgia has netted more electric vehicle investment than any other state. Kemp has long claimed that manufacturers were picking Georgia before Biden's signature climate law, the Inflation Reduction Act, was passed. Efforts to bring Rivian to Georgia predated the Biden administration and "our shared vision to bring opportunity to Georgia will remain no matter who resides in the White House or what party controls Congress,” Kemp spokesperson Garrison Douglas said Tuesday. The loan to Rivian could rescue one of the Kemp administration's signature economic development projects even as Biden leaves office. That could put Rivian and Kemp in the position of defending the loan if Trump tries to quash it. State and local governments offered Rivian an incentive package worth an estimated $1.5 billion in 2022. Neighbors opposed to development of the Georgia site mounted legal challenges. State and local governments spent around $125 million to buy and prepare the nearly 2,000-acre (810-hectare) site. The state also has completed most of $50 million in roadwork that it pledged. The pause at Rivian contrasts with rapid construction at Hyundai Motor Group’s $7.6 billion electric vehicle and battery complex near Savannah. The Korean automaker said in October that it had begun production in Ellabell, where it plans to eventually employ 8,500. Associated Press writer Matthew Daly in Washington contributed to this story.Within 48 hours of killing 8-year-old Madyson "Maddy" Middleton nine years ago, Adrian Gonzalez was arrested and confessed to murdering his Tannery Arts Center Lofts neighbor.Pro sports leagues warn players after home break-ins: Organized groups are targeting athletesBOZEMAN, Mont. (AP) — Adam Jones ran for 197 yards and two touchdowns and Montana State ran over Montana 34-11 on Saturday to reclaim the Brawl of the Wild trophy. The Bobcats (12-0, 8-0 Big Sky Conference) wrapped up the 123rd meeting in this rivalry with 420 yards, 326 on the ground. Montana State capped its first unbeaten season and can match the school record for consecutive wins with a playoff win in two weeks. The Bobcats, ranked second in the FCS coaches poll, should be the top seed in the playoffs after top-ranked North Dakota State lost its finale to fifth-ranked South Dakota. Montana (8-4, 5-3), ranked 10th, is expected to add to its record 27 FCS playoff appearances but will not have a first-round bye in the 24-team bracket. Montana State quarterback Tommy Mellott was 6-of-12 passing for 94 yards with a touchdown in poor conditions and added 50 yards and a touchdown on the ground. He has helped the Bobcats score at least 30 points in every game this season Mellott had a 5-yard touchdown run on MSU's first possession and Mellott found Jones for a 35-yard touchdown early in the second quarter for a 14-3 lead. Myles Sansted had two field goals in the final two minutes, including a 49-yarder as time expired for a 20-3 halftime lead. Jones dominated the second half and scored two short touchdowns. Eli Gillman scored on a 1-yard run for Montana's touchdown between the Jones' touchdowns. The Grizzlies had just 234 yards and went 2 of 12 on third down. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football . Sign up for the AP’s college football newsletter: https://apnews.com/cfbtop25
Justin Sullivan The last few months have been particularly good for shareholders of SoFi Technologies ( NASDAQ: SOFI ). You see, back in August of this year, I wrote a bullish article about the company. In it, I did say that Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential. Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P firms, and live chat discussion of the sector. Sign up today for your two-week free tria l and get a new lease on oil & gas! Daniel is an avid and active professional investor. Crude Value Insights Learn more Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.Georgia QB Carson Beck knocked out by hand injury in SEC championship game against Texas