Pioneer Power Solutions Stock Up 18% On A Global Automaker's Order

European Economic News Preview: France Industrial Output Data Due

Industrial production from France and unemployment from Spain are the only important economic data due on Friday.

At 2.45 am ET, France’s statistical office Insee publishes industrial output for April. Production is expected to grow 0.3 percent on month, in contrast to the 1.1 percent decrease in March.

At 3.00 am ET, Spain’s unemployment data is due. Economists forecast unemployment to fall 40,100 in May following a decrease of 73,900 in April.

In the meantime, final GDP data is due from Austria. The preliminary estimate showed that the economy shrank 0.3 percent sequentially after remaining flat a quarter ago.

At 4.00 am ET, unemployment data is due from Norway.

MongoDB Shares Up 30% As Q1 Earnings, Revenue Beat Estimate

Shares of MongoDB, Inc. (MDB) were up 30% on Friday morning trade as the company announced first-quarter results that beat the Street estimates.

MDB is trading on Nasdaq at $382.39, up 30.08% or $88.43 per share. It has traded between $135.15 and $397.98 in the past 52-week period.

The company reported a net loss of $54.2 million or $0.77 per share for the quarter, narrower than a loss of $77.3 million or $1.14 per share one year earlier.

On an adjusted basis, it reported a profit of $45.3 million or $0.56 per share that beat the Street estimates of $0.14 per share.

Revenue increased to $368.3 million from $285.4 million the previous year. It surpassed the consensus estimate of $ 361.59 million.

The Chemours Gains 21% After Signing Agreement With DuPont, Corteva

The Chemours Co. (CC) shares are gaining more than 21 percent on Friday morning trade after the company reached an agreement with DuPont de Nemours Inc. (DD) and Corteva Inc. (CTVA) to comprehensively resolve all PFAS-related drinking water claims of a defined class of public water systems. The companies will collectively establish and contribute a total of $1.185 billion to a settlement fund.

Currently, shares are at $32.96, up 21.58 percent from the previous close of $27.11 on a volume of 1,220,438.

Vietnam's VinFast Recalls All US EVs To Fix Software Issue

Vietnamese electric vehicle maker VinFast is reportedly recalling all of the first batch of vehicles it shipped to the US last year to fix a software issue.

According to the National Highway Traffic Safety Administration (NHTSA), 999 of VinFast’s VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and “may increase the risk of a crash”.

VinFast is recalling certain 2023 VF8 vehicles. A software error may cause the multifunction head unit (MHU) display to go blank. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 101, “Control and Displays.”

The company will release an over-the-air software update beginning May 25, 2023, free of charge. Owner notification letters are expected to be mailed May 29, 2023.

More than 700 of the 999 units are still in VinFast’s hands and have not been delivered to customers or fleet services, the NHTSA estimated.

Imagining a New Filipino American Neighborhood Into Being, Starting With Food

In Los Angeles, a tiny pop-up market aims to become a cultural hub for a community.

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By Tejal Rao

Tejal Rao is a critic-at-large focused on food and culture, based in Los Angeles.

Senseonics Climbs After Announcing Coverage For E3 CGM System By UnitedHealthcare

Shares of Senseonics Holdings, Inc. (SENS) are gaining more than 10 percent on Friday morning after the medical technology company announced that UnitedHealthcare will begin providing coverage for the Eversense E3 CGM System effective July 1 for people with type 1 and insulin-requiring type 2 diabetes. E3 Continuous Glucose Monitoring System is indicated for continually measuring glucose levels for 6 months.

Currently, shares are at $0.69, up 9.18 percent from the previous close of $0.63 on a volume of 5,149,675.

LAVA Therapeutics Shares Up 61% On Clinical Development In Cancer Immunotherapy

Shares of LAVA Therapeutics N.V. (LVTX) were up 61% on Friday on clinical development by Janssen Biotech to support the development of cancer treatment.

LVTX is trading on Nasdaq at $3.07, up 61.57% or $1.17 per share. It has traded between $1.36 and $7.38 in the past 52-week period.

Janssen has selected a lead gamma-delta T cell engager bispecific antibody aimed at an undisclosed tumor-associated antigen, to move toward clinical development, in cancer immunotherapy.

This decision was made within the framework of a previously announced collaboration agreement between the two companies, to discover and create innovative bispecific antibodies targeting gamma-delta T cells as a potential treatment for cancer.

Janssen is responsible for the future clinical development, manufacture, and commercialization of the candidate at Janssen’s sole cost and expense, and LAVA is eligible to receive potential development, regulatory and commercialization milestone payments, and tiered royalties.

Pioneer Power Solutions Stock Up 18% On A Global Automaker's Order

Shares of Pioneer Power Solutions, Inc. (PPSI) were up 18% on Friday after the announcement of a big order for its e-Boost units by a major automaker to support multi-city autonomous EV Rollout.

PPSI is trading on Nasdaq at $6.64, up 18.36% or $1.03 per share. It has traded between $2.33 and $6.90 in the past 52-week period.

The autonomous driving division of a major global automaker has made an order for multiple e-Boost units to support the initial rollout of autonomous EVs in several cities. Deliveries are expected to begin in September 2023.

The company expects that these orders will contribute between 5 to 10% to Pioneer’s top line during the current fiscal year and between 10 to 20% during the fiscal year ending December 31, 2024.