Nikola and Republic Services terminate partnership on garbage trucks
- Nikola and Republic Services have terminated a partnership to jointly develop electric refuge trucks.
- Nikola said the decision was made after both companies determined the it would "result in longer than expected development time, and unexpected costs."
- Shares of Nikola were down about 12% during pre-market trading Wednesday.
Nikola and Republic Services have terminated a partnership to jointly develop electric refuge trucks, sending shares of the embattled start-up down about 12% during pre-market trading Wednesday.
Nikola said the decision was made after both companies "determined that the combination of the various new technologies and design concepts would result in longer than expected development time, and unexpected costs."
"This was the right decision for both companies given the resources and investments required," Nikola CEO Mark Russell said in a statement. "We support and respect Republic Services' commitment to achieving environmentally responsible, sustainable solutions for their customers."
When the deal for thousands of trucks was originally announced in August, Nikola's stock surged 22% to $44.81 a share. The shares are trading at about a third of that price now. As of 8:35 a.m. Wednesday, shares were down by about 12% in pre-market trading to $15.95.
Republic Services did not immediately respond for comment.
Stock Alert: FuboTV Tumbles 11% After Recent Strong Gains
Shares of fuboTV Inc. (FUBO), a sports-first live TV streaming platform, are falling more than 11 percent or $7.10 in Wednesday’s morning trade at $54.90, after strong gains in the past five sessions that including touching a new 52-week high on Tuesday.
Last week, fuboTV said it has officially launched on Hisense Smart TVs with the VIDAA Smart operating system, giving consumers instant access to live sports and entertainment. The Hisense 9602 remote control comes with a ‘Sports’ button, that brings consumers directly to fubo Sports Network, fuboTV’s linear sports channel.
fuboTV comes pre-installed in all models of the new Hisense 9602 smart TV with the VIDAA Smart operating system, which is now available online and in stores exclusively at Wal-Mart locations across the country.
fuboTV has traded in a range of $5.00 to $62.29 in the past 52 weeks.
Stock Alert: Magna International Hits New 52-week High On JV Deal With LG Electronics
Shares of Canada-based automotive supplier Magna International Inc. (MGA,MG.TO) are rising almost 9 percent or $5.78 in Wednesday’s morning trade at $72.14, after hitting a new 52-week high of $74.60.
Wednesday, South Korea’s LG Electronics Inc. (LGEPF.OB, LGEJY.OB, LGEIY.OB, LGEAF.OB) announced a joint venture with Magna International to manufacture e-motors, inverters and on board chargers. The JV, tentatively called LG Magna e-Powertrain, would also manufacture related e-drive systems for certain automakers, to support the growing global shift toward vehicle electrification.
Magna International has traded in a range of $23.75 to $74.60 in the past 52 weeks.
Paychex Inc. Q2 adjusted earnings Beat Estimates
Paychex Inc. (PAYX) released a profit for its second quarter that increased from the same period last year.
The company’s earnings totaled $272.4 million, or $0.75 per share. This compares with $258.7 million, or $0.72 per share, in last year’s second quarter.
Excluding items, Paychex Inc. reported adjusted earnings of $264.8 million or $0.73 per share for the period.
Analysts had expected the company to earn $0.66 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 0.7% to $983.7M from $990.7 million last year.
Paychex Inc. earnings at a glance:
-Earnings (Q2): $264.8 Mln. vs. $253.8 Mln. last year.
-EPS (Q2): $0.73 vs. $0.70 last year.
-Analysts Estimate: $0.66
-Revenue (Q2): $983.7M vs. $990.7 Mln last year.
Paychex Raises FY21 Outlook – Quick Facts
While reporting its financial results for the second quarter on Wednesday, Paychex Inc. (PAYX) raised its earnings and revenue outlook for fiscal 2021.
For fiscal 2021, Paychex now forecasts adjusted earnings per share to decline in a range of 1 percent to 4 percent, total revenue in a range of down 3 percent to flat, and Management Solutions revenue in a range of down 1 percent to up 1 percent.
Earlier, the company forecast fiscal 2021 adjusted earnings per share to decline in the range of 6 percent to 8 percent, total revenue to decline in a range of 2 percent to 4 percent, and Management Solutions revenue down in a range of 1 percent to 3 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.82 per share for the year on revenues of $3.94 billion. Analysts’ estimates typically exclude special items.
Qatar Sees No Political Obstacles for Resolving Gulf Standoff
Qatar’s foreign minister said talks were ongoing to resolve the rift that has divided the energy-rich Gulf nations, and that there weren’t any obstacles to resolve the crisis at a political level.
Talks on a reconciliation had taken place with Saudi Arabia, which represented the other parties to the dispute, Sheikh Mohammed bin Abdulrahman Al Thani said in Moscow, according astatement posted on Qatar’s foreign ministry website. He also called for dialogue between countries in the Gulf Cooperation Council and Iran.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic, trade and transport links with Qatar in 2017, accusing the gas-rich country of maintaining close ties with Iran and supporting terrorism. Qatar denies the charges.
But talks of a potential breakthrough began to circulate earlier this month. Kuwait’s foreign minister said last week that a meeting Gulf leaders was planned for Jan. 5 in Riyadh.
People with knowledge of the matter said that Saudi Arabia and Qatar are close to a preliminary rapprochement that may not initially include the UAE, Bahrain and Egypt.