The announcement comes after short-selling firm Hindenburg Research accused Nikola of fraud. The company pushed back on the accusations, saying there were “dozens” of inaccurate allegations in the report.
Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.
Disney’s long-awaited and controversial live-action film Mulan hit theaters in Hong Kong on Thursday after a disappointing debut in mainland China on Sept. 11.
The film generated $23.2 million in its opening weekend at the mainland China box office, sinking below analysts’ estimates that it would rake in $30 million to $40 million. Early indications suggest the movie’s reception in Hong Kong will be underwhelming too.
The film’s mainland China debut was considered a failure not just because it missed analysts’ expectations, but also because Disney had poured five years and $200 million into the film, in part, to ensure it appealed to a Chinese audience. Disney cast actors popular in China, hired Chinese consultants, shared the script with Chinese authorities, and cut scenes that Chinese … Read the rest
(Bloomberg) — Oracle Corp. and Walmart Inc. plan an minority investment in TikTok Global, giving companies that have little experience in social media a stake in a fast growing music and video-sharing app that became the focal point of a trade standoff between the U.S. and China.Oracle and Walmart together could end up with as much as 20% of the entity, purchased in a round of financing that would precede an initial public offering, the companies said Saturday. Sequoia Capital and General Altantic, current investors in TikTok parent ByteDance Ltd., could also pursue stakes in the fundraising round, a person with knowledge of the matter said. ByteDance will retain majority control.ByteDance commenced a search for investors in TikTok’s U.S. operations after Trump proclaimed that TikTok was a threat to U.S. national security, and ordered the app be sold to an American business or shut down by Sept. 20. The president … Read the rest
Subscription-based services are creating more Emmy Award-nominated and -winning content than traditional cable networks.
Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.
The reception area at the Aston Martin Red Bull Formula 1 Racing team’s headquarters in the English city of Milton Keynes, a commuter-belt town about 55 miles north of London, features a soaring two-story display case packed with silver, gold, and glittering glass cups, tombstones, and trophies—a visual, in-your-face reminder of the team’s prowess since the energy-drinks company took over the team in late 2004.
Last season, the team’s top driver, the brash 22-year-old Dutchman Max Verstappen, finished third overall, behind Mercedes’s two drivers, Valtteri Bottas and Lewis Hamilton—who, for most of the past decade, has dominated his sport the way Michael Jordan or Tiger Woods once dominated theirs.
The Red Bull team thought they were coming into this season with a shot at displacing Mercedes … Read the rest
There has been lots of talk this year of the COVID-19 benefits reaped by streaming services. As a result of the stay-at-home culture, OTT leader Roku (ROKU) has been a prime beneficiary, experiencing large account growth.But according to Rosenblatt analyst Mark Zgutowicz, Roku is particularly well placed to benefit from another trend: the move from linear to connected TV (CTV).Following discussions within OTT/CTV programmatic venues, the 5-star analyst notes there is clear indication “the demand picture for Roku will soon climb to new heights.” Zgutowicz believes the big 5 Ad agencies are “making a concerted effort to negotiate volume commitments for OTT/CTV inventory.”Importantly, Zgutowicz adds, the budgets for these advertising needs will come from “long-standing linear spend.”In other words, the agencies are realizing the untapped potential of CTV, as consumers move from the “decades old model” of linear TV to more flexible CTV services. This is great for CTV services … Read the rest
As trade tech tensions mount between the U.S. and China the U.S. semiconductor industry fears a tech cold war is brewing that could disrupt the global supply chain.
This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.
Happy Friday, everyone. Can stocks stage a comeback to avert another down week? It’s not looking promising.
Asia is higher, Europe is mixed and Nasdaq futures are off their lows. That’s good news, particularly for tech bulls, as the Nasdaq flirts with a new correction and some FAAMG stocks even threaten to fall into bear territory.
Let’s check in on the action.
Shares of Dave & Buster’s Entertainment tumbled over 26.1% on Thursday, after the Wall Street Journal reported that the company might have to file for bankruptcy if it fails to strike a deal with a lender.Meanwhile, shares of the dining and entertainment company rose 4.8% in the extended trading session as Truist Financial said that investors are overreacting to the news.According to the Wall Street Journal report, Dave & Buster's (PLAY) is planning to layoff about 1,300 employees across seven US states in a move to cut costs.Truist Financial analyst Jake Bartlett called the share plunge during the regular trading session a "severe overreaction". Bartlett said that the Wall Street Journal referred to the company's disclosure made in its 2Q 10-Q filing that if it is not in compliance with debt covenants, it may file a voluntary petition for Chapter 11 bankruptcy.Bartlett continues to believe that the company's lenders will … Read the rest
More nations are inviting travelers to trade their home offices for the chance to live and work abroad during the global pandemic.