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SPAC Churchill Capital declines comment on whether it is pursuing specific merger following 'unusual' trading of its stock
Churchill Capital Corp IV undefined, a special purpose acquisition corporation set up by former Citigroup Inc. banker Michael Klein, issued a statement on Tuesday in response to inquiries from shareholders and following what it called 'unusual trading' in its shares in recent sessions. The blank-check company, which was formed for the purpose of acquiring a business or businesses, said it is always reviewing a range of potential business combinations to find a best fit for its shareholders. "We do not generally comment on rumors and speculation and will not comment as to whether the company is or is not pursuing a specific business opportunity other than saying, as noted, we are always evaluating a number of potential business combinations," said the statement. Churchill shares have gained about 50% in the last three months, amid media reports that it is in talks for a merger with electric vehicle company Lucid Motors. Electric vehicles have become a major subject of speculation after Tesla Inc.'s undefined more than 700% gains in the last 12 months.
IRS says this tax season will be ‘one of the nation’s most important.’ Make note of these key dates
The IRS will start accepting returns a little later than usual, on Feb. 12.
Harley-Davidson's stock jumps toward 2-year high after unveiling of 2021 bike lineup
Shares of Harley-Davidson Inc. undefined ran up 2.1% toward a 2-year high in afternoon trading Tuesday, after the motorcycle maker said its 2021 lineup of bikes have arrived at its dealers. "Harley-Davidson enters 2021 focused on motorcyling as an emotional experience," said Theo Keetal, vice president of marketing. "The timeless pursuit of adventure and freedom on the open road is the foundation of our heritage and the vision of our future. As we enter this new year and a new riding season, fueling that desire is more important than ever." The company's Street model lineup includes the "Iron 883" starting at $9,499 and the "Forty-Eight" starting at $11,299, while the Electric lineup is the "Livewire" starting at $29,799. The Cruiser lineup includes the "Street Bob" starting at $14,599, the "Softail Standard" starting at $13,599, the "Low Rider S" starting at $17,199 and the "Fat Boy 114" starting at $20,599; the Touring lineup has multiple models, starting at $18,999 with the "Electra Glide Standard" and "Heritage Classic," up to the "CVO Limited" starting at $44,039; and the Trike lineup starts at $27,999 with the "Freewheeler" and goes up to $48,999 with the "CVO Tri Glide." The stock, on track for the highest close since December 2018, has run up 47.0% over the past three months while the S&P 500 undefined has gained 10.9%.
Peloton, Fiverr and Chewy downgraded to sell at UBS
In a note on U.S. internet and interactive entertainment stocks, UBS downgraded Peloton Interactive undefined, Fiverr International undefined and Chewy undefined to sell from neutral. Analysts led by Eric Sheridan said the three stocks are "emblematic of a market that values growth over any semblance of valuation that can be justified on a multiple year view based on our fundamental analysis." Take-Two Interactive Software undefined was downgraded to neutral from buy.
Bank of America's stock slips after profit beat expectations but revenue falls shy
Shares of Bank of America Corp. undefined slipped 0.2% in premarket trading Tuesday, erasing earlier gains, after the bank reported a fourth-quarter profit that beat expectations but revenue that fell short, as global markets revenue rose less than forecast. Net income fell to $5.5 billion, or 59 cents a share, from $7.0 billion, or 74 cents a share, in the year-ago period. The FactSet consensus was for earnings per share of 55 cents. Total revenue declined 10.1% to $20.10 billion, below the FactSet consensus of $20.58 billion, as net interest income fell 15.5% to $10.25 billion to top expectations of $10.24 billion. Consumer banking revenue fell 13.4% to $8.24 billion, above the FactSet consensus of $8.13 billion, while global markets revenue increased 14.1% to $3.91 billion but missed expectations of $4.10 billion. Equities revenue rose 30% to $1.3 billion, while fixed income, currencies and commodities (FICC) revenue decreased 5% to $1.7 billion. Global banking revenue fell less than forecast and global wealth and investment management revenue declined in line with expectations. "In the fourth quarter, we continued to see signs of a recovery, led by increased consumer spending, stabilizing loan demand by our commercial customers, and strong markets and investing activity," said Chief Executive Brian Moynihan. Earlier, the bank said it had authorized a stock buyback program of $2.9 billion through March 31. The stock has rallied 39.2% over the past three months through Friday, while the SPDR Financial Select Sector ETF undefined has climbed 25.7% and the S&P 500 undefined has gained 10.0%.
Goldman Sachs stock rallies as profit more than doubles and beats expectations
Shares of Goldman Sachs Group Inc. undefined rose 2.0% in premarket trading Tuesday, after the bank and brokerage reported fourth-quarter net income that more than doubled and beat expectations by a wide margin, and revenue that also beat forecasts. Net income grew to $4.51 billion, or $12.08 a share, from $1.72 billion, or $4.69 a share, in the year-ago period. The FactSet consensus was for earnings per share of $7.45. Total revenue increased 17.9% to $11.74 billion, above the FactSet consensus of $9.99 billion, as net interest income jumped 32.4% to $1.41 billion to beat expectations of $1.14 billion. Among business segments, revenue increased the most in market making (53%) and investment banking (34%). Within investment banking, equity underwriting revenue nearly tripled (up 195%) to $1.12 billion, above the FactSet consensus of $784.4 million, while debt underwriting rose 68% to $526 million but missed expectations of $583.8 million. Fixed income, currencies and commodities (FICC) revenue grew 6% to $1.88 billion, missing expectations of $2.06 billion, while equities revenue rose 40% to $2.39 billion to surpass expectations of $1.89 billion. The stock has run up 46.3% over the past three months through Friday, while the Dow Jones Industrial Average undefined has gained 9.3%.
American Airlines enters new PSP agreement for $3.1 billion, with first installment already received
American Airlines Group Inc. undefined disclosed Tuesday that it reached a Payroll Support Program Extension Agreement (PSP2) with the U.S. Treasury for an expected total of at least $3.09 billion. The company said the first installment of the PSP2 agreement of $1.54 billion was received on Jan. 15. As part of the agreement, American Airlines has agreed to issue warrants to the Treasury to buy shares of common stock. The warrants have an exercise price of $15.66 per share. American Airlines' stock, which rallied 1.5% in premarket trading, has climbed 25.5% over the past three months through Friday, while the U.S. Global Jets ETF undefined has advanced 26.0% and the S&P 500 undefined has gained 10.0%.
