QuantumScape Corporation (QS, Financial) experienced a significant surge in afternoon trading after announcing a major technological milestone with its anodeless solid-state lithium-metal cells, confirmed by Volkswagen's PowerCo. The solid-state cell surpassed expectations in the A-sample test, completing over 1,000 charging cycles, which translates to a potential vehicle mileage of over half a million kilometers. The cell demonstrated minimal aging, retaining 95% of its capacity. PowerCo's CEO Frank Blome expressed optimism about the technology's potential to revolutionize battery cells for electric vehicles.
Recursion Pharmaceuticals (RXRX, Financial) saw its shares climb following the announcement of a licensing agreement with Bayer (BAYZF) for a new chemical compound. This compound, developed through a collaboration initiated in 2020, represents a novel approach to treating fibrotic diseases. Recursion's CEO Chris Gibson highlighted the potential of the compound to reverse fibrotic processes and the company's continued focus on precision oncology in partnership with Bayer.
U.S. hospitals in states such as New York, California, Illinois, and Massachusetts have reinstated mask mandates for patients and staff in response to rising COVID and flu infections. The decision reflects the growing concern over the spread of respiratory viruses, with recent CDC data showing a significant increase in hospitalizations. New York City's public hospitals and health centers have implemented mandatory masking to prevent staffing shortages and maintain healthcare services.
Roivant Sciences (ROIV, Financial) saw its shares impacted as presidential hopeful Vivek Ramaswamy disclosed the sale of over $33 million worth of shares. Ramaswamy, who is investing a portion of the proceeds into his campaign, remains a major shareholder with approximately 51.9 million shares. This move comes as the GOP primaries approach, with Ramaswamy trailing behind other Republican candidates.
Amazon (AMZN, Financial) is intensifying its Prime Video advertising efforts by hiring a former Walt Disney Company (DIS) executive, Jeremy Helfand, to lead the initiative. This move is part of Amazon's strategy to incorporate ads into its streaming service, requiring subscribers to pay an additional fee to avoid ads. The company aims to increase revenue through this advertising model, following similar steps taken by Netflix (NFLX) and other streaming services.
The mobile game "Kim Kardashian: Hollywood" is set to end after a decade, marking the conclusion of a popular virtual celebrity simulation. Kim Kardashian expressed gratitude for the support over the years and indicated a shift in focus for future endeavors.
Biotechnology sector (XBI) is anticipated to perform well this year, with Baird analysts predicting a positive impact from potential monetary policy easing and the upcoming 2024 election. The sector is expected to benefit from favorable fiscal and monetary policies, as well as a correlation with lower interest rates.
McDonald's (MCD, Financial) has faced business challenges in the Middle East due to the conflict between Israel and Hamas. CEO Chris Kempczinski addressed the impact on the company's operations in the region and emphasized McDonald's commitment to local communities and employment.
WW International (WW, Financial) and LifeMD (LFMD, Financial) experienced stock declines following Eli Lilly's (LLY) launch of LillyDirect, a telehealth and home delivery service for medications. The new service competes with existing offerings from WW International and LifeMD, leading to a negative market reaction for these companies.
The airline industry (JETS, Financial) has had a rough start to the year, with most airline stocks trading lower. The top 10 worst-performing U.S. carriers have seen significant declines, with American Airlines Group (AAL) and Southwest Airlines Co. (LUV) among those affected.
Marathon Digital (MARA, Financial) reported record bitcoin production in December, attributing the increase to hash rate growth and efficiency gains. The company's chairman and CEO Fred Thiel expressed confidence in continued growth and the acquisition of new sites to expand hash rate capacity.
Fisker (FSR, Financial) is shifting its sales strategy to include dealerships across North America and Europe, differentiating itself from Tesla's (TSLA) direct-to-consumer model. Fisker aims to address challenges associated with direct sales, such as high delivery costs and vehicle servicing, by adopting a traditional dealership model.
Simply Good Foods Company (SMPL, Financial) saw its shares rally after a favorable FQ1 earnings report. Despite a slight decline in revenue, the company exceeded expectations for adjusted EBITDA and profit, driven by Quest volume growth and improved gross margins. SMPL reaffirmed its sales growth guidance and plans to invest in marketing and growth initiatives.
Mobileye (MBLY, Financial) shares dropped after the company reported preliminary fourth-quarter results and a subdued full-year outlook for 2024. The semiconductor industry faced a broader sell-off as a result of Mobileye's lower-than-expected revenue and shipment forecasts for its autonomous driving technologies and advanced driver-assistance systems.
Apple (AAPL, Financial) is expected to significantly upgrade the camera in its 2025 iPhone 17 line, according to a prominent analyst. The new model is anticipated to feature a 24-megapixel front-facing camera with a six-element lens, improving image quality compared to the 12-megapixel cameras in the iPhone 14 and iPhone 15.
Walgreens Boots Alliance (WBA, Financial) announced a significant reduction in its quarterly dividend, decreasing it by 47.9% to $0.25 per share. The company's CEO Tim Wentworth explained that the decision was made to strengthen the balance sheet and cash position.
PayPal Holdings (PYPL, Financial) faced a premarket decline after Oppenheimer downgraded the stock due to concerns over profitability and changes in the product portfolio. The analyst highlighted challenges in increasing operating margins and the impact of a shift from branded to unbranded volumes on profitability.
The U.S. economy is expected to see a slowdown in job additions for December, with nonfarm payrolls projected to cool and the unemployment rate potentially rising. The anticipated decrease in job growth is attributed to the resolution of recent strikes and an increase in layoffs.
