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Hyundai stock soars on news of Apple car partnership, report says – CNET

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Hyundai and Apple’s EV partnership is sending stock prices upward.


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Hyundai Motor’s stock prices are marching upward by as much as 17.5 percent, according to a report published Thursday by Reuters.

The increase is likely due to the announcement of a partnership between the South Korean automaker and Apple to develop the Apple car, aka Project Titan. Specifically, it’s said that Hyundai will be leading the battery design for the electric vehicle.

This news comes just a few weeks after the announcement that Hyundai had acquired an 80% controlling stake in creepy robot dog manufacturer Boston Dynamics for $921 million. We frankly cringe at the thought of creepy robotic EV charging snakes or worse coming out of this.

Hyundai didn’t immediately respond to Roadshow’s request for comment.


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Canadian provinces push back vaccination plans as Pfizer deliveries grind to a halt – MSN Canada

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Some provinces were forced to push back vaccination for health-care workers and vulnerable seniors on Monday as deliveries from a major manufacturer ground to a temporary halt.



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Canada is not due to receive any Pfizer-BioNTech vaccines this week as the company revamps its operations, and deliveries are expected to be slow for the next few weeks.

Ontario announced Monday that it was pausing COVID-19 vaccinations of long-term care staff and essential caregivers so that it can focus on giving the shots to all nursing home residents.

Premier Doug Ford said the delay has taught the province that it can’t take vaccine shipments for granted.

“I want to be clear: we’re using every single vaccine we can to protect our most vulnerable,” Ford told a news conference. “But delivery delays are forcing us to be careful and cautious as we plan, to ensure we’re able to offer second doses.”

The news came as more cases of the more contagious U.K. variant of COVID-19 were detected across Ontario, including in at least one long-term care home.

Some provinces have used up nearly all their vaccine supply and have been forced to push back their vaccination schedules.

Saskatchewan announced Sunday that it had exhausted all the doses it received. However, even after technically running out, the province still managed to vaccinate another 304 people as it continued to draw extra doses from the vials it received. It had administered 102 per cent of its allotted doses by Monday, and it expected the remaining excess doses to be gone this week.

Quebec has used up more than 90 per cent of its supply. It confirmed that the delivery delay would force it to postpone its vaccination rollout in private seniors’ residences, which had been scheduled to start Monday.

“Let’s be realistic: our vaccination momentum will be reduced as of this week,” Marjaurie Cote-Boileau, press secretary to Health Minister Christian Dube, said in a text message.

“Given the important reduction of Pfizer doses we’ll receive in the next two weeks, we have had to review our vaccination calendar.”

Quebec finished giving first doses to long-term care residents last week and has vaccinated some 9,000 seniors in private homes by using leftover doses. The province gave less than 2,000 shots Sunday, compared to an average of more than 9,600 a day over the previous week.

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In British Columbia, the provincial health officer said the government is extending the interval between the two doses of the COVID-19 vaccine. Dr. Bonnie Henry said further delays in the production and delivery of the Pfizer-BioNTech vaccine over the next two weeks caused the time period between the shots to be extended from 35 days to 42.

She said about about 60 per cent of more than 119,000 doses of COVID-19 vaccine administered in the province so far have gone to protecting residents of long-term care homes.

The Manitoba government also said it may soon have to put off some second-dose vaccine appointments as a result of the disruptions to the supply of the Pfizer vaccine.

Prime Minister Justin Trudeau has stressed that the delay is only temporary and that Canada is expected to receive 4 million doses of the Pfizer vaccine by the end of March.

As Parliament resumed Monday, Trudeau faced a barrage of questions from MPs of all parties as they blasted the Liberal government for what they described as a botched approach to rolling out vaccines.

Both Trudeau and Procurement Minister Anita Anand repeated the government’s promise that by the end of September, all Canadians wishing to be vaccinated will have received their shots. 

Trudeau added that the country is still receiving shipments of the Moderna vaccine.

Earlier Monday, Deputy Prime Minister Chrystia Freeland said there is “tremendous pressure” on the global supply chain for vaccines that the government has tried to mitigate.

“We are working on this every single day, because we know how important vaccines are to Canadians, to first and foremost the lives of Canadians and also to our economy,” she told a news conference in Ottawa by video.

Despite the vaccine delay, some provinces continued to report encouraging drops in the number of new cases and hospitalizations. Ontario reported fewer than 2,000 cases, as well as fewer people in hospital. It was a similar story in Quebec, where hospitalizations dropped for a sixth straight day.

Newfoundland and Labrador also reported no new cases of COVID-19 for a third straight day.

Alberta reported only 362 new cases of COVID-19 on Monday, compared with daily numbers peaking as high as 1,800 in mid-December. But the big concern for health officials was a case of the U.K. variant that could not be directly traced to international travel.

Alberta Health Minister Tyler Shandro said that while it is one case, the variant could quickly overwhelm hospitals if not checked.

“There’s no question that this kind of exponential growth would push our health-care system to the brink,” Shandro told a news conference. “It would significantly impact the health care and the services available to all Albertans.”

This report by The Canadian Press was first published Jan. 25, 2021.

— With files from Shawn Jeffords, Jordan Press, Dean Bennett and Stephanie Levitz.

Morgan Lowrie, The Canadian Press

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GameStop’s volatile rally smashes Wall St price targets – Aljazeera.com

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The video game retailer’s stock surged as much as 145 percent to $159.18 on Monday, triggering at least nine trading halts.

To see how far GameStop Corp. has outrun anyone’s ability to render sensible analysis, consider what its current dizzying rally has done to Wall Street’s best guesses of its value.

Now perched close to $75 a share, hoisted by a short squeeze ignited and arguably organized in chat rooms, the game retailer’s stock is about $60 above the average forecast of equity handicappers tracked by Bloomberg. The ratio between the two is by far the biggest in the Russell 3000 and jumped for a third day, as crazed trading capped a stretch in which the 37-year-old company burned bears who had shorted 139% of its shares.

It’s happening in a stock that before 2020 had fallen six straight years as earnings shrunk, and which isn’t projected to turn a profit before fiscal 2023. While fundamentals may one day matter again, GameStop has now become the latest show of force by newbie day traders in a market that seems more like their plaything each day.

The stock surged as much as 145% to $159.18 on Monday, at one point triggering at least nine trading halts. It briefly turned negative before bouncing back to trade up 22% to $79.56 at 2 p.m. in New York. The shares have advanced more than 320% since the start of the year.

“It doesn’t make business sense,” said Doug Clinton, co-founder of Loup Ventures. “It makes sense from an investor psychology standpoint. I think there’s a tendency where there is heavy retail interest for those types of traders to think about stocks differently than institutional investors in terms of what they’re willing to pay.”

Right now, they’re willing to pay 471% more than what analysts consider reasonable, on average. While perhaps fairly priced relative to its annual sales of about $5.2 billion in the 12 months through October, those sales are down 40% in just two years. The company is expected to report a per-share loss in both fiscal 2021 and 2022. To get a price-earnings multiple it’s necessary to look two years into the future, where the P/E is around 58.

Bears have seen more than $6.1 billion mark-to-market losses this year, according to financial analytics firm S3 Partners.

While Wall Street may have no clue what GameStop shares are worth, it does have ideas on what the company should do with them: sell.

“GameStop can issue equity and should sell stock to pay down debt,” said Wedbush Securities Inc. analyst Michael Pachter, who had a price target of $16 for GameStop as of Jan. 11. Doing so would involve “minimal dilution at these levels” and provide protection against an economic downturn. “They should do as much as the market will absorb,” he said.

Separately, Telsey Advisory Group analyst Joseph Feldman double-downgraded the stock to underperform from outperform on Monday, removing GameStop’s only buy-or-equivalent recommendation.

Bullish Options

Whatever the future holds, the recent past has been a bonanza for anyone who dared own the stock — or, even better, bullish options. Calls expiring Jan. 29 with a strike price of $115 were the most-traded GameStop contract early Monday. Other similar wagers had correspondingly heady gains as contracts once seen as long-shot upward bets suddenly were in the money.

At investment research firm Hedgeye, analysts advised clients to not go short the stock, despite removing it from their “best idea long list” to reanalyze fundamentals. “Wouldn’t dare do that given the positive catalysts we think will be coming down the pike as the year progresses” with a very bullish calendar on the horizon, Brian McGough and Jeremy McLean wrote.

GameStop “has become a cult stock because of Ryan Cohen’s success with Chewy,” Wedbush’s Pachter said, referring to the activist investor and co-founder of online pet retailer Chewy Inc., who joined GameStop’s board this month. “I cannot discount Mr. Cohen’s past successes and don’t know what he has in mind going forward, but I need to see their strategy before I give them credit for materially higher earnings power.”

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Canadian provinces push back vaccination plans as Pfizer deliveries grind to a halt – Canada News – Castanet.net

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Some Canadian health-care workers are being told they’ll have to wait longer to receive their first doses of COVID-19 vaccines as deliveries from a major manufacturer grind to a temporary halt.

Canada is not expected to receive any Pfizer-BioNTech vaccines this week as the company revamps its operations, and deliveries are expected to be slow for the next few weeks.

Ontario announced today that it was pausing COVID-19 vaccinations of long-term care staff and essential caregivers so that it can focus on giving the shots to all nursing home residents.

Several provinces have used up nearly all their vaccine supply and have been forced to push back their vaccination schedules.

Saskatchewan announced Sunday that it had exhausted all the doses it has received so far, while Quebec has used up more than 90 per cent of its supply.

Prime Minister Justin Trudeau has said the delay is only temporary and that Canada is expected to receive 4 million doses of the Pfizer vaccine by the end of March.

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