Archer Aviation Down After Company Doubles Available Shares
13 minutes ago
Archer Aviation (ACHR) shares fell more than 10% Monday morning after the manufacturer of electric vertical takeoff and landing (eVTOL) aircraft backed by United Airlines (UAL) announced it was doubling the number of common stock available and changed requirements for board membership and ownership.
In a regulatory filing, the company reported that in a special meeting of shareholders Dec. 20, investors voted in favor of amending the firm’s certificate of incorporation “to increase the number of authorized shares of the Company’s Class A common stock available for issuance from 700,000,000 to 1,400,000,000.”
Shareholders also voted in favor of issuing Class A Common Stock to carmaker Stellantis (STLA) per an agreement made in August.
Along with those decisions, shareholders approved “limits of the voting, ownership and control of the Company by persons who do not meet the definition of ‘a citizen of the United States,’” as defined by federal law. In addition, Archer agreed to certain limitations on foreign ownership.
Despite today’s losses, shares of Archer Aviation have added more than 60% of their value this year.
Boeing Shares Slide After Deadly South Korea Crash
1 hr 4 min ago
Boeing (BA) shares fell sharply in early trading Monday after a 737-800 operated by South Korea’s Jeju Air crashed, killing 179 people, in the latest accident involving one of the U.S. company’s planes.
According to The Wall Street Journal, the aircraft rammed into a concrete barrier and burst into flames as it tried to land Sunday in South Korea’s Muan County. All but two of the 181 people on the flight—which had departed from Bangkok, Thailand—were killed.
Boeing shares were down more than 4% in recent trading. Shares of Jeju Air, a budget carrier set up in 2005, closed nearly 9% lower at an all-time low in Seoul trading Monday.
Boeing has been battling a series of problems with the quality of its aircraft, most notably this year with the mid-air blowout of a door plug on an Alaska Airlines (ALK) flight in January. That led the Federal Aviation Administration (FAA) to ground expansion plans for the U.S. aviation giant’s best-selling 737 MAX.
The safety problems, as well as a strike at its West Coast plants that lasted nearly two months and ended in November, led to cost-cutting moves including thousands of layoffs. Boeing subsequently raised billions of dollars to shore up its finances and stem a cash drain.
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Boeing’s shares have lost a third of their value this year.
Tesla Levels to Watch as Investors Await Q4 Deliveries Report
2 hr 34 min ago
Tesla (TSLA) shares are down in premarket trading after logging two consecutive days of losses, as investors reassess the stock’s extended post-election rally and look ahead to the EV maker’s fourth-quarter deliveries report.
Analysts predict the deliveries number, which is expected to be released on Thursday, to come in around 510,000 units, which would represent 10% growth from the prior quarter and a 5% improvement from a year earlier.
Since the presidential election, Tesla shares have surged more than 70% on expectations that CEO Elon Musk’s ties with President-elect Donald Trump and growing influence in Washington will benefit the automaker’s autonomous driving ambitions.
Tesla shares were down 3% at around $419 in recent premarket trading, after falling nearly 7% over the previous two sessions.
The stock has consolidated within a pennant, a chart pattern that signals a continuation of the current uptrend.
A measured move, which calculates the distance in points of the impulsive move higher that preceded the pennant and adds that amount to the pattern’s top trendline, forecasts a price target of $615.
During pullbacks, investors should watch key support levels on Tesla’s chart around $360 and $300.
Read the full technical analysis piece here.
Major Index Stock Futures Lose Ground
3 hr 21 min ago
Futures tied to the Dow Jones Industrial Average were down 0.6% in recent trading.
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S&P 500 futures were down 0.8%.
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Nasdaq 100 futures were also off 0.8%.
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The stock market took a hit today as big-tech companies tumbled, causing the Dow and S&P 500 to be on pace for their worst month since April. Investors are feeling the pressure as concerns about inflation, rising interest rates, and slowing economic growth weigh on the market.
Tech giants like Apple, Amazon, and Facebook saw significant losses, dragging down the overall market. The Nasdaq Composite also took a hit as tech stocks struggled to maintain their momentum.
With the Federal Reserve signaling potential interest rate hikes sooner than expected, investors are bracing for a bumpy ride in the coming months. The uncertainty surrounding the global economy and geopolitical tensions are adding to the volatility in the market.
As we head into the final stretch of the month, it remains to be seen if the market can bounce back or if we are in for more turbulence ahead. Stay tuned for updates as the situation continues to unfold.
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