EV startup Fisker (NYSE: FSR) said in a regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Monday that it is pausing production of its electric Ocean SUV for six weeks as it has effectively run out of cash. The company said in a filing that it had just $121 million in cash and cash equivalents as of March 15, and $32 million of which is restricted or not immediately accessible. Fisker also noted that its accounts payable balance is up to $182 million and that there is "substantial doubt" it can continue operations without a cash infusion. Separately on Monday, Fisker announced a financing commitment from an existing investor providing up to $150 million of gross proceeds and it is continuing talks with a large automaker for a potential transaction that could include an investment in the EV startup, joint development of one or more EV platform, and North America manufacturing.
Shares of boating stocks Brunswick Corp (NYSE: BC), MarineMax (NYSE: HZO) and OneWater Marine (NASDAQ: ONEW) were brought into focus on Friday after D.A. Davidson analyst Brandon Rolle warned proposed federal regulations to limit boat speeds on the East Coast may become a reality. "From our conversations with boat industry contacts, it appears there is 90%+ chance this rule [proposed by the National Oceanic and Atmospheric Administration and put forward by the Commerce Department] is passed by the White House next month ... this regulation only provides potential downside to the industry," Rolle said in a report, adding that the new rules are expected to "weigh negatively on new boat sales, used boat values and higher [horsepower] engine sales." The proposed legislation calls to limit the number of 35- to 65-foot boats hitting whales by limiting speeds to 10 knots from Massachusetts to Florida for seven months out of the year.
Italy's competition and consumer regulator, the AGCM, has fined ByteDance's TikTok €10 million following an investigation into the social media giant's algorithmic practices. “The company has failed to implement appropriate mechanisms to monitor content published on the platform, particularly those that may threaten the safety of minors and vulnerable individuals. Moreover, this content is systematically re-proposed to users as a result of their algorithmic profiling, stimulating an ever-increasing use of the social network,” the AGCM wrote in a press release on Thursday. The AGCM said three regional companies -- Ireland-based TikTok Technology Limited, TikTok Information Technologies U.K. Limited and TikTok Italy Srl -- have been sanctioned as its investigation showed TikTok's responsibility in dissemination content "likely to threaten the psycho-physical safety of users, especially if minor and vulnerable."
Financial services company Stripe said in its annual letter published Wednesday that it has passed the $1 trillion total payment volume milestone in 2023, rising 23% year-over-year . At that level, the output of businesses using Stripe's payment services totaled roughly 1% of global GDP, according to the letter. That payment volume, subject to fees starting at 2.9%, translated into the company becoming "robustly cash flow positive in 2023 and expects to be aging in 2024," the letter reads. Moreover, Stripe highlighted that there are now more than 100 companies that process at least $1 billion per year with Stripe, accounting for about 10% of its total payment volume. With the company now valued at $65 billion, speculation continues as to when and if it will pursue an initial public offering (IPO).
Alphabet's Google (NASDAQ: GOOG) (NASDAQ: GOOGL) announced Tuesday it will restrict the types of election-related questions users can ask its Gemini chatbot ahead of multiple major elections around the world in 2024, including theU.S. Presidential election. "Out of an abundance of caution on such an important topic, we have begun to roll out restrictions on the types of election-related queries for which Gemini will return responses," the company wrote in a blogpost. "We take our responsibility for providing high-quality information for these types of queries seriously, and are continuously working to improve our protections." The company has already rolled out the restrictions in India ahead of it elections this spring, collaborating with the Election Commission of India to allow for easy-to-find voting information on Google Search and YouTube.
Airbnb (NASDAQ: ABNB) is banning the use of indoor security cameras in all listings on the platform, the short-term property rental company announced on Monday. Prior to this decision, Airbnb host were permitted to have indoor security cameras in common areas -- excluding bathrooms and bedrooms -- as long as they were disclosed on the property's listing. The company said the update to its policy will only impact "a smaller subset of listings," and comes in response to numerous reports of hidden cameras found at rental properties by guests. Airbnb is also changing its rules regarding outdoor security cameras, now requiring hosts to discled the presence and locations of outdoor cameras and forbids listings from having outdoor cameras in private areas such as saunas. "These changes were made in consultation with our guests, Hosts and privacy experts, and we'll continue to seek feedback to help ensure our policies work for our global community," said Juniper Downs, head of community policy and partnerships at Airbnb, in a blogpost.
Reddit announced the launch of a new suite of tools for businesses on Friday, called Reddit Pro, aimed to help businesses grow their presence on the social media platform ahead of its highly anticipated initial public offering (IPO). The new tools feature AI-powered insights on trending topics and conversations relevant to the brand, as well as publishing tools to held draft and schedule public posts. Businesses can also extend their reach on the platfrom through paid advertising with the "promote" options, and analyze their performance on posts with Reddit's new analytics tools on the Pro dashboard. "Through Reddit Pro, we're connecting companies with communities in a mutually valuable way: unmatched insights and tools for enhanced participation from businesses, both organic and paid, which then drives more relevant and valuable experiences for our users," said Roxy Young, chief market and consumer experience officers at Reddit, in a release.
Federal Reserve Chair Jerome Powell said in remarks before the Senate Banking Committee on Thursday that the U.S. economy is showing signs that inflation is easing to a level that policymakers may become confident to cut interest rates. "We're waiting to become more confident that inflation is moving sustainably at 2%. When we do get that confidence, and we're not far from it, it'll be appropriate to begin to dial back the level of restriction," Powell said in response to questions about inflation and interest rates, adding that the cuts will be necessary so that the central bank does not push "the economy into recession rather than normalizing policy as the economy gets back to normal. The majority of market participants currently expect the Fed to maintain rates at their current range of 5.25% to 5.50% at its upcoming meeting in March, according to CME FedWatch tool, with 56% of investors betting for rates to be cut to 5.00% to 5.25% in June.
Target (NYSE: TGT) announced it is launching a new paid membership program, called Target Circle 360, on April 7 -- offering its latest service to compete with Walmart (NYSE: WMT) and Amazon (NASDAQ: AMZN). The new subscription service, which appears to be the paid version of Target's free loyalty program Target Circle, includes free same-day delivery for orders over $35 through the delivery service Shipt, free two-day shipping, as well as other product offerings and exclusive partnerships. Target sais offering a promotional rate of $49 a year through May 18, with target Circle 360 then costing $99 per year after that date. However, Target Circle credit card holders will be able to subscribe at $49. CEO Brian Cornell wrote in a letter to investors on Tuesday that the company will continue to "roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond."
American Airlines (NASDAQ: AAL) on Monday announced it will buy 260 new jets from Airbus (OTC: EADSY), Boeing (NYSE: BA) and Embraer (NYSE: ERJ) -- its largest such purchase since 2011 -- as it expects to increase its revenue from premium passengers. The orders include 85 Airbus A321neo, 85 Boeing 737 MAX 10 and 90 Embraer E175 aircraft. This is the carrier's first-ever order for the MAX 10, Boeing's largest variant of its 737 MAX planes. "Over the past decade, we have invested heavily to modernize and simplify our fleet, which is the largest and youngest among U.S. network carriers,” CEO Robert Isom said in a statement. “These orders will continue to fuel our fleet with newer, more efficient aircraft so we can continue to deliver the best network and record-setting operational reliability for our customers.”
Bumble (NASDAQ: BMBL) announced Tuesday plans to cutabout 37% of tis staff, roughly 350 positions, as the dating app looks to restructure its operating model with "future strategic priorities," according to its fourth-quarter earnings report. CEO Lidiane Jones said in a statement that the company is taking "significant and decisive" actions to boost its product roadmap as its closes its net losses to $32 million, or $0.19 per share, in its fourth-quarter compared to $159 million, or $0.35 per share, in its previous fourth quarter. “We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships,” Jones said in a statement.
The U.S. Federal Trade Commission (FTC) said Monday it has issued an administrative complaint and authorized a federal lawsuit to block Kroger's (NYSE: KR) $24.6 billion acquisition of Albertsons (NYSE: ACI), a merger that would create one of the largest grocery chains in the United States. Henry Liu, director of the FTC's Bureau of Competition, said in a statement that the merger would "lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face'" and would impact workers in ways including "the threat of their wages dwindling, benefits diminishing, and their working conditions deteriorating.” The compliant comes from a bipartisan group of nine attorneys general from Arizona, California, Washington D.C., Illinois, Maryland, Nevada, New Mexico, Oregon and Wyoming."
Google (NASDAQ: GOOGL) (NASDAQ: GOOG) announced Friday that it is shutting down its standalone Google Pay app in the United States in June, with the company simplify its payments offerings the with Google Wallet. After June 4, users in the U.S. will no longer have the ability to send, request or receive money through the Pay app, with users having util that data to view and transfer their balance to their bank account via the app. After transition, funds can be accessed from the Google Pay website. The company said users will be able to access all of the app's most popular features within Google Wallet, which currently is used five times more often than the Google Pay app in the U.s. Google Wallet allows users to store payments information alongside other offerings like tap-to-pay in retail stores, digital boarding passes, loyalty cards and driver's licenses in select states.
Social media company Reddit filed to list its initial public offering on the New York Stock Exchange on Thursday, planning to traded under the ticker "RDDT," marking the first major tech IPO so far this year. The company is also the first social media IPO since 2019 when Pinterest (NYSE: PINS) went public. According to its filing with the U.S. Securities and Exchange Commission (SEC), Reddit generated $804 million in annual sales last year, rising 20% year-over-year, from mostly ad revenues from its website and mobile app. The company's platform hosts over 100,000 communities, called subreddits, with 73 million average daily active unique users and 267 million average weekly active unique users, according to the filing. The company expects "total addressable market globally from advertising, excluding China and Russia, to be $1.4 traillion" by 2027, according to the filing, with its current addressable advertising market stands at $1.0 trillion. Reddit also plans to implement AI tools to open new revenue channels to "drive continued creation, improvement, and commerce," the filing said.
Amazon (NASDAQ: AZMN) will replace Walgreens Boots Alliance (NASDAQ: WBA) on the Dow Jones Industrial Average (NYSE: DIA) before market open on February 26, the S&P Dow Jones Indices announced Wednesday, offering more e-commerce exposure on the 30 stock average. "Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas in the DJIA," S&P Dow Jones Indices said in a statement, with the move prompted by Walmart's 3-for-1 stock split lowering its weight on the index. Walgreens has been apart fo the Dow since 2018, when it replaced General Electric (NYSE: GE). Amazon's addition comes three years after Salesforce (NYSE: CRM), Amgen (NASDAQ: AMGN) and Honeywell International (NYSE: HON) joined the index.