News by CVS GROUP PLC Company or code – between 19 August 2020 and 19 November 2020 Time period News explorer

News by CVS GROUP PLC Company or code - between 19 August 2020 and 19 November 2020 Time period News explorer

News explorer – Search Regulatory news, RNS Search, via Company or code, Index, Industry Sector, Headline type, Release date and Source GM and Nikola get a lift in their stock price on anticipation of a partnership announcement to come. Voya Financial (NYSE:VOYA) had its price objective hoisted by Morgan Stanley from $60.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price indicates a potential upside of 12.30% from the company’s previous close. Other equities research analysts have […] An abrupt reversal in many of this year’s most-persistent market trends has hurt a cluster of computer-driven funds. Caution gave way to euphoria in financial markets when Pfizer Inc. and BioNTech SE said their coronavirus vaccine was more than 90% effective on Nov. 9. Shares of companies that have suffered in the pandemic leapt, as […] More

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Company or code matches CVS GROUP PLC

Time period matches between 19 August 2020 and 19 November 2020

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RNS

09 November 2020

13:32:54

1,315.00

0.23%

RNS

06 November 2020

13:46:33

1,315.00

0.23%

RNS

04 November 2020

14:30:01

1,315.00

0.23%

RNS

30 October 2020

17:09:59

1,315.00

0.23%

RNS

30 September 2020

07:00:03

1,315.00

0.23%

RNS

24 September 2020

07:00:05

1,315.00

0.23%

RNS

28 August 2020

07:00:05

1,315.00

0.23%

Source: www.londonstockexchange.com


Nikola, GM stock prices spike on anticipation of partnership news

Nikola, GM stock prices spike on anticipation of partnership news

The stock of both Nikola Corp. and General Motors spiked Wednesday on rumors the two had finally signed a deal in which GM would make the Nikola Badger heavy-duty electric pickup using its Ultium battery technology and be the exclusive supplier of Hydrotec fuel cells for the truck.

In return, GM would get an equity stake in Nikola and other benefits of scale to save it billions in costs.

Nikola stock closed Wednesday at $25.42, up 15.39%. GM’s stock price closed at $42.72, up 1.76%, after going above $44 just after noon.

But both GM and Nikola spokespeople say there is nothing new to report about a pending deal.

The rumor got started when “apparently, someone saw something on GM.com that linked to (the) original press release,” GM spokesman Jim Cain said in an email to the Free Press. It had been on the site for weeks, Cain said. He said, “The transaction has not closed” with Nikola.

Similarly, Nikola spokeswoman Colleen Robar said there was no news to report, and “we do not have a timeline for the announcement and will reach out when there is an agreement to announce.”

What might also be driving the upward push on GM and Nikola stock is anticipation of news to come, Robar said.

On Thursday, GM CEO Mary Barra will speak at the Barclays 2020 Global Automotive Conference around 1:15 p.m. EST.

While it is unclear whether an announcement regarding a Nikola-GM partnership will be made at that time, GM has said Barra will outline more details about GM’s EV strategy and future products at the Barclay’s conference.

GM expects to bring electric vehicles to market faster than it initially anticipated, the automaker said. GM’s plan was to bring at least 20 new EVs to market by 2023.

To that end, GM announced on Nov. 9 that it seeks to hire some 3,000 engineers, designers and technology specialists between now and the end of the first quarter next year, and most of those people can work remotely, opening up the talent pool across the nation.

GM and Nikola initially announced a pending partnership on Sept. 8. At that time GM’s 11% agreed-to equity stake in Nikola would have been worth about $2 billion. 

But after a short seller’s report accused Nikola of fraud and then Nikola’s founder Trevor Milton quit, the company’s stock tumbled, lowering the value of GM’s potential stake.

Wall Street had jitters about GM making a deal. Then, published reports said two women accused Milton of sexually assaulting them when they were under age 18. He has denied both allegations.

In the meantime, former GM Vice Chairman Steve Girsky is now serving as Nikola’s chairman in the wake of Milton’s resignation. Girsky’s VectoIQ Acquisition Corp. in New York had invested in Nikola and Girsky helped put together a potential partnership with GM.

Girsky has said he did adequate due diligence on Nikola and staked his reputation on this potential partnership.

But amid the bad press, GM and Nikola did not close the deal as expected by Sept. 30, and instead they said they were continuing discussions.

Last month, two people familiar with the deal told the Free Press that lawyers for GM and Nikola have been meeting daily. On the table is GM’s desire for a higher equity stake in Nikola in return for sharing its fuel cell and battery technologies as well as building the Badger.

The companies have until Dec. 3 to close the deal or either firm could terminate it, according to Nikola’s U.S. Securities and Exchange filing. 

GM has said it will achieve some $4 billion in benefits in the deal as it commercializes its technologies. And there is another lucrative provision in the deal for GM to make the Badger. GM would keep 80% of the electric vehicle regulatory credits generated by the Badger pickup once that pickup starts selling. The credit provisions are especially valuable to GM as environmental regulations stiffen and not meeting them can result in large fines.

Nikola would offer customers either a hydrogen fuel cell option or a battery-electric option on the Badger. The hydrogen fuel cell option would make the Badger the first of its kind in a pickup. The only other such vehicle is the Toyota Mirai midsize car. 

More:GM to hire 3,000 engineers, designers, IT workers to speed up electric vehicle production

More:GM, Nikola renegotiate as Nikola makes more leadership changes

More:Former GM exec to take the helm of Nikola in wake of controversy

Source: www.freep.com


Voya Financial (NYSE:VOYA) Given New $63.00 Price Target at Morgan Stanley

Voya Financial (NYSE:VOYA) Given New $63.00 Price Target at Morgan Stanley

Voya Financial logoVoya Financial (NYSE:VOYA) had its price objective hoisted by Morgan Stanley from $60.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the asset manager’s stock. Morgan Stanley’s target price indicates a potential upside of 12.30% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company assumed coverage on shares of Voya Financial in a report on Tuesday, August 18th. They issued an “overweight” rating and a $62.00 price target for the company. Bank of America reissued a “buy” rating and set a $74.00 target price on shares of Voya Financial in a research note on Thursday, October 1st. Piper Sandler raised their price target on shares of Voya Financial from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, August 13th. Truist Financial lifted their price objective on Voya Financial from $45.00 to $53.00 and gave the stock a “hold” rating in a report on Thursday, August 13th. Finally, Barclays assumed coverage on Voya Financial in a report on Thursday, August 13th. They set an “overweight” rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Voya Financial has a consensus rating of “Buy” and an average target price of $58.91.

Shares of Voya Financial stock opened at $56.10 on Wednesday. The firm has a market cap of $7.08 billion, a PE ratio of -9.40 and a beta of 1.40. Voya Financial has a twelve month low of $29.75 and a twelve month high of $63.81. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $50.46 and a 200 day moving average price of $48.33.

In other news, CEO Rodney O. Martin, Jr. sold 84,180 shares of Voya Financial stock in a transaction on Friday, November 13th. The stock was sold at an average price of $55.00, for a total value of $4,629,900.00. Company insiders own 2.04% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Group LTD grew its holdings in shares of Voya Financial by 1.8% in the third quarter. BlackRock Group LTD now owns 1,463,727 shares of the asset manager’s stock valued at $42,184,000 after purchasing an additional 25,222 shares in the last quarter. Tocqueville Asset Management L.P. grew its stake in shares of Voya Financial by 30.1% in the third quarter. Tocqueville Asset Management L.P. now owns 44,280 shares of the asset manager’s stock worth $2,411,000 after acquiring an additional 10,257 shares in the last quarter. NN Investment Partners Holdings N.V. increased its position in shares of Voya Financial by 51.1% during the third quarter. NN Investment Partners Holdings N.V. now owns 109,848 shares of the asset manager’s stock worth $5,456,000 after acquiring an additional 37,131 shares during the period. Brown Advisory Securities LLC raised its position in Voya Financial by 26.7% in the 4th quarter. Brown Advisory Securities LLC now owns 9,500 shares of the asset manager’s stock valued at $380,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Neuburgh Advisers LLC lifted its stake in Voya Financial by 102.3% in the first quarter. Neuburgh Advisers LLC now owns 158,672 shares of the asset manager’s stock worth $7,927,000 after acquiring an additional 80,224 shares during the last quarter.

About Voya Financial

Voya Financial, Inc operates as a retirement, investment, and employee benefits company in the United States. The company’s Retirement segment offers tax-deferred employer-sponsored retirement savings plans and administrative services; and individual retirement accounts, and other retail financial products and financial services, as well as financial planning and advisory services.

Further Reading: Bond

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Source: www.americanbankingnews.com

Author: ABMN Staff


Market's Vaccine Euphoria Was Bad News for Momentum Funds

Market’s Vaccine Euphoria Was Bad News for Momentum Funds

An abrupt reversal in many of this year’s most-persistent market trends has hurt a cluster of computer-driven funds.

Caution gave way to euphoria in financial markets when Pfizer Inc. and BioNTech SE said their coronavirus vaccine was more than 90% effective on Nov. 9. Shares of companies that have suffered in the pandemic leapt, as did government-bond yields and energy prices—a pattern that repeated with the arrival of promising results for Moderna Inc.’s vaccine Monday.

Source: www.financialnewsherald.com

Author: Written by FinancialNews

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News by CVS GROUP PLC Company or code - between 19 August 2020 and 19 November 2020 Time period News explorer


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