ABC57 News in South Bend, Ind. covers all of Michiana including St. Joseph, Elkhart, Kosciusko, LaPorte and Marshall counties in Indiana and Berrien, Cass, Van Buren and St. Joseph counties in Mich. It’s not official, but it could be big. Shares of Twitter fell Monday after the company announced late Friday that it had permanently banned President Donald Trump from the platform.
Posted: Jan 11, 2021 6:31 PM EST
Stock+Field, formerly known as Big R Stores, has announced that it will close all 25 of its stores, including its northern Indiana locations.
Chairman and CEO, Matthew F. Whebbe, in a letter posted to the retailer’s website, thanked customers for their support over the last 55 years.
“There have been many challenges in 2020, and Stock+Field was not immune to them,” Whebbe wrote.
The farm, home goods, outdoor and sporting goods retailer hopes to reopen some locations in the future, according to the letter.
Closing sales will begin in the coming weeks.
Stock+Field operates stores in Illinois, Ohio, Indiana, Wisconsin and Michigan.
Locally, there are locations in Elkhart, Michigan City, Warsaw and Rochester.
Author: Shannon Nolan
Tata Motors Stock Is Surging on India Tesla Rumors
Shares of Indian automaker Tata Motors (NYSE:TTM) were sharply higher on Monday morning, amid rumors in India suggesting that the company may be close to a deal to build Tesla (NASDAQ:TSLA) vehicles under contract.
As of 11 a.m. EST, Tata’s American depositary shares were up about 13.9% from Friday’s closing price.
Tata’s U.S.-listed shares appear to be following the lead of its New Delhi-listed shares, which closed up 12.6% on Monday on rumors that the company is about to sign a deal with Tesla.
As reported by India’s The Economic Times, the rumor is that Tata, an Indian automaker that owns the Jaguar and Land Rover luxury brands, will soon announce a deal to manufacture Tesla electric vehicles for the Indian market.
Is Tata’s experience with the electric Jaguar I-Pace and its home-market Nexon EV enough to make it Tesla’s preferred partner in India? Image source: Jaguar Land Rover.
Tesla has said it plans to enter the Indian market in 2021, but it hasn’t provided any details.
According to the Times, the rumor is that Tesla has been searching for an Indian manufacturing partner and settled on Tata after its due diligence process concluded that the Indian company had the best electric-vehicle infrastructure among the country’s major automakers. Tata’s Nexon EV is India’s best-selling electric vehicle.
While this is just a rumor — and auto investors should discount it accordingly for the moment — it’s worth nothing that Tata’s shares have had a good run recently on actual news: Sales at both its domestic Indian operation and its Jaguar Land Rover unit finished 2020 on high notes. The company’s domestic sales were up 21% from a year ago in December, while Jaguar Land Rover’s worldwide retail sales rose 13.1% in the fourth quarter of 2020 from the same period in 2019.
Author: John Rosevear
Twitter’s stock falls after Trump’s account is suspended
New York (CNN Business)Shares of Twitter fell Monday after the company announced late Friday that it had permanently banned President Donald Trump from the platform.
Twitter (TWTR) joins a growing list of companies distancing themselves from Trump following the deadly attack at the Capitol last week by a mob of the president’s supporters, many of whom believe Trump’s false assertion that the election was stolen from him.
From a financial perspective, investors may believe banning Trump could hurt Twitter because some former followers of his feed may decide to leave the platform due to their belief that the company is silencing conservative voices. There’s also the fact that even before Trump’s ban, advertisers may have decided they want to avoid sponsoring content on a platform that has become polarizing.
Twitter shares fell as much as nearly 10% early Monday before paring some losses and trading down 6% by midday.
Plus, Twitter and other social media companies may also come under more pressure from the Biden administration and Democrats who will soon control the House and Senate. They may seek to crack down further on the more incendiary content on the platform, not to mention the outright lies tweeted by politicians and other verified account holders.
Even after Monday’s big drop, though, shares of Twitter are still up about 45% over the past 12 months. That’s a bigger return than Facebook’s (FB) 20% gain during the same time period — although it lags the more than 200% surge for Snapchat owner Snap (SNAP).
Twitter reported a healthy jump in earnings for the third quarter but investors are worried about a slowdown in user growth. And the platform remains the preferred method for many users to share breaking news and commentary.
“I think we have an opportunity to show people a much broader aspect of Twitter than just what they see with news and politics,” said Twitter CEO Jack Dorsey during a conference call with analysts in October.
“People are coming for one reason and staying because they find relevant topics that are interesting to them,” Dorsey added.
Many Twitter users have attracted massive followings, and their tweets are not just newsworthy. They can also move markets.
Case in point: Tesla (TSLA) CEO Elon Musk, who has nearly 42 million followers, helped to inadvertently spark a significant rally in a tiny stock last week when he simply tweeted “Use Signal,” an endorsement of the encrypted messaging service.
Shares of a health tech company named Signal Advance (SIGL), which is not the owner of the Signal app, soared more than 525% Thursday following Musk’s tweet. It nearly doubled again Friday and was up another 400% Monday after a strategist at Deutsche Bank noted the increase in a report.
Author: Paul R. La Monica, CNN Business