![]() ![]() Growth in services continues to outpace the contraction in the manufacturing sector. At 53, S&P Global's flash US Composite PMI for June came in lower than the 53.5 economists had expected and down from 54.3 in May. New data from S&P Global revealed the U.S. The company has already delivered vehicles in Europe, and is aiming to start delivering Ocean SUVs in China starting in Q1 2024. With that said, Friday’s deliveries in the US are good news for investors who have seen Fisker shares slide 27% year to date. In May of this year, Bloomberg reported Fisker was facing delays delivering the Ocean SUV because of software integration problems, with some vehicles using a "more basic software that limits their speed." Fisker denied the low speed claim and said issues were being resolved with over-the-air updates. Indeed it has been something of a bumpy road getting the Fisker Ocean approved for sale and delivered in the US. "We’re grateful our customers have been patient with us as we dealt with a longer-than-expected certification period earlier this year, and we’re happy their patience is now starting to be rewarded." "We are thrilled that our first US customers are finally getting behind the wheel of the Fisker Ocean," Fisker Chairman and CEO Henrik Fisker said in a statement. Further deliveries in the US will continue through the summer. Fisker says these initial US launch vehicles were shipped from the company’s factory in Austria, run by contract manufacturer Magna Steyr, on an expedited basis. Yahoo Finance's Pras Subramanian reports:įisker specialists will set up customers and give them walkarounds of the product before hand off. "As a result, promos may weigh on more than anticipated."Įlectric vehicle-maker Fisker ( FSR) will deliver 22 Ocean One launch edition SUVs later today in the Los Angeles area to mark the companies first US deliveries. ![]() "Checks indicate that NKE's inventory remains heavy, likely forcing UAA (and others), to promote more aggressively," Gaertner wrote. Interestingly, a week before Nike ( NKE) reports quarterly earnings, Wells Fargo also dropped a tidbit about the shoe giant's inventory levels and how it might impact companies like Under Armour. The firm also notes it will take time for new CEO Stephanie Linnartz's strategy to take hold and elevated remains an issue for the retailer. This overexposure could present downside risk since Under Armour is heavily reliant on other retailers to sell their products. Wells Fargo believes Under Armour is overexposed to wholesale in North America (the category currently represents more than 50% of revenue). Under Armour stock is already down nearly 30% this year as the company has experienced a longer-than-expected promotional environment that's negatively impacted margins. Gaertner and Wells Fargo maintained a $12 price target on Under Armour. Equity analyst Will Gaertner recently assumed coverage of Under Armour and believes shares will remain range bound for the next 6-12 months. ![]() Shares of Under Armour ( UAA) fell nearly 3% on Friday as Wells Fargo downgraded the stock from Overweight to Equalweight. Under Armour slips as Wells Fargo downgrades Yahoo Finance's Brooke DiPalma contributed reporting to this story. Starbucks shares were down nearly 3% in intraday trading. “We apologize to our customers who may experience an inconvenience at these locations and encourage customers to find any of our more than 9,000 stores open nearby using our store locator available online or through the Starbucks mobile app.” "Workers United continues to spread false information about our benefits, policies and negotiation efforts-a tactic used to seemingly divide our partners and deflect from their failure to respond to bargaining sessions for more than 200 stores," a Starbucks spokesperson told Yahoo Finance. "We are also striking over numerous other unfair labor practices including but not limited to the company's refusal to negotiate over a first labor contract." "We are taking collective action in response to the company's unlawful decisions to unilaterally alter or terminate store Pride decoration policies without negotiating with our union," the striking partners of the unionized Pike Street Roastery wrote in a letter to the company. The strike will span more than 150 stores in protest of "hypocritical treatment of LGBTQIA+ workers," per the unions Twitter account. More than 3,500 Starbucks are planning to strike over the course of the next week, according to the union that represents Starbucks' baristas. More than 3,500 Starbucks workers to strike ![]()
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