|Bid||6.87 x 36900|
|Ask||6.89 x 43500|
|Day's range||6.79 - 6.92|
|52-week range||3.96 - 9.65|
|Beta (5Y monthly)||1.32|
|PE ratio (TTM)||N/A|
|Earnings date||27 Oct 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||29 Jan 2020|
|1y target est||7.41|
(Bloomberg) -- The U.S. labor market’s third straight month of solid improvement from the depths of the pandemic could very well be its last for a while.Workers returned to low-wage jobs at restaurants and retailers, as major cities -- especially New York -- continued to reopen early in the month. Since then, though, many measures of activity have leveled off and a key relief program has expired with no agreement on a new deal. The July jobs report also showed that millions of Americans who lost their jobs in the early days of the pandemic remain unemployed, with the overall rate still almost triple the pre-crisis level.“We’ve had the easy gains and the labor market is becoming a little more difficult now,” said Brett Ryan, senior U.S. economist at Deutsche Bank AG. “Going forward, the expectation should be a gradual step-down“ and “it may not be a straight line in terms of improvement every month.”Employers added 1.76 million jobs in July, about 300,000 more than economists expected, according to data Friday from the Labor Department. The unemployment rate fell by about 1 percentage point to 10.2%, just above the peak following the 2008 financial crisis but a marked decline from almost 15% at the height of the pandemic.Further job gains are looking increasingly difficult with no vaccine yet in sight, and several signs point to weakness in months ahead: a federal $600 supplement to weekly unemployment benefits, which provided extra cash to prop up households, expired at the end of July. That means fewer dollars spent into the economy and at businesses, which also face the end of funds through the Paycheck Protection Program.The jobless payments are particularly important with millions unemployed for months now. Out of the 16.3 million unemployed Americans in July, almost 8 million had been out of work for 15 weeks or longer, or roughly since the start of the pandemic. That figure was up 4.7 million from June.Meanwhile, negotiations over extending the relief have stalled.“The talks are rather stalemated right now,” White House economic adviser Larry Kudlow said on Bloomberg Television after the report Friday. Despite that, President Donald Trump plans to use executive orders to get “certain priorities through” including a payroll tax cut and eviction moratorium, he said. Kudlow continued to call the economic recovery “V-shaped.”But that recovery is on pause, casting a shadow over the labor market. High-frequency indicators show that economic and payroll activity slowed or declined in the weeks following the survey period for the government’s jobs report, which takes place early in the month.“What we have is an economy that’s still adding back but with the slowing in the reopening, we’re setting August up for a very questionable report,” said Joel Naroff, president of Naroff Economics LLC.Read more: Bloomberg’s TOPLive blog on the jobs reportU.S. equities were mixed on Friday as investors weighed doubts that lawmakers will be able to agree on a new round of economic stimulus with a better-than-forecast jobs report.What Bloomberg’s Economists Say“Following an unprecedented swing from severe drop to sharp rebound, the economy is entering more conventional recession dynamics. A prolonged period of elevated unemployment and subdued participation in the labor market will weigh heavily on income growth, personal spending and top-line growth.”\-- Yelena Shulyatyeva, Andrew Husby and Eliza WingerClick here for the full noteLow-wage sectors led gains: payrolls at restaurants jumped by half a million, retail trade employment also increased, though at a slower pace, with more than 250,000 jobs added. Health care and social assistance payrolls rebounded as doctors’ offices continued to open and as demand for day care increased.Manufacturing employment rose just 26,000 in July, about one-tenth of forecasts. Auto makers added more than 39,000 workers.Government PayrollsThe report also showed a 241,000 jump in local-government employment, reflecting seasonal adjustments in the education sector.While companies are hiring, including Amazon Inc., Alphabet Inc., Ford Motor Co. and D.R. Horton Inc., layoffs have been piling up in recent weeks, particularly in industries most affected by the pandemic. American Airlines Group Inc. advised that 25,000 jobs are at risk when aid expires and United Airlines Holdings Inc. said it would furlough one-third of its pilots. L Brands Inc., which owns Victoria’s Secret, said it would lay off 15% of its workforce.The July jobs report also showed little improvement for Black Americans, with their unemployment ticking down only slightly to 14.6%, compared with 12.9% for Hispanic workers, and 9.2% for Whites. The jobless rate for women, who carry the most responsibility for childcare and homecare duties, fell to 10.5% and for men it dropped to 9.4%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Senior leaders from Ford will discuss the company’s European business with J.P. Morgan lead auto analyst Ryan Brinkman during the J.P. Morgan Auto Conference on Wednesday, Aug. 12 at 10 a.m. EDT.
(Bloomberg) -- Nikola Corp.’s first earnings report was a bumpy one, with executives and analysts trading barbs and investors sending the electric-truck maker’s shares plunging.The stock fell 18% in late trading after the company, which develops big rigs that run on batteries and fuel cells, said it lost $86.64 million in the second quarter, a five-times greater net loss than a year ago.Within minutes of Nikola releasing its statement, its founder Trevor Milton was tweeting that the Phoenix-based company had provided analysts figures on the company’s share count. He wrote that taking those figures into account, the manufacturer beat expectations, contrary to some who said it fell short.Analysts responded in kind by pressing Chief Executive Officer Mark Russell on Nikola’s earnings call for more information on new customers, production timing and any confirmation of a partnership with a manufacturer that will build the company’s electric pickup model, called the Badger.“So, Mark, I just wonder, is this all we get?” Paul Coster, an analyst at JPMorgan who rates Nikola the equivalent of a buy, said to Russell. Jeff Osborne of Cowen said trying to follow timelines Milton has been communicating on social media has been “a bit confusing.” Nikola hopes to begin testing the battery-electric version of its first semi truck, the Tre, with select customers in 2021. The company has a joint venture with CNH Industrial NV’s Iveco truck unit to start limited production of the vehicle in Ulm, Germany, at the end of next year. Trucks powered by hydrogen fuel cells will be built in Coolidge, Arizona, starting in 2023, where the company broke ground on its first U.S. manufacturing plant last week.Russell declined during the call to name any new customers beyond Anheuser-Busch InBev SA, which has previously announced ordering 800 fuel-cell semis. In a phone interview, Russell said the company has potential buyers around the world.“We had a fleet week in Europe where we bring the customers in, and we have had representatives of a good chunk of the market in our headquarters,” Russell said. “A good chunk of the target customers have been to see us. We’ve been in conversation with them for some time.”Nikola listed its shares in early June following a reverse merger with a special purpose acquisition company and quickly saw its market capitalization surge to almost $29 billion, at one point surpassing Ford Motor Co.’s valuation. Lordstown Motors Corp. and Fisker Inc. are now trying to follow suit.After ending the quarter with $707.3 million in cash and equivalents, Milton said in an interview that Nikola’s focus will be on financial prudence as it brings products to market. The company expects to raise another $264.5 million by redeeming stock warrants.“We run a really tight ship here and we do spend money, but only when it’s needed,” Milton said. “That’s why we’re going to succeed and others have failed. They spent money like it’s just handed out.”(Updates with founder’s tweets starting in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.