(Bloomberg) – Electric vehicle maker Workhorse Group Inc plunged on Tuesday, triggering multiple trading stops, after key US Postal service contract some expected went to rival Oshkosh Corp instead

The missed opportunity was a blow to Workhorse investors, pushing shares down 47% in New York City, the biggest drop since October 2011 Workhorse did not immediately respond to requests for comment

Shares continued to fall after hours, losing 10% Oshkosh, which rose 61% in regular session, gained up to 17% after market

The USPS has stated that under the 10-year contract, Oshkosh Defense will manufacture postal delivery vehicles, resulting in “the most dramatic modernization of the USPS fleet in three decades”As part of the initial investment of $ 482 million, Oshkosh will finalize the design of the vehicle for courier and parcel delivery, and assemble between 50,000 and 165,000 over the term of the contract

The vehicles will be equipped with either fuel-efficient internal combustion engines or battery-powered electric powertrains, the USPS said in a statement

The contract could be worth more than $ 5-7 billion in revenue over its 10 years, wrote Christopher Ciolino, analyst at Bloomberg Intelligence

In October last year, short seller Fuzzy Panda Research alleged that Workhorse had destroyed its chances of landing the long-awaited contract after its design and manufacture led to numerous critical failures in the prototype of USPS trucks Workhorse had declined to comment on the report at that time

The US Postal Service (USPS) announced on Tuesday that it would award a 10-year, multi-billion dollar contract to Oshkosh Defense to manufacture a new generation of postal delivery vehicles As part of the initial investment of $ 482 million, Oshkosh Defense, a unit of Oshkosh Corp, will finalize the production design, testing and tooling of the vehicles needed before the vehicles are produced. Oshkosh had partnered with Ford Motor Co on its proposal based on a Transit van

The US Postal Service on Tuesday granted Oshkosh (NYSE: OSK) an initial $ 482 million to modernize its fleet of postal delivery vehicles, a big win for Oshkosh that caused the automaker’s shares to plunge. Workhorse Group electric trucks (NASDAQ: WKHS) The Post said in a statement a 10-year contract with Oshkosh Defense for the Next Generation Delivery Vehicle (NGDV) The initial contract will allow Oshkosh to finalize the production design of the vehicle, with a plan to assemble 50,000 to 165,000 over the next 10 years

Postal Service Awards Contract to Launch Multibillion-Dollar Modernization of Postal Delivery Vehicle Fleet PR NewswireWASHINGTON, February 23, 2021 – Oshkosh Defense to finalize next-generation delivery vehicle (NGDV) design, delivering up to 165,000 U

Workhorse Group lost the race for a key contract with the US Postal Service to an Oshkosh unit, which partnered with Ford

Hyliion reports after the close, marking the second time the electric drivetrain maker has released results since going public last fall

SitusAMC Chief Executive Officer Tim Rood joined Yahoo Finance Live to discuss the long-term impact of COVID-19 on the housing sector

The Dow Jones industrial average slipped 300 points on Tuesday, as tech stocks plunged and Bitcoin fell Tesla stock fell 13%

Vasu Raja – Chief Revenue Officer of American Airlines, joined Yahoo Finance to discuss airline industry outlook under covid-19

After the Nasdaq cuts huge losses, here’s how to handle the wild stock rally Tesla and Square were the main lagging drivers

Soaring commodity prices, further federal stimulus, and rising government bond yields all raise the specter of inflation In addition, there are growing fears that stocks – and tech ones in particular – are now at valuations disconnected from reality Is the macroeconomic climate about to push back the bull market? It’s too early to tell, but it does indicate that a more cautious approach to investing might be a good move right now And that will bring us to dividend stocks Investors want a buffer, something to protect their portfolio in the event that market decline, and dividends deliver just that These shareholder incentive payments provide a steady stream of income, which generally remains reliable even in times of downturn RBC Capital analysts have done some of the groundwork for us, identifying dividend-paying stocks that have maintained high returns, just above 10% By opening the TipRanks database, we take a look at the details of these payments to find out what makes these actions interesting Annaly Capital Management (NLY) First up, Annaly Capital Management, is a real estate investment trust (REIT) Annaly owns a portfolio of commercial real estate with a strong focus on commercial (31%) and office (29%) spaces. other significant investments include multi-family housing, hotels and healthcare facilities The company has total assets of over $ 100 billion In the company’s 4Q20 results, Annaly showed a 51% economic profitability for Q4 , much higher than the 18% reported for 2020 as a whole EPS stood at 60 cents per common share and more than covered the regular quarterly dividend of 22 cents This is the third quarter in a row with the dividend at this level; at the annualized rate of 88 cents per common share, the dividend pays 107% That’s head and shoulders above the roughly 2% yield found among comparable companies in the financial sector Annaly has a long history of adjusting her payout dividend to earnings, making her a reliable payer Also of interest to investors, Annaly ended the fourth quarter with $ 8 billion in unencumbered assets, including cash on hand The company used this deep pocket to authorize a $ 1 $ 5 billion common stock repurchase program, with the aim of returning capital to shareholders and supporting stock prices RBC 5-star analyst Kenneth Lee likes what he sees in Anna’s performance, writing : “We continue to favor Annaly’s diversified operating model, strong liquidity and portfolio bias in favor of agency MBS in the current macroeconomic context Annaly is exposed to growth-oriented credit assets including residential and commercial mortgage credit and middle market lending We believe diversification should allow NLY to switch between attractive investment opportunities ”In accordance with these Comments, Lee gives NLY an outperformance rating (ie Buy), with a $ 9.50 price target This figure implies a 14% hike for the coming year (To view Lee’s track record, click here) together, there is a broad consensus on Wall Street about the quality of NLY, as evidenced by the 7: 1 split among analyst critics, favoring buy over hold and give the stock a consensus rating of Analyst Strong Buy Stocks are currently trading at $ 822 and their average price target of $ 9 suggests potential up to 95% from that level (See NLY stock market analysis on TipRanks) Sunoco LP (SUN) From REITs, We Move to Energy Sunoco LP is the largest wholesale distributor of automotive fuels in the United States, and supplies more than 7,300 Sunoco gas stations in 33 states The company’s products include gasoline, diesel fuel, fuel oil, jet fuel, lubricating oils and kerosene – a full line of petroleum products, sold as both branded and unbranded products Sunoco also controls 13 storage terminals that maintain a secure supply for delivery to retailers On the retail side, Sunoco supplies equipment to gas stations – from pumps to payment services This company’s diverse business has enabled Sunoco to remain profitable during the corona pandemic crisis EPS turned negative in the first quarter, when demand fell during the height of the crisis, but rebounded quickly in the second quarter and posted year-over-year gains. other quarter since Fourth quarter EPS was 77 cents, up from 75 cents last year quarter Distributable cash flow for the quarter decreased year over year from $ 120 million to $ 97 million dollars, and the company announced a quarterly dividend of 825 cents per common share That held up from the previous quarter – and in fact, was held at this level since November 2016 Sunoco has been paying a reliable dividend for 8 years Current payout cancels out at $ 3.30 per share, and yields 106% Covering SUN for RBC, analyst Elvira Scotto notes that recent storms in the ‘Arctic in the continental United States had a negative impact on sales volumes, but remain supported by other aspects’ SUN maintained its forecast for 2021 and noted an improvement in volumes in January We do not expect that recent weather conditions will have a significant impact on SUN volumes for 2021, ”said 5-star analyst “We believe SUN is showing investors significant current income with an improved balance sheet We expect SUN to maintain distribution and distribution coverage to improve over time” Scotto credits SUN with outperforming (ie Buy) and Raised the price target from $ 36 to $ 38 The figure implies a 23% hike for the next 12 months (To look at Scotto’s history, click here) Overall, SUN stocks are rated d ‘moderate buy from analyst consensus, based on a range of reviews including 5 buys, 2 takes and 1 sell Stocks have an average price target of $ 33.50, giving an 8% upside potential from the current price of $ 31 (See SUN Stock Analysis on TipRanks) For great ideas for trading dividend stocks at attractive valuations, visit TipRanks Best Stocks to Buy, a newly launched tool that brings all the information about the s shares of TipRanks Disclaimer: Opinions expressed in this article are those of featured analysts only The content is intended to be used for informational purposes only It is very important to do your own analysis before making any investment

(Bloomberg) – The chairman of the Texas electricity grid operator and four other board members have resigned amid the energy crisis that crippled the state’s electricity system Texas Electric Reliability Sally Talberg has resigned with Vice President Peter Cramton and board members Raymond Hepper, Terry Bulger and Vanessa Anesetti-Parra, according to a file These departures are the first high-profile resignations following the outages of over the past week that left millions of homes without heat and lights and dozens of people dead during a historic cold snap Texas Governor Greg Abbott last week called on board members and d ‘other executives of the network operator, known as Ercot, to resign Some members of the board of directors had received death threats as outrage from public as the crisis intensified “When Texans were in desperate need of electricity, Ercot did not do his job and Texans were left shaking in their homes,” Texas Gov. Greg Abbott said, in a press release “The State of Texas will continue to investigate Ercot and uncover a full picture of what went wrong” At its peak, more than 4 million Texas homes and businesses were without power for several days of unprecedented cold Even when power was restored as temperatures rose, millions of people were left without potable water after power outages at treatment plants and water pumps used to pressurize linesTexas lawmakers set power outage hearings for Thursday In their resignation letter, Ercot board members addressed recent concerns raised about the out-of-state board leadership at the network operator “To give state leaders a free hand in the future direction and to eliminate distractions, we are stepping down from the board following the end of the urgent board teleconference meeting on Wednesday, February 24, 2021,” they declaredErcot board nominee Craig Ivey also submitted a letter to withdraw his petition for approval as an unaffiliated director, citing concerns recently expressed by stakeholders about having out-of-state directorsHouston Mayor Sylvester Turner warned against making Ercot a “scapegoat” for the crisis, saying the responsibility also rests with the Texas Public Utility Commission and the Legislature of the United States. ‘State,’ who did not act 10 years agoTurner, who spent 27 years at Texas House before being elected mayor of America’s fourth largest city, introduced a bill in the legislature in 2011 calling for the prevention of blackouts ensuring that there is sufficient reserve capacity in the state He said the bill had never been heard “Now the question is whether we are really committed to taking the necessary steps to prevent this from happening again,” he said in an interview with Cramton. declined to comment Talberg, Hepper and Bulger did not immediately respond to requests for comment (Adds comments from Mayor of Houston in ninth, tenth paragraphs) For more posts like this, please visit us at bloomberg you now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

In a survey, 42% of workers say they want their employer to divert part of their salary to an emergency savings account

(Bloomberg) – AT&T Inc nears deal to sell a large stake in DirecTV to private equity firm TPG, marking a long sought-after exit from the difficulties of running a satellite TV business in A deal would value DirecTV at around $ 15 billion, according to people with knowledge of the matter That’s a fraction of the $ 48.5 billion AT&T agreed to pay for the company in 2014 If AT&T and TPG are able to strike a deal, an announcement could arrive as early as this week or next, the people said, asking not to be identified as the information is privateTalks could still collapse and end without a deal, people said Representatives for TPG and AT&T declined to comment The news was reported earlier by CNBC AT&T CEO John Stankey attempted to clean up the house of the company, selling underperforming assets and using the proceeds to pay off debt.If AT&T can offload a major stake in the satellite business, it could let the telecommunications giant take DirecTV off its books while keeping the ” access to part of its cash In 2019, activist investor Elliott Investment Management urged AT&T to explore a divestiture of DirecTVDirecTV was open to a merger with rival Dish Network Corp, people familiar with the matter said in 2019 But such a deal would have raised antitrust questions A plan to combine the two satellite services was shot down by the Federal Communications Commission and the US Department of Justice in 2002 A blank check company backed by former Citigroup Inc Rainmaker Michael Klein has previously expressed interest in deal, Bloomberg reported last year, but those talks have stalled Apollo Global Management Inc has also held deal talks Klein’s vehicle announced a deal this week with electric car maker Lucid Motors Inc For more for articles like this, please visit us at BloombergSubscribe now to stay ahead of with the most trusted source of business news © 2021 Bloomberg LP

Lucid Motors and Blank Checks Company Churchill Capital IV (CCIV) Confirm Merger Agreement to Take California-Based Electric Vehicle Company to Stock Exchange Shares of Churchill Capital Fall About 25% at 10:45 AM Eastern time

(Bloomberg) – Bitcoin’s losses accelerated, with prices dropping below $ 50,000 as investors began to bail out the most foamy assets on the market The cryptocurrency fell 18% on Tuesday and is traded around $ 48,000 at 5:35 p.m. in New York As the massive sell-off only puts Bitcoin prices low for around two weeks, investors are starting to wonder if this marks the start of a larger pullback in crypto or simply represents volatility in an unpredictable market”We advise our clients to exercise caution with crypto speculation,” said Mark Haefele, chief investment officer of UBS Global Wealth Management in a statement “Aside from unresolved regulatory risks, the future use case remains unclear. After more than doubling since December, Bitcoin faded this week with top-flight stocks that have been among the best performers over the past year As the sell-off of trade momentum accelerated As technology-intensive stock indexes like the Nasdaq 100 nearly returned to positive territory on Tuesday, Bitcoin continued to linger near daily lowsSome high profile Bitcoin backers have said it is worth taking advantage of the decline to buy more “We are very positive on Bitcoin, very happy to see a healthy correction here, no market is all right”, Cathie Wood of Ark Investment Management said in an interview with Bloomberg She did not disclose whether Ark made a purchase Elon Musk’s comments over the weekend that Bitcoin and Ether prices “look high” were seen as the initial catalyst for the sale Musk had helped spark the rally when his Tesla Inc leaked on Feb 8 that it had added $ 1.5 billion of Bitcoin to its balance sheet Tesla shares fell for a fourth day Square Inc said on Tuesday it had bought about $ 170 million in Bitcoin Combined with the previous $ 50 million purchase of the payment company, Bitcoin accounts for around 5% of its total cash, cash equivalents, and marketable securities in December 31 “It’s pure speculative asset,” said Nader Naeimi, head of dynamic markets at AMP Capital Investors in Sydney Meanwhile, the crypto exchange Bitfinex has settled an investigation with New York attorney general Letitia James, over allegations that he was hiding the loss of client and business funds and lied about the reservations Some market players say the deal, which included $ 18.5 million in penalties, throws a cloud over the cryptocurrency market. “On a large scale, it’s less than a speeding ticket,” said Antoni Trenchev, Managing Partner and Co-Founder of Nexo in London, a crypto lender “I’m just delighted that they reveal more numbers so that we can accurately assess and hopefully create some comfort for market participants(A previous version of the story corrected the title, second set, and seventh paragraph to clarify Wood didn’t say she bought Bitcoin) For more articles like this, please visit us at bloombergSubscribe now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

The & Poor’s standard said on Tuesday that its national S&P CoreLogic Case-Shiller house price index posted a 10% annual gain rating in December, up from 95% in November – the fastest growth since 2013

(Bloomberg) – With Tesla Inc leading another massive sell-off of momentum darlings amid rising bond yields, some investors are worried that this means the 11-month bull market is in trouble. last week certainly rattled the nerves of assets On the sidelines of the stock market, where signs of excess became evident, investors bail out Tesla was down more than 10% from 10m in New York after an 86% drop Decline on Monday Bitcoin fell 18? during, more generally, rates remain relatively low Compared to measures of earnings returns, stocks still offer a premium almost four times the historical average If anything , profits could explode as economists from Wall Street to Wall Street raise their forecasts for economic growth to highs not seen in decades This would justify stock valuations which some traditional metrics seem stretched The bullish case of stocks in a period of rising rates is that bond selling is caused by signals from commodity markets and economic data like sales retail The Biden administration is set to pass a massive spending bill and Federal Reserve Chairman Jerome Powell, who is testifying in Congress on Tuesday, has pledged to keep short-term rates close zero“When we look at the landscape today, prices are going up for the right reasons,” said Peter Mallouk, Managing Director of Creative Planning While some believe the market needs to go down as it is trading at the high end of valuations, he said: “In reality, it can stay high while profits grow there.”The stocks most under pressure this week have sky-high valuations that are becoming harder to justify with soaring Treasury yields And a valuation methodology sometimes called the Fed’s model that compares corporate earnings to bond rates has started to move against the bulls Right now, the profit return on the S&P 500 – the amount of profit you get over the stock price – is about 179 percentage points above the return on bonds 10-year Treasury edge, smallest advantage since September 2018 But any flashing warning from this metric is low The current premium is still well above the 48 bps average in Bloomberg data going back to 1962 That means, all Other things being equal, that stocks can still be considered attractive compared to history when returns at 10 years remain below 267% Yields were recently close to 136? Ns A note released earlier this month, Goldman Sachs Group Inc strategists including Ryan Hammond and David Kostin said stocks are generally able to digest gradual increases in interest rates, especially when driven by growth rather than Fed policy What tends to cause stocks to turmoil are big increases Stocks typically fall on average in any given month when rates rise by at least two standard deviations, or 36 basis points in current terms Yields rose 30 basis points this month, hitting a 12-month high Katie Nixon, chief investment officer at Northern Trust Wealth Management, agrees “While interest rates may have risen under the tailwind of upward revisions in growth and inflation, these two variables tend to be equally positive for equities – up to a point, “Nixon said “It’s only when rates rise haphazardly that risk asset markets react negatively.” Nonetheless, anyone worried that stocks have gone above fundamentals can take comfort in the latest surge in yields In August, when the S&P 500 fully recovered from the losses of the 2020 bear market, 10-year yields sent a worrying signal with a drop to record lows. In a way, the catching up of yields indicates that the bond market is finally approving the bullish economic message that stocks have been flickering since last March.Another way to look at it: stocks look extremely tight based on reported earnings over the past 12 months, including the pandemic recession On this metric, the price-earnings multiple of the S&P 500 stood at 32, eclipsing the level peak seen in the dot com era The value case becomes a bit more encouraging when compared to this year’s earnings as analysts expect earnings to climb 23% to $ 171 per share, the P / E ratio drops to 23 If companies continued to beat estimates by far, the situation would be even better Fourth-quarter profits were up 16% from forecast, a pace of positive surprises that if held steady, would take 2021 earnings to $ 198 per share This would give a multiple of 20 “What appears to be very high US stock valuations are defensible if (and only if) earnings rebound strongly ent in the second half of the year, ”wrote Nicholas Colas, co-founder of DataTrek Research, in a recent note “There are certainly micro-bubbles (some PSPCs, IPOs), but it’s also good that stocks as a whole can and will earn their place in high valuations.” That’s not to say that returns haven’t doesn’t matter for stocks right now Silver quickly came out of popular stocks like Tesla, with the Nasdaq 100 falling for a sixth day, the longest streak of losses since August 2019 At the same time, companies that have benefited from an economic recovery have been more successful “Investors are not positioning themselves in areas like finance and energy, which really benefit from factors such as rising yields, rising commodity prices. think there’s a bit of a scramble, “Lori Calvasina, head of US equity strategy at RBC Capital Markets, said in an interview with Bloomberg Television” It’s more a story of repositioning within e US equities, rather than exiting US equities ”(Tuesday price updates in second and penultimate paragraphs) For more articles like this, please visit us at bloombergSubscribe now to stay tops with most trusted source of business news © 2021 Bloomberg LP

(Bloomberg) – Aydem Holding AS, which underwent Turkey’s second debt restructuring, has applied for an initial public offering from its renewable power producerGaranti Yatirim, Is Yatirim, Turkiye Kalkinma ve Yatirim Bankasi AS and Yapi Kredi Yatirim to lead Aydem Yenilenebilir Enerji AS share offering, according to an emailed statement on Tuesday Halk Yatirim, Vakif Yatirim and Ziraat Yatirim will act as co-leaders There is no certainty that the IPO will take place, company said Aydem Holding joins wave of Turkish small and medium enterprises rushing forward to list on Borsa Istanbul and benefit from a flood of local investors Renowned company formerly Bereket Enerji restructured $ 5 billion in loans in 2019 If the IPO goes through, it could be the biggest sale of shares in Turkey since discount grocer Sok Marketler Ticaret AS raised $ 595 million in mid-2018 Aydem Holding expected to raise around $ 300 million in a bid that could value the unit up to $ 1.5 billion, according to people familiar with the plans late last year. not specified when or where the listing will take place It is already listed Goldman Sachs Group Inc, JPMorgan Chase & Co and Citigroup Inc as global leaders, people familiar with the plans said at the end of 2019 The company has 25 plants with a total capacity of 1,020 megawatts, said Idris Kupeli, CEO of Aydem, in the statement “In 2021, we are increasing hybrid power generation plants with the aim of diversifying our portfolio,” he said.For more articles like this, please visit us at BloombergSubscribe now to stay ahead with the most trusted source of business news © 2021 Bloomberg LP

Workhorse stock

World news – CA – EV Maker Workhorse dives as Oshkosh wins postal contract

Source: https://finance.yahoo.com/news/ev-maker-workhorse-plummets-oshkosh-210709517.html