Category: Business

BusinessMarkets

Pre-Market Movers: Steel, Energy, and Medical Stocks Surge on Earnings and M&A Activity

Steel producer Cleveland-Cliffs surged over 10% after exceeding EBITDA estimates. Liberty Energy extended its rally despite a revenue miss, while Hologic jumped on reported acquisition interest. Rare earth stocks also climbed on geopolitical supply news.

Steel and Mining Stocks Lead Pre-Market Gains

Shares of Cleveland-Cliffs jumped 10.5% in pre-market trading after the steel company released its third-quarter results. According to the analysis, the company reported adjusted EBITDA of $143 million, which reportedly topped estimates from FactSet. The report states that Cleveland-Cliffs also issued revised capital expenditures guidance of approximately $525 million for the year, lower than its previous forecast of $600 million.

by Aaron Blake
Business

AMD and HP CEOs Forge AI Partnership Built on Trust and Bold Bets

The longstanding collaboration between AMD CEO Lisa Su and HP CEO Enrique Lores has transformed both companies’ trajectories. Their partnership, built on mutual trust and willingness to take calculated risks, now powers HP’s AI-driven computing devices with AMD’s high-performance chips.

From Struggling Suppliers to AI Powerhouses

AMD CEO Lisa Su and HP CEO Enrique Lores have revealed how their partnership transformed both companies from playing in the low-end market to dominating the premium personal computer and AI computing space. According to reports from their joint interview at the F1 United States Grand Prix in Austin, the executives first connected over a decade before either held the chief executive officer position at their respective companies.

by Aaron Blake
BusinessSustainability

Oatly Attributes US Sales Decline to Negative Climate Messaging and Market Shifts

Oatly’s chief executive claims negative climate change messaging has turned US consumers away from sustainable products. The plant-based milk industry reportedly declined 5% while dairy sales grew, according to industry analysis.

Market Challenges for Plant-Based Alternatives

Oatly’s leadership has identified what they describe as “doom and gloom” climate talk and widespread sustainability messaging as contributing factors to declining US sales of plant-based dairy alternatives. According to reports, the oat drink manufacturer’s chief executive Jean-Christophe Flatin stated that negative environmental communication has discouraged American consumers from choosing sustainable products.

by Aaron Blake
BusinessLegal

Former Builder.ai Finance Chief Faces US Grand Jury Subpoena Amid Financial Investigation

The former finance chief of AI startup Builder.ai has been subpoenaed to appear before a Manhattan grand jury. The company, once valued at over $1 billion, collapsed after internal reviews revealed potentially fraudulent sales and dramatically revised revenue figures.

Builder.ai’s Former Finance Chief Subpoenaed in US Investigation

Andres Elizondo, the former finance chief of collapsed artificial intelligence startup Builder.ai, has been subpoenaed to appear before a federal grand jury in Manhattan, according to reports from the Financial Times. Sources indicate the subpoena was issued last month as part of an investigation into the company’s financial practices.

by Gabriel Novak