Luxury carmaker Mercedes-Benz will partner with self-driving sensor maker Luminar Technologies Inc to enable fully automated driving on highways for its next-generation vehicles, Luminar's founder said.
Luminar shares surged 24% at $16.75 on Thursday. Luminar said Mercedes-Benz will have 1.5 million shares in Luminar, which will vest over time when certain milestones are met.
Production of Peloton’s main stationary bikes will be paused for two months, CNBC reported, citing internal documents. And the company will stop making its treadmill machine for six weeks, starting in February, the news outlet said.
The rout followed a fourth-quarter earnings report that disappointed many Wall Street analysts and investors and triggered a larger debate about the outlook for streaming in general. While the company missed its fourth-quarter target for subscribers by just 200,000 (8.3 million additions vs. the expected 8.5 million), its weak guidance for the current quarter set off alarms. During their quarterly earnings interview, top executives could not identify any one cause for the slowdown in subscriber growth, instead reiterating confidence in their overall trajectory. “For now, we are just staying calm,” co-CEO Reed Hastings said. Why Coinbase and Other Crypto Stocks Took a Nosedive Today
The reason for the sell-off is Bitcoin itself. The top cryptocurrency took a more than 10% spill over the last 24 hours. For companies and funds like MicroStrategy that hold sizable Bitcoin positions on their balance sheet, the reason for their stock dropping is pretty straightforward: Lower Bitcoin value means the company is worth less.
Coinbase and Silvergate are a slightly different story, though. Coinbase doesn't own much Bitcoin directly, and Silvergate is merely a bank that operates a crypto exchange from which institutional investors can send U.S. dollars to clients 24/7 (a key function since crypto exchanges never close).
The worry for Coinbase is thus more about the volume of trading in Bitcoin and related cryptos, since the firm earns a fee every time someone places a trade. And for Silvergate, lower crypto prices could mean lower client funds on deposit for it to earn interest on. Nevertheless, a fall in Bitcoin doesn't automatically equate to lower revenue or income for either company.
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