September 26, 2023

Taylor Daily Press

Complete News World

The Rivian closed 15 percent higher and is now more valuable than a Volkswagen

Wall Street closed in the green. The price of electric car maker Rivian has risen sharply and has already more than doubled the price of its initial public offering. Home Depot continues to benefit from the renovation boom.

US stocks rose. Dow Jones

It gained 0.2 percent, thanks in part to the retailer Home Depot, which is gaining solid ground after strong numbers. The Nasdaq rose 0.8 percent. The good numbers on consumer spending in the US, among other things, contributed to the increase in sentiment.


Its market capitalization is now $146 billion. This is more than Volkswagen (123.2 billion euros or 139.8 billion dollars). That’s amazing, because the Rivian only delivered its first cars this fall. That was just 156 of the R1T, a seven-seat SUV, almost all for its own employees.

In the first six months of 2021, there was no revenue and a loss of just under $1 billion due to R1T’s start-up costs. By the end of this year, the plant in Normal, Illinois, should have 1,200 pickups rolled off the production line. E-commerce giant Amazon ordered 100,000 trucks in 2019 and is expected to have them delivered by 2025.

Home Depot

Earnings per share rose by 23.2 percent to $3.92. Analysts were only expecting earnings of $3.40 per share. Sales increased 9.8 percent to $36.8 billion, while expectations were $34.95 billion.

Like-store sales rose 6.1 percent year-over-year, much stronger than the 1.4 percent growth that the army of analysts had expected. Average spending per visit increased 12.9% to $82.38. This means that the American consumer seems to care little about rising inflation and is still interested in the idea of ​​home renovation.

US consumer prices rose 6.2 percent year-on-year in October on the back of higher energy prices and bottlenecks in supply chains. Core inflation – which removes volatile items such as food and energy – rose to 4.6 percent. Both numbers were higher than economists had expected.

Thanks to a renovation boom, Home Depot experienced a wild ride this year. The stock has risen more than 46 percent since the start of the year.


The world’s richest man has $930 million in Tesla stock by exercising options

Sold. Last week, he also sold $6.9 billion worth of stock.

Last weekend, he clashed with left-wing Democratic Senator Bernie Sanders over the billionaire tax. Tesla gained 4.1 percent today.