China-based autonomous driving company Pony AI could see large-scale growth ahead for its robotaxis, making it a standout play in the rapidly advancing self-driving car industry, according to Deutsche Bank. Analyst Bin Wang initiated the stock with a buy rating and price target of $20, which implies roughly 33% upside. Pony AI debuted on the Nasdaq on Nov. 27 through an initial public offering. Since then, the stock is up just 6%. “Pony is a global leader in large-scale commercialization of autonomous mobility, mainly robotaxis,” Wang wrote in a note to clients, calling the company “Chinese Waymo” — referring to…
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A plane drops fire retardant during the Eaton Fire near Altadena, California, US, on Monday, Jan. 13, 2025. Benjamin Fanjoy | Bloomberg | Getty ImagesLos Angeles firefighters on Tuesday braced for the return of dry, intense winds that could recharge two monstrous wildfires that have already killed at least 24 people, leveled entire neighborhoods and scorched an area the size of Washington, D.C.Much of Los Angeles and Ventura County could experience gusts of 50 to 70 mph from early Tuesday through Wednesday as dangerous Santa Ana winds picked up after relative calm since late last week, according to the National Weather…
The Eli Lilly & Co. logo at the company’s Digital Health Innovation Hub facility in Singapore, on Thursday, Nov. 14, 2024. Ore Huiying | Bloomberg | Getty ImagesEli Lilly cut its revenue guidance on Tuesday as it said demand for its weight loss and diabetes drugs would not meet its lofty expectations.The drugmaker’s shares dropped about 6% in early trading Tuesday.Eli Lilly said it now expects full-year 2024 revenue of about $45 billion. That’s lower than the $45.4 billion to $46 billion the company anticipated in October. The new outlook would still mark a 32% jump in revenue from the prior…
Jonathan Raa | Nurphoto | Getty ImagesBitcoin bounced on Tuesday, rising with other risk assets as traders digested a light inflation reading.On Tuesday the price of the flagship cryptocurrency rose 4% to $96,676.94, according to Coin Metrics, after sliding below the $90,000 support level to start the week. The broader crypto market, as measured by the CoinDesk 20 index, added 3.9%.Stock Chart IconStock chart iconBitcoin bounces from its recent slideShares of Coinbase and MicroStrategy gained more than 3% and 5%, respectively. Mining stocks Mara Holdings and Core Scientific were up by roughly 5%.The move comes as the Bureau of Labor…
The oil tanker Eagle S is suspected of having caused damage to five submarine cables in the Baltic Sea by dragging its anchor across the seabed.Vesa Moilanen | Lehtikuva | AFP via Getty ImagesEuropean nations must be prepared to face further incidents in the Baltic Sea following the recent damage to undersea infrastructure, leaders of NATO countries in the region said on Tuesday ahead of a security meeting in Helsinki.Baltic Sea nations are on high alert after a string of power cable, telecom link and gas pipeline outages in the wake of Russia’s invasion of Ukraine in February 2022, and…
Capital One headquarters in McLean, Virginia on February 20, 2024. Brendan Smialowski | AFP | Getty ImagesThe Consumer Financial Protection Bureau announced Tuesday that it was suing Capital One for misleading consumers about their savings account interest rates and “cheating” them out of more than $2 billion in interest.The agency said in a statement Capital One deceived holders of its “360 Savings” account by conflating it with its newer and higher-yield savings account option, the “360 Performance Savings” account. The bank allegedly failed to notify 360 Savings account holders of the newer option and marketed the two products similarly to lead…
Here Tuesday’s the biggest calls on Wall Street: Loop initiates Advanced Micro Devices as buy Loop said the stock has “dominant revenue exposure to mature end markets.” “We are initiating coverage of AMD with a Buy rating and $175 tgt.” Mizuho initiates Maplebearas buy Mizuho said the company has a “category-leading position.” “We view competitive concerns overstated given CART’s deep technology integration with grocers on inventory, and combined with its largest transactions data and specialized delivery workforce, the business model creates an unparalleled user experience…” Wells Fargo upgrades Air Products to overweight from equal weight Wells Fargo said the company’s…
Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024.Saul Loeb | AFP | Getty ImagesJPMorgan Chase said Tuesday that Chief Operating Officer and President Daniel Pinto will step down from those roles in the coming months, setting off an executive shuffle with implications for succession planning for CEO Jamie Dimon.Pinto, who has worked at JPMorgan and predecessor firms for more than four decades, will cease being COO and president in June and retire at the end of 2026, the bank said.The company’s new COO…
U.S. President Joe Biden delivers a speech at the State Department in Washington, U.S. Jan. 13, 2025. Evelyn Hockstein | ReutersPresident Joe Biden issued an executive order Thursday aimed at speeding domestic construction of artificial intelligence infrastructure and shoring up the national security risk involved in the technology.The move empowers the U.S. Department of Defense and Department of Energy to lease federal sites for gigawatt-scale AI data centers.”AI is poised to have large effects across our economy, including in health care, transportation, education, and beyond, and it is too important to be offshored,” the White House said in a release.The order…
Israel and Hamas appeared close to an agreement to declare a cease-fire in Gaza and release hostages held there, the Qatari government, a key broker in the talks, said on Tuesday, raising hopes after more than 15 months of war for some respite in the fighting.The latest round of negotiations comes after repeated failed attempts to achieve a breakthrough. In recent weeks, though, officials familiar with the talks have voiced mounting hopes that one was possible, spurred by a looming deadline: the end of President Joe Biden’s term and President-elect Donald J. Trump’s inauguration on Jan. 20.Mediators had “managed to…
