Tuesday’s Headlines: Ford Builds EV Mega-Sites
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Nautilus (NLS) +5.1%
Axos Financial (AX) +4.3%
Chuy's (CHUY) +4.2%
IMAX (IMAX) +3.5%
Moving Down ⬇️
Cloudflare (NET) -5.8%
MercadoLibre (MELI) -5.4%
Atlassian (TEAM) -5.3%
StoneCo (STNE) -4.3%
1. Ford (F) is racing ahead with its plans to rival Tesla (TSLA) by building an $11.4 billion megacampus for electric vehicle production. On Monday, the Detroit-based car maker declared that it will partner with South Korean battery manufacturer, SK Innovation, to construct two "mega-sites.” One of the plants will be in Tennessee, which will build cars, and the other in Kentucky, which will be for battery construction. Ford's $7 billion investment is the biggest in its 118-year-old history of manufacturing, proving how serious it is about dominating the sector. The proposed sites are said to create 11,000 jobs in the U.S. and are part of the firm’s plan to invest $30 billion in its EV efforts by 2025. See the full story here.
2. Activision Blizzard (ATVI) has finalized an $18 billion settlement with a U.S. employment watchdog related to the company’s alleged sexual harassment and discrimination actions. The lawsuits painted Activision as a “frat house” where female staff were verbally and physically harassed without consequence, which resulted in multiple executives departing the company. After a three-year investigation into the matter by the U.S. Equal Employment Opportunity Commission (EEOC), Activision has agreed to create a fund to compensate those employees who claimed damages. The game publisher also stated that unclaimed funds will go toward nonprofits that support “advancing women in the video game and tech sectors”, promoting gender equality, or will go towards future diversity and inclusion investment. Read more here.
3. Facebook’s (FB ) controversial idea to build an Instagram for kids has officially been paused. The halt comes after the Wall Street Journal showed that Facebook repeatedly conducted reports which proved how its Instagram app is harmful to teenagers, with young girls being most notably harmed — yet did nothing about it. One internal presentation at the company suggested that among teens who reported suicidal thoughts, 13% of British users and 6% of American users traced the issue back to the image-sharing app. Lawmakers said a pause is inadequate though, stating: “Facebook has completely forfeited the benefit of the doubt when it comes to protecting young people online and it must completely abandon this project.” Check out the full story here.