Monday’s Headlines: Ford Deal Up In Smoke

Monday’s Headlines: Ford Deal Up In Smoke

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Intuit (INTU) +10.1%

Tesla Motors (TSLA) +3.7%

Trupanion (TRUP) +3.7%

Brown-Forman (BF.B) +3.5%

Calavo Growers (CVGW) +2.4%

Moving Down ⬇️

Upstart Holdings (UPST) -8.6%

Eventbrite (EB) -6.5%

Nordstrom (JWN) -6.4%

Teladoc (TDOC) -5.7%

Stitch Fix (SFIX) -5.4%

1. Ford (F) and recent Wall Street debutant Rivian have announced that they have scrapped plans to develop an electric vehicle (EV) together. Ford, which holds a 12% stake in the EV startup, confirmed the news Friday in an emailed statement. The statement outlined that Ford “respect Rivian and have had extensive exploratory discussions with them, however, both sides have agreed not to pursue any kind of joint vehicle development or platform sharing.” Ford is citing confidence in its ability to “win in the electric space” as a reason for terminating the agreement. The auto giant has been scaling up its own EV strategy recently and will hope to win a sizeable portion of the market share. Read more here.

2. The U.S. Defense Department has reached out to Amazon (AMZN), Google (GOOG), Microsoft (MSFT), and Oracle regarding new lucrative cloud contracts. Currently, Microsoft and Amazon are the favorites to land the contract, with both companies hotly contesting the controversial Pentagon JEDI contract since 2019, before it was scrapped earlier this year. The U.S. General Services Administration (GSA) expects both to be offered a contract as they “demonstrate the capability to meet DoD’s requirements.” While Microsoft declined to comment on the potential deal, an Amazon spokesperson reiterated the company's commitment to the military, stating that "we look forward to continuing to support the DoD’s modernization efforts and building solutions that help accomplish their critical missions." Read more here.

3. Workday (WDAY) has announced its intentions to purchase VNDLY, a cloud-based startup that allows companies to better manage their external workforce, for a price of roughly $510 million. The company already has solid offerings in the human resource industry so this purchase will only serve to strengthen this category. Chief Strategy Officer Pete Schlampp was confident in his press statement, outlining that “VNDLY is at the forefront of the vendor management industry with an innovative and intuitive approach." This purchase will provide Workday customers with a way to manage both internal and external workers from the same platform, negating the need for surplus software. The deal is expected to close in Q1 of 2022, which corresponds with Workday's fiscal Q4. Read more here.

There is one company on the MyWallSt shortlist that will report earnings today:

Zoom (ZM)

Get this week’s full earnings calendar here.

Pádraig BolgerPádraig Bolger

Sign up for free to continue reading.