Friday’s Headlines: Ford Tops $100 Billion

Friday’s Headlines: Ford Tops $100 Billion

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Evolent Health (EVH) +6.8%

iRobot (IRBT) +4.2%

Calavo Growers (CVGW) +2.5%

Ford Motor Company (F) +2.2%

Chuy's (CHUY) +1.7%

Moving Down ⬇️

Cloudflare (NET) -13.2% (BILL) -10.6%

Sea Limited (SE) -10.0%

ServiceNow (NOW) -9.1%

Shopify (SHOP) -8.9%

1. Ford (F) saw its market value top $100 billion for the first time in its history yesterday. The stock rose by as much as 5.7% at one point yesterday before closing the day up 2.3%. Ford’s impending entry into the electric vehicle (EV) market certainly has a lot to do with its recent fortunes. The company is set to begin shipping its Ford F-150 Lightning electric pickup truck in May of this year. The firm has had to cease taking new orders of the highly sought-after truck despite doubling plans for production capacity twice in the last six months. Ford currently has 200,000 orders for the truck with mass production expected to finally begin next week. Read more here.

2. Monster Energy (MNST) has announced the acquisition of CANarchy Craft Brewery Collective LLC. The agreement will see Monster purchase the craft beer and hard seltzer company for $330 million in an all-cash deal. The acquisition is expected to close within the first quarter of this year and will see Monster assume control of CANarchy’s many beverage brands. However, CANarchy will operate independently and will retain its current organizational structure and team. According to Monster Vice Chairman and Co-CEO Hilton Schlosberg, “this transaction provides us with a springboard from which to enter the alcoholic beverage sector.” Monster will be hoping this purchase can help it continue the success that has seen it be one of the most profitable stocks of the past 20 years. Read more here.

3. DraftKings (DKNG) has entered into an agreement to become the official sportsbook provider to the Oregon Lottery. This comes just a week after the company successfully launched its online sportsbook in New York in what many saw as a landmark move for the company. Not satisfied with that alone, the firm has now penned its second lottery-based deal following a similar agreement with the New Hampshire Lottery in 2019. DraftKings will take over the service which saw 9.8 million bets placed last year totaling over $331 million. According to Matt Shelby, senior manager of community and corporate engagement for the Oregon Lottery, DraftKings “is going to be better and easier to navigate for players.” Read more here.

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