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Elon Musk says Tesla officially canceled the Model S Plaid Plus

June 7, 2021

In this articleTSLATesla Model S PlaidTeslaTesla has canceled the most expensive variant of its flagship sedan, the Model S Plaid Plus, according to a tweet from CEO Elon Musk on Sunday.Previously, Tesla and Musk promised fans the tri-motor, Plaid Plus version of their new Model S would give drivers 1,100 horsepower, 520 miles of range on a fully charged battery, and acceleration from 0 to 60 mph in less than two seconds.On Sunday, Musk wrote on Twitter, where he has a follower count above 50 million:”Plaid+ is canceled. No need, as Plaid is just so good.” He added, “0 to 60mph in under 2 secs. Quickest production car ever made of any kind. Has to be felt to be believed.”In March, Tesla raised the price of the Model S Plaid Plus by $10,000 bringing it to about $150,000. The option to order the Model S Plaid Plus variant was removed from Tesla’s website around the last week of May, according to a CNET report.The remaining high-end version of the Model S Plaid will cost around $119,900 and feature a 390-mile range battery, with 1,020 horsepower and acceleration from 0 to 60 miles per hour in two seconds, among other features.Musk previously planned a “delivery” ceremony at the Tesla factory in Fremont, California for the Model S Plaid on June 3. As the date approached, he delayed this until June 10 saying the vehicle still needed “one more week of tweak.”Like other North American automakers, Tesla has been grappling with supply chain issues especially a computer chip shortage.The company recently removed radar sensors and lumbar support from the front passenger seats in its lower-priced Model 3 sedan and Model Y crossover for customers in North America.It produced none of the higher-priced Model S or Model X vehicles during the first quarter of 2021, even though Musk had said production was underway during a 2020 fourth-quarter earnings call.By April 26 on Tesla’s next earnings call Musk was saying:”Q1 had some of the most difficult supply chain challenges that we’ve ever experienced in the life of Tesla. Insane difficulties with the supply chains with parts, over the whole range of parts. Obviously, we were upset about the chip shortage. This is a huge problem.”He also spoke about technical challenges developing and figuring out how to manufacture new versions of the Model S sedan and Model X SUV.”There were more challenges than expected in developing the Plaid Model S or the Paladium program, which is a new version of the Model S and X, which has a revised interior and new battery pack and new drive units and new internal electronics and has resembled a high-station level infotainment system.” He added, “It took quite a bit of development to ensure that the battery of the new S and X is safe.”Meanwhile the company has increased prices for different variants of its more popular Model 3 and Model Y vehicles in the U.S. several times this year. Musk blamed the price increases on supply chain issues as well. He wrote in a tweet on May 31, “Prices increasing due to major supply chain price pressure industry-wide. Raw materials especially.”

Rebound Anticipated For South Korea Stock Market

June 7, 2021

(RTTNews) – The South Korea stock market on Friday wrote a finish to the five-day winning streak in which it had gathered almost 85 points or 2.5 percent. The KOSPI now sits just above the 3,240-point plateau although it’s expected to bounce higher again on Monday.

The global forecast for the Asian markets is positive in response to U.S. employment data and rising crude oil prices. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The KOSPI finished modestly lower on Friday as losses from the financials and technology stocks were mitigated by support from the automobile companies.

For the day, the index shed 7.35 points or 0.23 percent to finish at 3,240.08 after trading between 3,218.67 and 3,246.19. Volume was 1.4 billion shares worth 15.8 trillion won. There were 483 decliners and 371 gainers.

Among the actives, Shinhan Financial dipped 0.35 percent, while KB Financial skidded 1.20 percent, Hana Financial dropped 0.95 percent, Samsung Electronics shed 0.72 percent, LG Electronics was down 0.65 percent, SK Hynix fell 0.39 percent, Naver retreated 1.38 percent, LG Chem slid 0.37 percent, Lotte Chemical lost 0.53 percent, S-Oil jumped 1.45 percent, SK Innovation rose 0.37 percent, POSCO perked 0.14 percent, SK Telecom tanked 2.44 percent, Hyundai Motor accelerated 1.26 percent, Kia Motors rallied 2.30 percent, Hyundai Mobis soared 3.23 percent and KEPCO was unchanged.

The lead from Wall Street is solid as the major averages opened firmly higher on Friday and picked up steam as the session progressed.

The Dow climbed 179.39 points or 0.52 percent to finish at 34,756.39, while the NASDAQ jumped 199.99 points or 1.47 percent to end at 13.814.49 and the S&P 500 advanced 37.04 points or 0.88 percent to close at 4,229.89. For the week, the Dow rose 0.7 percent, the NASDAQ added 0.5 percent and the S&P rose 0.6 percent.

The strength on Wall Street came after the Labor Department report showed job growth in the U.S. reaccelerated in May but fell short of estimates, while the jobless rate fell to 5.8 percent.

Traders viewed the weaker than expected job growth as a Goldilocks situation, where the economy is expanding but not fast enough to encourage the Federal Reserve to tighten monetary policy.

Crude oil prices moved higher Friday amid rising hopes for increased demand and the recent OPEC decision to gradually increase crude output. West Texas Intermediate Crude oil futures for July ended up $0.81 or 1.2 percent at $69.62 a barrel, the highest settlement since October 2018.

China Trade Data Due On Monday

June 7, 2021

(RTTNews) – China will on Monday release May figures for imports, exports and trade balance, headlining a modest day for Asia-Pacific economic activity.

Imports are expected to skyrocket 51.5 percent on year after jumping 43.1 percent in April. Exports are called higher by an annual 32.1 percent after rising 32.3 percent in the previous month. The trade surplus is pegged at $50.5 billion, up from $42.85 billion a month earlier.

Australia will see May results for the Performance of Services Index from the Australian Industry Group and for job ads from ANZ. In April, the services index score was 61.0, while job ads jumped 4.7 percent on month.

Japan will see preliminary April figures for its leading and coincident economic indexes; in March, their scores were 102.5 and 93.0, respectively.

Finally, the markets in New Zealand (queen’s birthday) and Malaysia (Yang Dipertuan Agong’s birthday) are closed on Monday and will re-open on Tuesday.

New Yorkers struggle to find rides amid taxi shortage, Uber price hikes

June 7, 2021

It could be a long, brutal summer for New Yorkers who need a ride.

Emily Wood, a 39-year-old ad executive in the West Village, was late for a doctor visit late last month and couldn’t find a taxi on Sixth Avenue at West 11th Street. So she opened the Uber app and punched in a five-minute trip to West 25th Street.

Uber wanted an eye-popping $39 — so Wood hoofed the 14 blocks in her running sneakers. When the doctor told Wood her blood pressure was high, she had to explain.

“The prices have just been astronomical,” Wood said. “I’m going to plan ahead and I’m going to allow more time to take the subway and walk.”

Manhattan ad executive Emily Wood says she recently walked 14 blocks rather than pay Uber a $39 fare.

The problem may get worse before it gets better. As offices reopen and tourists begin to trickle in this summer, industry experts say passengers will face a dire shortage of taxicabs and surging prices for Uber and Lyft rides. That’s because drivers who largely stopped working during the pandemic remain reluctant to come back, instead taking other jobs or collecting unemployment.

“The summer could be really crazy,” Bruce Schaller, a transportation expert and former city transit official, told the Post.

According to the Taxi and Limousine Commission, there were 4,900 yellow cabs cruising the city in April. While that’s up slightly from 4,700 in March — it’s less than half the 11,400 cabs that were available in February 2020, before lockdowns.

Indeed, one Queens taxi dispatcher who asked not to be named said that about 50 percent of his company’s drivers are currently on the road, up from 15 percent or 20 percent when the pandemic first hit. He hopes to get back to full capacity by year’s end, but obstacles remain — particularly the $300-a-week federal sweetener to jobless benefits in New York.

“Receiving unemployment has certainly diminished their desire to return,” the owner said. “I think that when the city begins to open up there will be more drivers.”

In the meantime, fares on Uber and Lyft are skyrocketing.

One NYC Uber driver told The Post that he’s bringing in as much as $40 per hour.SOPA Images/LightRocket via Getty Images

Mike Gunzelman, a 30-year-old TV and radio host , gripes that Uber’s prices are a “sham.” Two weeks ago, the app charged him $16 to go 7 blocks down Second Avenue on the Upper East Side. He likewise complains that Ubers are lately taking longer to arrive.

“I understand surge pricing, but it seems like surge pricing is 24 hours a day now, and that’s not how it was,” Gunzelman told The Post. “Now that COVID is in the rear view mirror, it’s very frustrating.”

Uber is spending $250 million on temporary bonuses to get more drivers on the road, spokesman Harry Hartfield said, adding that New York drivers are currently making about $38 per hour plus tips.

Lyft and Uber acknowledge fares have increased in price but are quiet about exactly how much of the additional amount is being passed along to drivers.REUTERS

Hartfield wouldn’t say how that compares to previous rates, but Jonathan Vega, a 30-year-old Uber driver from Queens, told The Post that he’s bringing in as much as $40 per hour, compared with $25 an hour earlier this year. 

“From August until February, it was atrocious. There was no money,” Vega said. “There’s more money to be made now because I think a lot of drivers are still — I’m not sure if they’re still hesitant or still collecting unemployment.” 

Hartfield declined to say what percentage of Uber’s surging prices are being passed on to drivers, saying, “It’s somewhat of a complicated algorithm.” A spokesperson for Lyft said the company has also seen “big increases” in demand but would not provide details on pricing or driver pay. 

Some speculate that the phasing-out of the extra $300 unemployment benefit will lure cabbies back to work.Getty Images

“If I’m making $11 more per ride, I can only imagine how much more the rider is paying,” said Vega. 

While the next three months promise to be pricey for passengers, the surges will likely come crashing to a halt when the federal unemployment benefits expire in September, predicts Matthew Daus, a former chairman of the Taxi and Limousine Commission. That, combined with the city’s reopening, he said, could spark a sharp reversal in which driver supply outstrips demand — as was the case before the pandemic.

“We’re going to have ‘taximageddon’ in the fall,” Daus warned. “I fear that there’s going to be a ton of vehicles in the streets searching for work and there’s not going to be enough work until the holidays at least.”

In the meantime, driving a taxi in the city can be surreal of late, with queues at typically cab-mobbed airports nearly empty, says Augustine Tang, a 36-year-old cabbie from Brooklyn. He never used to get calls asking him to come pick up passengers at JFK Airport, but now fields such requests three or four times each week.

Uber and Lyft drivers will soon face more serious competition from taxis.Education Images/Universal Image

“There’s a shortage in the airports and a shortage in the city,” he said.

Ford executive Sunny Madra wrote in a recent Twitter thread that he spent 20 minutes trying to hail a yellow cab at JFK before calling an Uber. His ride to Midtown Manhattan cost $249 — barely less than his $262 flight from California to New York. 

Exorbitant prices are driving some customers away from ride-sharing apps despite the past year’s surge in crime on the subway, including a bloody hammer attack on the 2 train last month.

“If it comes to it, is it worth spending $35 for Uber or worth spending $3 for the subway with the safety issues?” said Gunzelman, the radio host. “I’d rather take my chances on the subway than try to get an Uber.” 

The Past Week's Notable Insider Buys: Dun & Bradstreet, Norfolk Southern And More

June 7, 2021

Insider buying can be an encouraging signal for potential investors, especially when markets are near all-time highs.A SPAC, a couple of retailers and a railroad operator saw notable insider buying this past week.
One chief executive officer added to two different stakes last week.
Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason — they believe the stock price will rise and they want to profit from it. So insider buying can be an encouraging signal for potential investors, particularly when there is uncertainty in the markets or the markets are near all-time highs.

Note that with the earnings reporting season officially over, insiders overall are no longer prohibited from buying or selling shares. Here are some of the most noteworthy insider purchases that were reported in the past week.

The sponsor and 10% owner of special purpose acquisition company ARYA Sciences Acquisition III Corp (NASDAQ:ARYA) indirectly bought more than 330,000 of its shares last week. At prices ranging from $10.01 to $10.15 per share, that cost the owner more than $3.31 million. This latest transaction raised the owner’s stake to almost 490,000 shares.

The purchase of almost 47,000 more PennyMac Financial Services Inc (NYSE:PFSI) shares by a director (and frequent buyer) for an average of $62.67 per share totaled more than $2.94 million. Note that a beneficial owner sold almost 191,300 shares of this California-based mortgage company last week as well.

An officer at Franchise Group Inc (NASDAQ:FRG) acquired 50,000 shares early in the week. At $36 per share, the transactions added up to $1.80 million, and they lifted that officer’s stake to more than 400,700 shares. Note that the CEO of this operator of franchised businesses, including Liberty Tax and Vitamin Shoppe, bought a million shares back in May.

A First Financial Bankshares Inc (NASDAQ:FFIN) director purchased almost 29,800 shares early in the week. That director paid $50.85 apiece for those shares, which totaled more than $1.51 million. When Friday’s session ended, the stock was trading at $51.66 per share, which was 24 cents below the all-time high.

In the middle of the week, 1847 Goedeker Inc (NYSE:GOED) had three directors take advantage of a secondary offering to pick up a combined 557,600 shares at $2.24 apiece. Separately, an executive bought less than 600 shares of this internet retailer for $1.91 apiece. These transactions totaled around $1.25 million altogether.

Following news of an acquisition, Vishay Precision Group Inc (NYSE:VPG) had a director indirectly purchase 30,000 shares at prices ranging from $34.91 to $36.29. This added up to more than $1.05 million. But the science and technical instruments maker ended the week trading at $34.73 per share.

Dun & Bradstreet Holdings Inc (NYSE:DNB) CEO Anthony Jabbour and another officer stepped up to the buy window. The 50,700 shares they acquired altogether, at prices between $20.87 and $21.05, totaled over $1.06 million.

Note that Jabbour, who is also the CEO of Black Knight Inc (NYSE:BKI), scooped up 13,900 of those shares via trust last week. The share prices ranged from $71.58 to $71.92, and these purchases totaled about $997,600. The stake was listed as up to nearly 75,700 shares, and the stock closed the week at $73.24 a share.

Norfolk Southern Corp. (NYSE:NSC) had a director add more than 2,300 shares early last week. That totaled more than $664,300, at share prices averaging about $282.69. This railroad operator’s stock slipped fractionally last week and ended Friday trading at $279.30 per share.

See also: Chairman Bob Iger Halves Disney Stake After Selling Nearly $100M Worth Of Shares This Week

Note that some smaller amount of insider buying at Albertsons Companies Inc (NYSE:ACI), Corning Incorporated (NYSE:GLW), Dollar Tree, Inc. (NASDAQ:DLTR), DXC Technology Co (NYSE:DXC), FireEye Inc (NASDAQ:FEYE) and Safehold Inc (NYSE:SAFE) was reported in the past week as well.

At the time of this writing, the author had no position in the mentioned equities.

Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter or on its YouTube channel.

(Photo by Jonathan Tasman on Unsplash)

Vulcan Forged Launches NFTs Designed by the Godfather of Fantasy Art

June 7, 2021

CARDIFF, Wales, June 6, 2021 /PRNewswire/ — Blockchain gaming platform Vulcan Forged has secured the intellectual property (IP) rights for works included in the Frank Frazetta Art collection. The team plans to use these rights to create and distribute fantasy-themed non-fungible tokens (NFTs), brandishing the famous works, in Vulcan’s in-game world the VulcanVerse. Fantasy Art Meets Virtual Reality Amongst the famous artworks, Frank Frazetta’s “Egyptian Queen” – a painting that recently sold for $5.4 million – will be tokenized for the first time as an NFT-themed ‘Vulcanite’ – a champion in the in-game world. Some of the original licensed artworks have already sold for millions of dollars globally. Most notably, the Vulcan team has secured the rights to designs by the so-called “Godfather of Fantasy Art”, Frank Frazetta. Frazetta is a world-renowned fantasy and science fiction artist most famous for his Conan The Barbarian illustrations. He has gone on to become an icon and inspiration for the current generation of fantasy artists. How will Vulcan Forged use the IPs?The Vulcan team has confirmed that many of the NFTs set to be launched in the VulcanVerse will be minted for the first time on the platform’s native blockchain as Vulcanites. Besides the digital ownership of the actual artwork, Vulcan Forged users will be able to use the tokens as champions inside VulcanVerse, the flagship MMORPG, and other games in the ecosystem.

The current IP licenses will also allow VulcanVerse to use the characters in the five upcoming gamebooks, contributing substantially to the profound lore that permeates the whole ecosystem.Vulcan Forged Forges the Future Vulcan’s gaming ecosystem has been making headlines as a result of its fast pace of development and its ever-growing gamer community. Incarnate – a 3D Board game with 8,000 champions – is one of the many upcoming games to join the Vulcan Forged ecosystem. It will also offer marketing, technical support, and $40,000 in development grants for blockchain games and dApps on the Vulcan platform.Moreover, most recently, a fantasy trading card game called Berserk launched in the VulcanVerse. Players can simulate battles based on the ‘creatures’ associated with each Berserk playing card, as well as exchange playing cards in the Vulcan ecosystem. The launch is set to include a tournament with $100,000 in rewards for the victors. Vulcan users will soon be able to claim a portion of the previously announced $20 million reward pool by playing games in the ecosystem or staking the platform’s native token, PYR. Indeed, PYR was recently listed on centralized cryptocurrency exchange KuCoin, its first appearance in the open market. The listing is an effort to support PYR and the wider Vulcan Forged ecosystem, whose marketplace now has over $60 million in trading volume to date.

Finally, the team has introduced a fiat-crypto ramp to expand the payment options for new and existing users, and plan to launch 100 additional games in the VulcanVerse by the end of 2021. More recently, the Vulcan Forged team announced the platform will support NFTs created on the Polygon network as a result of their latest partnership with Network Arkane.About VulcanVerseVulcanVerse is a virtual world set in the Greco-Roman era. It is a stand-alone game that uses blockchain technology to enable users to truly own their land and assets. Its detailed lore is written by the authors of Fighting Fantasy, a series of successful single-player role-playing gamebooks created by Steve Jackson and Ian Livingstone. Additionally, the virtual world boasts complex gaming tools and multiplayer game-playing functionalities. VulcanVerse is blockchain-based, with key items in the virtual world existing as NFTs on a purpose-built blockchain. Vulcan’s Berserk can be accessed via a downloadable application that recently became available on Google’s Play Store. For more information on how to become part of the VulcanVerse, visit their website here.

Follow Vulcan Forged on TwitterJoin the Vulcan Forged community on TelegramLike Vulcan Forged on FacebookStay up to date via Vulcan Forged’s DiscordLearn more about the virtual universe on VulcanWikiVULCANFORGED is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

Related Imagesvulcan-forged-launches-nfts.jpg Vulcan Forged Launches NFTs Designed by the Godfather of Fantasy ArtVulcan Forged has secured IP rights to several artists’ work to bring fantasy-themed NFTs to the VulcanVerse. View original content to download multimedia:https://www.prnewswire.com/news-releases/vulcan-forged-launches-nfts-designed-by-the-godfather-of-fantasy-art-301306440.htmlSOURCE Vulcan Forged

Scholastic Announces The Untimely Death Of Its Chairman And CEO M. Richard (Dick) Robinson, Jr.

June 7, 2021

NEW YORK, June 6, 2021 /PRNewswire/ — Scholastic Corporation (NASDAQ: SCHL), the global children’s publishing, education and media company, today announced that M. Richard Robinson, Jr. the Company’s Chairman and CEO passed away yesterday unexpectedly.  Mr. Robinson, 84 years old, had been in excellent health and had been overseeing Scholastic’s long-term strategic direction and day-to-day operations for the better part of five decades.The Board of Directors issued the following statement: “We are deeply saddened by the sudden passing of Dick Robinson. Dick was a true visionary in the world of children’s books and an unrelenting advocate for children’s literacy and education with a remarkable passion his entire life.  The Company’s directors and employees, as well as the many educators, parents and students whose lives he touched, mourn his loss.”Under a pre-authorized framework for the continued success of the Company, James Barge, Scholastic’s lead independent director, will work with Iole Lucchese, Executive Vice President, Chief Strategy Officer; Andrew S. Hedden, Executive Vice President, General Counsel and Secretary; and Kenneth Cleary, Chief Financial Officer to ensure that all day-to-day operations continue without interruption.The Company’s Class A shareholders and the Company’s board of directors will be meeting independently to determine the best course for the Company’s direction, including the appointment of an interim operating head.

About ScholasticFor 100 years, Scholastic Corporation (NASDAQ: SCHL) has been encouraging the personal and intellectual growth of all children, beginning with literacy. Having earned a reputation as a trusted partner to educators and families, Scholastic is the world’s largest publisher and distributor of children’s books, a leading provider of literacy curriculum, professional services, and classroom magazines, and a producer of educational and entertaining children’s media. The Company creates and distributes bestselling books and e-books, print and technology-based learning programs for pre-K to grade 12, and other products and services that support children’s learning and literacy, both in school and at home. With 15 international operations and exports to 165 countries, Scholastic makes quality, affordable books available to all children around the world through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online. Learn more at www.scholastic.com.SCHL: Financial View original content to download multimedia:https://www.prnewswire.com/news-releases/scholastic-announces-the-untimely-death-of-its-chairman-and-ceo-m-richard-dick-robinson-jr-301306437.htmlSOURCE Scholastic Corporation