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The Latest Winners and Losers: Diving Into the EV, AI, and Cannabis Industries

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Behind The NumbersJuly 01, 2024 | 2 min read
  • Fisker’s Bankruptcy Filing – Fisker, an electric vehicle startup, filed for bankruptcy protection on Monday, June 17, 2024. In 2023, the company earned $273 million in revenue but sustained a $940 million net loss. Fisker currently owes $850 million to two different groups of bondholders (source: Reuters).
  • Money Please? – KKR, a global investment firm, is seeking $20 billion in investor funding to open a new North America private equity fund. KKR had $578 billion in assets under management at the end of March 2024 (source: Reuters).
  • Surrendering Sales – Philip Morris, the producer of nicotine product Zyn, halted all online sales in the United States following a subpoena from the District of Columbia on June 17, 2024. The subpoena relates to the sale of flavored Zyn products, which were banned in October 2022 (source: Bloomberg).
  • New Package – United Parcel Service (UPS) announced the sale of its Coyote Logistics business unit to RXO, Inc. for $1.025 billion. UPS originally bought Coyote Logistics for $1.8 billion in 2015 (source: Reuters).
  • Grant Galore – On June 21, 2024, the Mine Safety and Health Administration, a branch of the U.S. Department of Labor, announced the allocation of $10.5 million in grant funding to provide mine safety training across the nation. Eligible organizations may be able to receive up to 80% funding of project costs with grant money (source: U.S. Department of Labor).
  • AI Expansion – Nvidia signed a deal to deploy its artificial intelligence technology to Ooredoo data centers in five Middle Eastern countries. This is their first large-scale launch to Middle Eastern countries since Washington halted the export of U.S. chips to the region (Yahoo News).
  • Novo’s Newest Investment – In May 2024, Novo Nordisk, a drug manufacturer, announced a $6.5 billion investment in its popular product lines, Ozempic and Wegovy. The FDA approved Ozempic on December 5, 2017. Novo Nordisk’s U.S. ADR stock price ended May 2024 at $135.28, which is significantly higher than the average price of $25 at the beginning of 2018 (source: Google Finance).
  • Growing an Enterprise – Aurora Cannabis Inc., a company that sells a variety of cannabis products, reported strong fiscal year results for the period ended March 31, 2024. Net revenue increased 21% and adjusted gross margin increased 49% from March 31, 2023 to March 31, 2024. Aurora Cannabis Inc. also experienced a 40% growth in international medical cannabis in Q4 alone (source: The Motley Fool).
  • Big Boston Win – On Monday, June 17, 2024, the Boston Celtics won their 18th championship, which is the most championships recorded by a franchise (source: The New York Times).
  • Debut Highs and Lows – Bridgerton Season 3, a Netflix series based on Julia Quinn’s romance novels about the Bridgerton family, racked in 45.1 million opening views. However, many viewers are upset about deviations away from the book, with a petition to alter the storyline reaching over 32,000 signatures in a matter of days (source: Variety).

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This newsletter is provided for informational purposes only and does not constitute investment advice or a recommendation regarding any specific product or security. Past performance is not indicative of future results. You cannot invest directly in an index. All references to tax or legal matters are provided for informational purposes only. You should consult your legal or tax professional regarding your specific situation. All investing is subject to risk, including possible loss of principal.

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