General Motors announced that it is taking an 11% stake in Nikola Corp.
General Motors (NYSE: GM) announced that it is taking an 11% stake ($2 billion) in electric truck maker, Nikola Corp (NASDAQ: NKLA), and will produce its hydrogen fuel cell electric pickup truck, the Badger, by the end of 2022. On the announcement, Nikola shares surged about 53% while GM’s popped as much as 9.1%. Click here to read more
Shares of Slack Technologies Inc (NYSE: WORK) fell about 20% on Tuesday after the company reported quarterly billings that missed analysts’ estimate. Billings for Q2 amounted to $218.2 million vs $232.9 million expected. In terms of revenue though, the company beat estimates as it posted $215.9 million in revenue vs $209.1 million as expected. The company also predicts revenue for Q3 to reach an amount between $222 million and $225 million. Click here to read more.
Yesterday, Apple Inc turned the tables in the ongoing legal battle with Epic Games as it is now seeking damages from the gaming company for breach of contract with the iOS App Store. According to Apple, Epic Games is a multi-billion dollar enterprise that simply wants to pay nothing for the tremendous value it derives from the App Store. A tentative hearing date for the case has been scheduled for late September. Click here to read more.
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Here are the biggest movers in pre-market trading
1. The much anticipated Apple event is coming up on September 15. Click here to read more.
2. Under Armour to lay off 600 employees globally. Click here to read more.
3. Berkshire Hathaway and Salesforce Ventures to purchase $250 million worth of Snowflake’s shares in a private placement. Click here to read more
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